Own a Wireless Store? Consider a Merchant Cash Advance

If you own a wireless store, your business is built on debit and credit card transactions. It doesn’t matter if people are buying a new phone, tablet, or paying their bill, a majority of them use plastic to complete their transactions. This works to your advantage if you are in need of some quick cash, because a merchant cash advance can give you immediate financing that you pay back via your future debit and credit card sales.

Get Your Cash First

To receive merchant cash funding, locate a reliable MCA vendor and discuss your financing needs. The vendor will not be as concerned with your own credit as he or she will be concerned with your merchant cash sales. This is the money you will use to pay back the advance, so if your credit is less than stellar but your wireless store is rocking in sales, you should still be able to secure the money, as long as you can show a history of profitability.

Use the Money for Your Needs

Traditional bank loans, grants, even angel investing all have an undesirable stipulation attached to your funding generally and that is: How are you going to spend the money? With a merchant cash advance, the lender isn’t concerned necessarily about designating how you can spend your dough. He or she might discuss why you need cash, but chances are there will be no stipulation as to what you can do with the money once you have it.

Set Up Your Payment Schedule

While negotiating the cash advance, you will also discuss the best way for you to remit the loan and its related interest. In many cases, a lender will be open to some flexibility in the remittance deal. You will be expected to give up a certain percentage of your debit and credit card sales to the financer, but you may be able to choose whether you remit that percentage every day, once a week, or once a month. So…

Picture this: You’ve just been notified by your vendors that the latest and greatest smartphone model is set to be released in a month. The buzz is already overwhelming, and people are coming to your store in droves to pre-order the unit. A merchant cash advance gives you the money you need to get additional stock into your store, and you can set up paying back your loan from a percentage of the resulting sales. Pretty wonderful for those in the wireless sales industry.

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