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Running your own business can be challenging, especially if you experience difficulties with cash flow. Getting a bank loan can be seem to be an easy option to provide a cash injection, however, Cash Advance through your existing card processor is a faster and more flexible option.
Here’s why a cash advance could be the better choice for your business.
Quick Access to Funds
When your business needs cash quickly—whether for seasonal stock, new equipment, or an unexpected expense—a traditional bank loan might not be ideal. Banks often take weeks, sometimes months, to approve loans, which can be frustrating when you need cash immediately.
A merchant cash advance, on the other hand, is fast. At Paynetworx, we’ve teamed up with 365 Business Finance, where we can often get approval for a cash advance within just 24 hours. Once approved, the money is quickly transferred to your business account, meaning you can use it almost straight away.
This makes a cash advance especially helpful for businesses during busy periods or when cash flow is tight and immediate action is needed.
Flexible Repayment Based on Sales
One of the best things about a cash advance is how easy it is to repay. Unlike traditional loans that require fixed monthly payments, a merchant cash advance is repaid based on your card sales. So, if your business is booming, you’ll repay the cash advance faster. If you’re going through a slow period, you repay less—and you won’t get hit with late fees or penalties.
At Paynetworx, the process is straightforward: you agree to repay a fixed percentage of your future card takings. There’s no set repayment deadline, so it works around your business’s cash flow, reducing pressure during quieter months.
This flexible repayment is a great advantage over traditional loans, where missing a payment can affect your credit score or lead to penalties.
No Collateral Required
With a traditional loan, banks often ask for collateral—like property or other assets. This can be risky for business owners, especially small businesses that may not have much to offer as security or would instead put personal items down as collateral.
The good news is that merchant cash advance doesn’t require collateral. The money you borrow is based on your future card sales, so there’s no need to worry about putting your assets on the line. This makes cash advance a safer option for businesses that don’t want to risk their valuable assets.
How Does Paynetworx Cash Advance Work?
At Paynetworx, we’ve made the cash advance process as simple as possible. We’ve partnered with 365 Business Finance to provide businesses with an easy way to borrow money based on their card sales.
- You can borrow between £10,000 and £400,000, up to 100% of your monthly card turnover.
- Repayment is based on a percentage of your daily card takings, so it fits around your business’s income.
- There are no hidden fees, no APR’s, and no fixed monthly payments.
- You’ll pay back the money with one simple fee, agreed upon upfront. And, the fee won’t increase, even if it takes longer than expected to repay.
To qualify, your business needs to have been trading for at least 12 months with a minimum monthly card turnover of £10,000.
Get Started Today
If you’re looking for a flexible, quick, and hassle-free way to boost your business’s cash flow, a Paynetworx Cash Advance could be the perfect solution. The application process is simple, and we have a 90% approval rate—so you’re very likely to get the funds you need.
Why Choose a Merchant Cash Advance Over a Traditional Loan?
- Quick approval: You could have the funds in your account within 24 hours.
- No collateral: You don’t need to offer up assets like property or equipment.
- Flexible repayments: Repayments adjust with your card sales, making it easier to manage during slow periods.
- Simple terms: One upfront fee, no hidden costs, and no fixed repayment term.
With Paynetworx, you get access to fast funding with no surprises or rigid repayment terms. Whether you’re expanding, dealing with seasonal demand, or just need a financial boost, a cash advance gives you the flexibility and speed you need without the stress of traditional loans.
Contact us today to get started.