Owning a successful restaurant requires numerous costs. From inventory to staffing to rent and other bills, your business cannot survive without funds to afford these consistent expenses. That’s where a restaurant cash advance comes in handy. Most likely, your restaurant receives many payments through credit card transactions. By receiving restaurant merchant funding, your business will have a lump sum advance. Then, you’ll remit a percentage of your credit card transactions to satisfy your obligations. It’s that simple.
So, if you’re contemplating how restaurant business financing could improve your operations, you might benefit from a merchant cash advance. In this post, we’ll detail why restaurants prosper after receiving merchant funding, and provide guidance on how your business can attain one.
A Simple Application Process
If you’re applying for a merchant cash advance from a trusted alternative lender, there will be certain standards. For instance, they’ll want to see your most recent credit card statements. This is to ensure that your business receives enough credit card transactions to successfully utilize and remit this product.
Overall, the application process shouldn’t be too complex. If your business frequently receives credit card transactions, and you run your business in a responsible manner, you’ll likely be a viable candidate!
A High Approval Rate
If you’re concerned about whether you’ll receive restaurant business financing, don’t fret. Merchant cash advances have a high approval rate. While getting approved for some financing products rely heavily on your credit score, this typically isn’t the case for merchant funding. So, if you’re not confident that you’ll get approved for other financing options, you should consider restaurant cash advances.
Have Money to Grow Your Business
Once you receive a restaurant cash advance, you’ll have money available to use for whatever your restaurant is currently lacking. Perhaps your restaurant’s interior could use some TLC, or you’re frequently understaffed. Getting a restaurant cash advance will enable you to proactively invest in areas of your business that need to be enhanced.
Have Money for Emergencies
Perhaps you don’t have any major ideas for improving your restaurant. Still, you can’t predict the future! What if your restaurant experiences an unforeseen emergency, such as having an oven break or running out of required inventory? If you have a merchant cash advance, you’ll have the peace of mind and will be able to navigate these unexpected twists and turns that come with running a small business.
Flexibility Based on Your Business’s Sales
With restaurant merchant funding, remittance is based on your business’s future credit card sales. Therefore, if your restaurant goes through a lull in sales, you won’t be expected to remit a set amount. Having a product that works with the pace of your business is a huge plus – and will save you unnecessary stress!
Having a merchant cash advance can allow your restaurant to thrive. You’ll have financing to put towards achieving your restaurant’s goals, and can remit your advance at the pace of your restaurant’s sales.
Hopefully after reading this post you understand the benefits of a restaurant cash advance, and can take the next step of applying for this product.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.