Choosing the right merchant cash advance company is an important decision that can help your business stay at the front of a competitive market.
In making that choice, you need to first understand that not all cash advance companies are the same, so it’s important to keep a few things in mind during the decision-making process:
*Turnover Time and Rate
*Experience
*Fees
*Versatility
*Easy Cash Advances
*Customer Service
*Bankruptcy Issues
Turnover Time and Rate
The ideal turnaround for a small business cash advance is 24 hours. Complications such as incomplete information on the application, or previous credit issues, can hold things up. At Painless Processing, which prides itself on the quickest turnaround times, the application time is fast and the evaluation process minimal.
Experience
The difference between a merchant services provider that is new to the business and one that’s been around awhile can be substantial. As a merchant, you can weed out a company that’s “fly-by-night” while relying on one such as Painless Processing, that has been in business since 2009.
Similarly important is a company’s reputation: Find out all you can about the way it does business. For instance, does it increase interest rates without informing the customer? Painless Processing backs its reputation with a bbb+ rating.
Fees
Typical fees can range from 15-48% APR of the loan amount, but repayment can be as low as 8% of daily credit card sales. Because quick access to cash is vital for small business owners, paying these premiums isn’t often an issue. But you should still compare between merchant cash advance companies to make sure what you’re getting is the best deal available.
Versatility
Is the merchant cash advance company you’re thinking about choosing understand both low- and high-risk industries? A company like Painless Processing understands both, but also is a specialist when it comes to high-risk industries. They handle all underwriting in-house, enabling them to accept a wider array of high risk industries, products, services, business models and merchants.
But Painless Processing also provides the perfect platform for low-risk merchants with the most competitive rates in industry. It also has a fast same day, or next day application and approval process.
Easy Cash Advances
Does your merchant cash advance company complicate the process when it comes to cash advances? Painless Processing makes the process easier because it can cash advance with no merchant account – the money goes off their cash, check or other type of deposit receivable.
Moreover, Painless Processing helps merchants get the most amount of money when they need it – even up to 175% of their current monthly credit card processing volume.
Bankruptcy Issues
While bankruptcy issues increase risk and liability issues, and can prevent a company from qualifying for a merchant cash advance, Painless Processing is primarily interested in a company’s cash flow.
Customer Service
It seems obvious, but a company that provides consistent, high-quality service will move ahead of those that don’t. Its employees should be knowledgeable and able to handle your questions quickly and efficiently. They should also be available when you need those questions answered and issues resolved, even occasionally after-hours.
Painless Processing prides itself on being one of the easiest, customer-friendly merchant cash advance companies you’ll find. And we’re here when you need us.
