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How do I get a business cash advance?
Merchant cash advance is available to our customers through our partners, Merchant Money Ltd. If you're new to cards or new to takepayments, simply enquire today to find out how you could get access to a merchant cash advance for a quick and easy cash boost into your business.
This service is provided by Merchant Money Ltd.
takepayments Limited introduces relevant customers to Merchant Money Ltd, which provides the finance solutions. This offer is available to takepayments customers only. By enquiring about this service, you are simply asking for more detail. A full application process is applied by Merchant Money Ltd. Terms and Conditions apply.
Get your FREE quote today.
Which types of business can benefit from a merchant cash advance?
A merchant cash advance can be used by a wide range of businesses for many different purposes, whether that's to fill a short term cash flow, to replenishing stock or business refurbishments. Take a look below to see some of the types of businesses that our partners, Merchant Money Ltd, have supported with fast and flexible finance...
Convenience stores
- New stock.
- Manage cashflow.
- New machinery from ovens and fridges to provide fresh food.
Bars & restaurants
- Renovations and refurbishments.
- Buy stock.
- Tax purposes.
Retail shops & stores
- Hire more staff.
- New machinery.
- Marketing purposes.
Health & beauty
- Stock purchase.
- New signage.
- Van purchase for delivering online orders.
What is a merchant cash advance?
A merchant cash advance is a way of lending against your future credit and debit card sales to use as cashflow within your business. It can be used as an alternative to business bank loans for many purposes, from filling short-term cashflow gaps to replenishing stock or business refurbishments.
How does it work?
Through our partners at Merchant Money Ltd, our customers can apply for an unsecured merchant cash advance from £5,000 to £500,000. Unlike a business bank loan, there are no fixed terms or monthly payments and you only need to repay as you make card sales.
Whatever your business, it could benefit in so many ways from a merchant cash advance. Application is simple and a decision is made by our partners in as little as 24 hours. With a 90% approval rate and funds in your bank within days, it's clear to see why so many businesses are benefiting from this invaluable service.
Frequently asked questions.
What's the difference between business loans and a merchant cash advance?
Business loans and a merchant cash advance act quite differently. Business bank loans can have stricter eligibility requirements and fixed monthly payments, making it difficult to fit repayments around cashflow. A merchant cash advance can be a more flexible solution as it can be a quick way for businesses to get a boost in their cash and future card sales.
What are the benefits?
With a merchant cash advance, there are no fixed repayment periods. You'll be able to repay as you trade, meaning that if your business is expecting a slow period, the payments you make are adjusted to suit you. You also won't need to worry about making manual payments. You'll automatically pay on a fixed percentage that is taken from your future debit and credit sales.
How do I repay the merchant cash advance?
With a cash advance, there is no fixed term or fixed monthly payments. Instead, you'll automatically repay via a fixed percentage that is collected off your future debit or credit card sales until the total amount has been repaid. For example, if a customer pays you £100, £85 of this would go to you and the reminder would automatically go back to Merchant Money.
How do I qualify for merchant cash advance?
As soon as you become a takepayments customer and have 4 months transaction statements, you'll be able to apply for a merchant cash advance. To qualify, you will need the following:
- Minimum of 4 months transaction statements.
- Minimum turnover of £5,000 per month through your card machine.
- No other cash advance currently in place (unless to be refinanced).
How do I apply for a merchant cash advance?
To be able to apply for a merchant cash advance, you’ll first need to be a takepayments customer. You can get in touch with our team on 03334 146 395 who will talk you through getting set up for card payments with us. Once you’re a takepayments customer and have 4 months statements from your existing card payment acquirer, you’ll be able to apply for a merchant cash advance immediately.
If you’re already a takepayments customer, you’ll have the opportunity to work with our partner Merchant Money Ltd, who will take you through the application process and if successful, you’ll receive an offer within 24 hours.
