Wednesday, 21 January 2015

The advantage of accepting credit card payment

It is quite normal for any business owner to require some urgent cash. This can be to tide the business over in rough times, or to help expand the business. If you are among the start-ups then you will know how difficult it can be to have a business loan processed within the time frame that you are looking for. The same can go for businesses that have been around for a long time, processing of loans can be tedious business and more often than not, the cash never arrives in time for you how to accept credit card payments.
A popular alternative that has come about is the business cash advance especially for those businesses that process credit cards as a form of payment. This actually works to your advantage and you will be able to get the cash you need rather quick. Here is how you can actually go about it.
In order to qualify for this business cash advance, you will need to accept credit cards as a mode of payment. You need to be in business anywhere between 3 months to a year, depending on the lending institution that you are working with. If you are a seasonal form of business, then you will have to have at least a year's worth of sales record to offer and three months of non-seasonal business to show.
As far as the mode of repayment goes, this is something that is flexible and can be worked out with your service provider. In most cases, it is settled that a percentage of the credit card sales that you make will go towards your repayment of the loan. The best part of this kind of loan is that if you are having a bad month, then you don't have to worry about repayment as it will also be put on the backburner for a while. The general payback period ranges from six months to a year and so can be quite comfortable.
Once you are done with the minimal paperwork how to accept credit cards, you will have your approval as well as the cash in your account within a week. You do not have to worry about a processing fee or a late fee. The best part is that you do not have offer up collateral which would otherwise have been forfeited if you default on your payment.