Merchant Cash Advances in New York City
Merchant cash advances in New York City are a vital support for small businesses when they need a quick cash infusion without. At Solidify, as with all other lenders, we base these cash advances on your cash flow through credit card payments. Thus, the money you get in merchant cash advances in New York City is an advance on your future sales based on the patterns of the sales you have made in the past. A minimum of six month's data is required to determine the amount, and the cash infusion will be available to you within twenty-four hours. The quick disbursement is made possible by the fact that the company processing your credit card usually provides the advance, so they have all the data they need.
Minimal Paperwork
Alternative to Traditional Banking
Quick Access to Funds
Are you looking for support for your businesses in New York City?
Factors to Consider When Choosing a Merchant Cash Advance Provider in New York City
You need to look out for your interests when picking a provider for merchant cash advances in New York City. It is especially advisable to go with small business loan specialists in New York City as this product is mostly used by small businesses. The following are factors to consider when choosing a lender for this product.
- Minimum and maximum lending amount: While it is small businesses that usually use this product, it can be a good source of alternative business financing in New York City even for businesses with a relatively high turnover. The legal minimum and maximum lending limit ranges between $2500 and $1 million. However, individual lenders have discretion to increase the minimum and reduce the maximum. Check to see if you fall within their range.
- Factor rate: This is equivalent to the interest rate in traditional loans. Charges are a major consideration when choosing among business credit solutions in New York City, and a merchant cash advance is no exception. These rates can be as low as 1.09 to as high as 1.5.
- Deduction percentage: This refers to the percentage of daily sale amount the provider will keep as payment for what you owe. It is also referred to as the holdback percentage. It can be as low as 5% and as high as 20%, but it is usually determined by the payment period. The lower the repayment period, the higher the holdback percentage.
Find Merchant Cash Advances in New York City
You need to find merchant cash advances in New York City if you need a fast cash infusion into your business. It is easy to get this facility when you are seeking it from your credit card payment processor. We offer both of these services at our credit company. Also, we endeavor to work out repayment terms that don’t put your business in jeopardy.
What Our Customers Think
