Technically, no. Each Merchant Cash Advance is a separate sale of assets (future credit card receivables). So a “renewal” is actually a new contract to sell future credit card receivables. However, in the Merchant Cash Advance industry, many merchants and providers alike use the term “renewal” to describe all successive Merchant Cash Advances taken after the first sale – so we’ll follow industry custom and use the term.
Allowing for the disclaimer above, renewing a Merchant Cash Advance is more common than you might realize.
Three-out-of-four of our eligible businesses have returned for additional funding opportunities. Many of these satisfied businesses will in fact receive multiple fundings from us—they don’t stop at just two. They know Merchant Cash Advances are simple, straightforward and reliable sources of business working capital.
Benefits of a Merchant Cash Advance Renewal
Speed. When the timing is right for a renewal, this is a really quick option to consider. Money can be in-hand in as little as 4 hours. In most cases, everything is already in place to make a renewal a very quick process.
Ease. Having a relationship with your Merchant Cash Advance provider will reduce application paperwork and processing time. The documentation may need some quick updates, but these are generally easy. Your business shouldn’t have to switch processors and in many cases, the only paperwork you will need to complete to receive more money is a new Merchant Agreement.
Use. A Merchant Cash Advance can be used for any business need. So if your first Merchant Cash Advance was used for handling remodeling or a renovation, your business could use a second one to advertise and capitalize on its improvements.
Like many providers, we usually encourage renewal discussions once the merchant has met about 80% of their existing Merchant Cash Advance obligation. This is assuming that nothing has changed in the way the business operates.
If you are interested in obtaining a Merchant Cash Advance renewal, the first step is to inform your provider. The provider will tell you when you can consider a renewal, and help you to coordinate the processing of your request.
What do you think? Does having a reliable source of working capital change the way you view the growth potential of your business?
Allowing for the disclaimer above, renewing a Merchant Cash Advance is more common than you might realize.
Three-out-of-four of our eligible businesses have returned for additional funding opportunities. Many of these satisfied businesses will in fact receive multiple fundings from us—they don’t stop at just two. They know Merchant Cash Advances are simple, straightforward and reliable sources of business working capital.
Benefits of a Merchant Cash Advance Renewal
Speed. When the timing is right for a renewal, this is a really quick option to consider. Money can be in-hand in as little as 4 hours. In most cases, everything is already in place to make a renewal a very quick process.
Ease. Having a relationship with your Merchant Cash Advance provider will reduce application paperwork and processing time. The documentation may need some quick updates, but these are generally easy. Your business shouldn’t have to switch processors and in many cases, the only paperwork you will need to complete to receive more money is a new Merchant Agreement.
Use. A Merchant Cash Advance can be used for any business need. So if your first Merchant Cash Advance was used for handling remodeling or a renovation, your business could use a second one to advertise and capitalize on its improvements.
Like many providers, we usually encourage renewal discussions once the merchant has met about 80% of their existing Merchant Cash Advance obligation. This is assuming that nothing has changed in the way the business operates.
If you are interested in obtaining a Merchant Cash Advance renewal, the first step is to inform your provider. The provider will tell you when you can consider a renewal, and help you to coordinate the processing of your request.
What do you think? Does having a reliable source of working capital change the way you view the growth potential of your business?
