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What Is A Merchant Cash Advance?

An Alternative Funding Solution for SMEs

What Are The Perks?

Reasons To Get A Merchant Cash Advance

Will Your Business Qualify?

Who Can Get A Merchant Cash Advance?

How to apply for a merchant cash advance.

Qualification Criteria

Merchant Cash Advance FAQs

Frequently Asked Questions

WHAT IS A MERCHANT CASH ADVANCE?

An Alternative Funding Solution for SMEs

Quite simply, a merchant cash advance is not a loan. It’s an advance on the revenue your business is predicted to generate through its future debit card and credit card sales. Having only been around for a few years, it is considered one of the most innovative alternative funding products currently on the market.

Summary:

Your business can receive an instant cash injection of £5,000 – £500,000, which you then repay comfortably, using a small percentage of your future customer card payments.

Because you only pay back a percentage of your earnings, repayments are always nicely in sync with your business’ cash-flow. In other words, if you earn less one day, the amount you repay is also suitably smaller.

APPLYING FOR CASH ADVANCES ONLINE

How Does It Work?

We know you’re busy, so we’ve designed a paperless application process that is quick and easy to complete. You can apply for a business cash advance online; on the go, or from the comfort of your own home.

 

The application form itself takes just minutes to complete, and unlike the banks, there’s no need to prepare a business plan or attend any meetings.

Receiving A Decision

We aim to provide a decision on your merchant cash advance application as soon as possible following the submission of your application form.

When you reach the approval stage, you’ll receive an offer detailing the amount of funding you are eligible to receive, along with the percentage of future card sales that you will be expected to pay back. Everything is agreed upfront, prior to the exchange of any funding, so you will never encounter any unexpected costs.

 

How Do I Repay A Merchant Cash Advance?

Repaying a merchant cash advance is straightforward and hassle-free. The lender will work directly with your card terminal processor to automatically withdraw a small pre-agreed percentage of your total daily card sales.

Repayments will continue in this way, until the amount borrowed, plus a single all-inclusive fee, are repaid in full. There are no fixed repayment periods and there is no interest charged on the amount borrowed. In other words, you only pay back when your customers pay you.

WHAT ARE THE PERKS?

Reasons To Get A Merchant Cash Advance

Favoured by UK SMEs for its simplicity and unique flexibility, a merchant cash advance is an alternative funding solution that comes with an abundance of benefits:

Easy Approval

It is far easier to qualify for alternative finance than it is a business loan from the bank. You don’t need to provide a business plan to qualify, and approval is subject to your business’ performance, not just your credit score.

 

Lightning Fast Funding

Business’ can access the working capital they need to grow within just 24 hours. Because it’s so easy for a lender to assess how much revenue your business generates in an average month, they’re able to reach a decision, make you an offer and agree repayment terms incredibly quickly.

 

No APR

There is no interest charged on the amount borrowed. Ever. Instead, you receive just one clear, all-inclusive fee.

 

Unsecured & Low Risk

Business cash advances are entirely unsecured, which means you don’t need to secure funding against your valuable assets. It’s an ideal solution for any small business that generates a good volume of card transactions but has little valuable assets.

 

Flexible Not Fixed

There are no fixed repayment periods and you keep 100% of the money you make through cash sales. Because you only pay back a small percentage of your daily card sales, repayments are always in sync with your business’ cash-flow.

 

Affordable Repayments

For many small business owners a merchant cash advance offers unrivalled reassurance that they can always afford to make repayments. If business is slow one day, and you make less money, the amount you pay back to the lender is also suitably smaller.

Better still, when business is booming, you can pay back a larger amount and repay the advance much quicker than you originally expected.

HAT ARE THE PER

WILL YOUR BUSINESS QUALIFY?

Who Can Get A Merchant Cash Advance?

In theory, any business that takes regular card payments can qualify. While business loans from the bank are notoriously difficult to obtain, especially if you’re a small business, with an advance it is far easier to gain approval.

As approval is primarily dependent upon your business’ performance, lenders focus far less on your credit score, meaning that a much wider range of businesses are able to qualify. There’s no need to provide a business plan, attend any meetings or make any lengthy phone calls to obtain funding.

What industries apply for merchant cash funding?

The businesses that are able to apply for merchant cash funding will need to take credit card payments in order to qualify for merchant cash funding. Merchant cash funding is typically popular with the following list of industries:

 

Merchant cash advance case study

We worked with a client who was based in the restaurant industry who was looking to hire new staff and improve the facilities of the restaurant. After consulting the client, we looked at merchant cash funding as a quick and easy way to access funds that would allow them to quickly put their plans into practice.

The merchant lender we connected them to could see the income they received via their card machine and delivery providers. From this information, the lender was able to make an offer based on the client’s income. Repayments will then be made as a manageable percentage on the future sales the business makes.

QUALIFICATION CRITERIA

How can I apply for a merchant cash advance?

If you’re looking to apply for a merchant cash advance, then you can simply apply online via our portal. Our portal will ask you to provide some basic information about your business and business owners. Once submitted, one of our account managers will assess your application to see if you’re eligible for funding with one of the lenders that we work with.

Below we have listed our qualifying criteria, which you can use to see if you and your business are eligible for merchant funding.

Our Simple Qualifying Criteria:

  • Your business needs to be both registered and trading in the UK to qualify
  • The business must have been trading for at least 6 months
  • Your monthly average card sales must total a minimum of £5,000

Providing Supporting Documentation

Once you’ve made an application online, you may be asked to provide some basic supporting documentation to evidence the information given in your application. Again, we like to keep things simple, so all that’s required of your business is:

  • 4 months’ worth of card statements
  • 3 months’ worth of business bank statements
MERCHANT CASH ADVANCE FAQS

Frequently Asked Questions

If you still have unanswered questions about the merchant cash advance, then make sure to checkout our FAQs below for more information.

A merchant cash advance is where a lender injects funds into a business in return for an agreed percentage of the business’ future sales. A small percentage of future card transactions are transferred directly to the lender until the loan and single all-inclusive fee are repaid. A merchant cash advance is in sync with your cash flow and means you’re always paying back money. There is no interest accrued on a merchant cash advance.

You can get a merchant cash advance as long as your business takes regular card payments in order to repay the amount borrowed. Next, you can apply online by completing an online application form where you will have to provide some basic details about your business. In addition, you will be required to submit personal information and contact details in order to qualify and be contacted by an account manager.

If successful, an account manager will be in touch to discuss your loan application and what type of loan is available to you.

Here at SME Loans we understand that a business loan isn’t for everyone. That’s why we work with regulated UK lenders who are able to offer merchant cash advances at competitive rates. Our online application can be completed in minutes and there are no fees involved when you apply.

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