How Small Businesses Can Raise Money in 48 Hours or Less

By Eric Hamilton

Nov 30, 2019 05:03 PM EST

How Small Businesses Can Raise Money in 48 Hours or Less(How Small Businesses Can Raise Money in 48 Hours or Less) (Credit: Getty Image)

A bank loan can take several weeks or even months to process. But you don't have that kind of time. Your business needs money right now!

You need fast funding to deal with an emergency situation that simply cannot wait. Or, you need an influx of cash to take advantage of a sudden opportunity that is too good to last. In other words, you don't have time for the banks.

The good news is that you can quickly get a merchant cash advance (MCA) and Payvant Capital has small business funding options for entrepreneurs like you. And, you can get it all done in as little as 48 hours.

Here's how it works.

How to Apply for a Merchant Cash Advance

The process can be done completely online, without any need to book appointments or travel anywhere.

Unlike a bank loan, there is not a huge pile of paperwork to do. The application consists of some simple questions about your business. Broadly speaking, they want to know that:

  • You've been in business for more than 6 months

  • You have monthly deposits over $10,000

Payvant will then review your application and give you an answer, typically the same day.

How Does a Merchant Cash Advance Work?

An MCA is not a loan, so it doesn't work like a loan. There is no fixed monthly payment that you need to make every month.  Instead, you are forwarded an advance of money in exchange for a certain percentage of your future transactions.

You would repay your advance through remitting daily or weekly debits from your bank account through Automated Clearing House (ACH) withdrawals. You could also pay back via an agreed-on percentage of your future credit and debit card sales.

The most qualified applicants can get up to $500,000 in funding and have the money in their account the next business day.

The Advantages of a Merchant Cash Advance

Speed isn't the only advantage that an MCA has over a traditional bank loan. As we mentioned above, this is not classified as a loan, so it's not subject to the same stringent lending standards that today's big banks have to adhere to.

Another advantage is the flexibility of the repayment terms. Your payments are tied to your income. If you're having a slow sales month, your payments will be lower to reflect that. If you had to pay back a small business loan, your monthly payments would be the same, regardless of how your sales are.

The MCA also has several advantages over a business credit card or line of credit. Most notably, you do not have to secure an MCA with any sort of personal guarantee or asset/ collateral. In many cases, a business line of credit or credit card could put your personal finances or assets on the line.

If your business needs fast funding, you do have options. You simply need to look beyond the bank, and keep yourself open to alternative funding options that are designed for small business owners like you.

Don't delay! Start your application today!

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