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    3 Replies Latest reply on Jul 4, 2012 8:09 PM by Business Owner

    Question about Merchant Cash Advances

    seodemand Newbie

      Is the Merchant Cash Advance industry thriving compared to traditional bank lenders? In other words, is it easier for a small business owner to receive funding from a Merchant Cash Advance company during bad economy? What's your opinion?
        • Re: Question about Merchant Cash Advances
          amspcs Ranger
          Given the times, the answer to your quesetion is an unqualified "yes". Merchant cash advances on
          credit card receivables is very popular these days. This is not opinion, this is fact...I am in the processing industry and have been for many years.

          Bank funding availability has all but dried up for everyone except for those with very tip-top credit, which accounts for a very small percentage of businesspeople out there. The rest of us, average people with average credit, who were able to qualify for good to excellent bank loan terms in past years are now finding they have no access whatsoever to these these types of loans.That's where cash advance programs come in. I try to be very upfront and explain to people that cash advances are absolutely not as 'cheap' as traditional bank loans, and if they are among the very few who are still able to qualify for bank loans, they need to be talking to their banker, not to me. But, for the vast majority of those who do not qualify for bank loans anymore but need the funds in order to sustain their businesses, then paying more for a cash advance is obviously a better choice than losing one's business for lack of needed funding.

          One final word about cash advances: Not all borrowers are created equal, nor are all cash advance providers created equal. That means, if you need a cash advance, it pays to shop around and not just accept the first
          offer you get. For our part, we have access to several sources of credit card cash advances, not one. So our procedure is to request quotes from several sources, not just one, which allows our merchants to select hopefully from more than one alternative. Of course, there is no charge or cost for this service. If the merchant doesn't like anything he sees no matter how many alternatives, he just walks, no cost or obligation.

          AMSPCS
          amspcs@juno.com
          • Re: Question about Merchant Cash Advances
            omegafunding Newbie
            Yes it is easier for merchant cash advances. They are very expensive if you calculate it out it can go over 130% APR!! But it works for some companies that cannot get loan at the bank and can absorp the high costs, we offer a similiar program but much less expensive than merchant cash advance.!! You will save up to 50-60% of the merchant cash advance fees. Call or view online for more info.
            Patrick
            Omega Funding, Inc
            www.omegafund.com
            720-279-4345
            info@omegafund dot com