Credit Card Advance Financing
CREDIT CARD ADVANCE FINANCING
For many businesses owners, borrowing money during tough times can be difficult. There is a new alternative to conventional lending practices that is becoming extremely popular. Credit card advance loans are often called many different names, but essentially all do the same thing: provide loans based on the business's average monthly credit card generated sales. The advancing company looks at the averages of 3-6 months of credit card generated sales and issues a loan based on averages and guidelines, typically a percentage of the highest month (i.e. 80% of January's $15,000 sales done through credit cards). In return, the advancing company asks the small business to change their credit card processing terminal to the advancing company account. Thus all future credit card sales received are processed through a controlled terminal source.
There are no dangers running the transactions through the advancing companies terminal because all of the transactions are run the same, with uninterrupted service. The catch is that a percentage of the daily batch is held back by the advancing company as agreed. Usually the advancing companies hold 10-20% of the daily transactions. Thus, the payback varies each month based on the volume of the credit card sales.
To get approved for this form of financing is very simple, all you need is a verified credit card processing statement for a minimum of $5,000 for the past 6 months and a copy of bank statements to verify the deposits. In return, the small business owner gets financing quickly without the bureaucracy.
Credit Card Advance Financing - To learn more about this author, visit Ilya Bodner's Website.
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