Business Financing Videos

he two speakers featured in Cambridge Who's Who the third chapter of the series, "Business Financing: Tips to Transform Your Ideas into Reality," are extremely passionate individuals who founded their own businesses and leveraged their talents, skills and experiences to propel their organizations to the top.

Business cash advances have become an increasingly valuable and necessary working capital financing strategy for most small businesses. As with any complex business financing, it is critical to avoid certain common problems that occur when credit card processing is used to obtain needed short-term cash. It is not necessary for business owners to experience any of the credit card financing problems described in this article. We are identifying ten key difficulties that can be avoided with credit card processing and working capital business cash advances. Business owners should not overlook the substantial working capital benefits which will accrue to their business by effectively coordinating credit card factoring and processing. These benefits will increase measurably if a number of common business cash advance problems can be successfully avoided. One of the most important commercial financing needs for any business is ensuring that short-term cash requirements are successfully met. The use of a viable business cash advance strategy has become an increasingly important small business finance tool for many businesses faced with a potential short-term cash shortfall. Most merchants can document their recent credit card processing activity. Short-term cash can typically be obtained via a business cash advance based on future sales volume. Before employing this strategy for business cash advances, businesses should realize that there are several significant problems that they need to anticipate. Ten common credit card receivables problems that business owners should avoid when employing this working capital strategy are highlighted below. First, many lenders for these services charge up-front fees. This is a transaction cost that can and should be avoided, and with the best programs there will not be any up-front fees. Second, many lenders will attempt to charge closing costs. Business owners should realize that this is also an unnecessary transaction cost for business cash advances when dealing with a truly reputable provider of working capital financing based on credit card factoring. Third, a number of business cash advance programs require collateral. This is an unnecessary requirement to be avoided by business owners seeking credit card financing. Fourth, monthly fixed payments to repay merchant cash advances are imposed by some providers. The preferred approach is to avoid such fixed payment requirements. Fifth, some lenders will require financial statements and tax returns for all business cash advances. Such additional documentation requirements should only be necessary for larger working capital advances. Sixth, some providers impose a fixed term for repayment. This requirement to pay off the business cash advance over a fixed term should be avoided. Seventh, most business cash advance providers require credit scores of at least 680. In today s difficult economic climate, this can be a challenging requirement. It is feasible to obtain this kind of working capital financing with scores around 500. Eighth, many programs for working capital business cash advances require that a business have at least two years of operating history to qualify. While many business owners can meet such a requirement, a more practical standard for newer businesses is a minimum of one year in business. Ninth, many providers will require up to 24 months of documented credit card sales of $25,000 or more. A more practical possibility for business owners will involve a transaction history with six months of $5,000 or more. Tenth, for merchants needing larger business cash advances, it is important to know that many programs are limited to a maximum of $25,000 to $50,000. Providers that are better capitalized for this business finance strategy will be able to accommodate an advance of $300,000 and higher. Can all ten credit card finance problems discussed above be avoided? There are indeed viable credit card receivables programs which avoid all of the obstacles described. It is not likely that all ten of the obstacles described above will be pertinent for all small business owners. Business borrowers are likely to experience several of these problems if they are considering a business cash advance that uses credit card factoring and credit card processing. For any business owner considering this approach to working capital financing, please remember that it is not necessary to accept any of the ten problems described in order to obtain business cash advances based on future sales.

Avoiding business finance problems is always desirable, but it is especially critical to do so when financial issues are intertwined as they are with business cash advance and credit card processing services. There are ten key difficulties which should be anticipated and avoided by following prudent working capital management guidelines. Business loan strategic solutions and credit card processing are more connected than most commercial borrowers realize, and changes to either are likely to have measurable impacts on profitability. Merchants should take advantage of profitable business finance benefits by successfully coordinating processing and receivables management. The business financing benefits will be especially noticeable if several typical processing and merchant cash advance difficulties can be precluded. Even thriving merchants periodically need more working capital than they can obtain from a bank business loan. One of the most critical business financing tasks for any commercial borrower is to make sure that short-term cash needs are fulfilled. This is frequently difficult and sometimes impossible for the average merchant. Effective and timely use of a prudent working capital business loan is an increasingly critical business financing tool when a merchant is faced with a short-term cash shortfall. Commercial borrowers should be forewarned that there can be a substantial number of potential difficulties in coordinating credit card processing, receivables factoring and business cash advance services. Using Credit Card Receivables and Credit Card Processing Most merchants have documented credit card processing activity and sales volume. This documentation of processing activity and sales volume is a financial asset, since up to $300,000 can typically be obtained via a business cash advance based on projected future sales volume. Business Finance Recommendations Merchants should be aware that there are at least ten serious difficulties that they need to be prepared for before obtaining a business cash advance. These problems are described below to help owners avoid these common merchant cash advance and credit card processing obstacles. After each potential problem is described, a suggested processing and receivable factoring solution is provided. (1) Working Capital Management Problem to Avoid: Closing costs. Suggested requirement: No closing costs. (2) Credit Card Financing Obstacle to Anticipate and Eliminate: Fees charged up-front. Recommended requirement: Zero up-front fees. (3) Credit Card Processing Problem to Eliminate: Collateral required. Recommended requirement: No collateral required. (4) Credit Card Factoring Difficulty: Financial statements required. Suggested requirement: No financial statements required except for larger business cash advances. (5) Credit Card Receivables Obstacle to Anticipate: Required to pay off the merchant cash advance with fixed payments. Recommended requirement: Fixed payments not required. (6) Working Capital Financing Obstacle to Eliminate: Required to pay off the business cash advance over a fixed term. Recommended requirement: Fixed term for repayment not required. (7) Credit Card Receivables Factoring Problem to Avoid: 2-3 years of ownership required to qualify. Suggested requirement: 1 year of ownership. (8) Credit Card Processing Difficulty: Credit scores of at least 680 required. Suggested requirement: Acceptable credit scores of 500 and higher. (9) Credit Card Factoring Difficulty: Business cash advance limited to $50,000. Suggested requirement: Maximum cash advance of $300,000. (10) Merchant Cash Advance Problem to Avoid: 12 to 24 months of documented sales of $12,000 to $25,000 or more required. Preferred requirement: 6 months of $5,000 or more. Can the Ten Obstacles Discussed Above Be Avoided in All Cases? There are viable credit card receivables programs which avoid all of the problems described above. It is not necessary to accept any of these problems in order to obtain business cash advances based on future sales. It would be a rare situation for all of these potential business finance problems to be of primary importance to an owner. Most commercial borrowers will encounter several of these problems if they are evaluating business cash advance programs that use processing and receivables factoring. Commercial borrowers should also be alert for business cash advance and credit card processing problems not mentioned above. However, the absence of all ten problems described is a good start toward achieving substantial business finance improvements in working capital management.

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