As a business owner, one of your goals is likely growth. Most businesses request funds to help them achieve this goal. Bank loans are one of the most common financing solutions, but they’re not possible for everyone. Some companies, particularly those that take a significant number of card payments, could benefit from a merchant cash advance.

What Is a Merchant Cash Advance?

A merchant cash advance (MCA) is a type of alternative financing. Instead of a loan, it’s an advance on future card sales. An MCA company advances you the money, and you repay it daily or weekly from the funds you bring in from purchases made using debit or credit cards.

How Do You Get One?

Getting an MCA is a lot easier than getting a business loan. Applications are typically much shorter, and you can usually complete them online. You do need to provide some business and financial information, too. It takes much less time to get a decision, and funds are disbursed typically within a day or so of approval.

How Can You Use It to Grow Your Business?

There are several ways you can use an MCA to grow your business:

Purchase More Products

As you start bringing In new customers, you might find that you’re having trouble keeping enough inventory in stock. An MCA can give you the additional funds you need to ensure your customers get what they need.

Invest in a New Marketing Campaign

As a small business, you may find it challenging to reach people. While you may have some marketing in place, it might not be quite what you want. An MCA gives you the boost you need to create a bigger campaign, allowing you to get your name out there.

Bring in New Employees

As you grow, meeting the demands of your customers becomes more difficult. You can use your MCA to hire and train new employees. Then you can provide even better customer service.

Update Your Store

If your store’s looking a little shabby or outdated, potential customers may not want to shop there. An MCA gives you the funds you need to perform any necessary upgrades. You may even decide to redesign your space completely.

Expand to a New Spot

Maybe you’ve grown too large for your current storefront, but you don’t have the money you need to move. An MCA can help you secure a larger location so you can serve all of your customers properly.

Limited finances can hold back growth. With a merchant cash advance, you can achieve your goals and succeed.