Merchant Resources International strives to provide these funds to small business owners through its various business funding programs, allowing small business owners to get up to $500,000 in business cash in as little as seven business days.

Keeping a business on its feet can mean something different for each merchant.  Some merchants may use their funds to:

• Make Payroll

-          Preventing layoffs and/or cutbacks

• Pay Utilities

-          Keep the business up and running as usual

• Purchase Inventory

-          Restock shelves so customers will have something to purchase

If you need funds to keep your business on its feet, don’t hesitate to get a free online quote now!

#1

Name of skill: Presenting

Why it’s important: Whether you’re giving a speech at a seminar, requesting funds from an investors or pitching to a potential customer or client, presentation skills are important for all small business owners to have.

How to hone it: As advised by Sarah Kessler in her Inc.com article, small business owners can hone their presentation skills in three steps.

1. Research Your Audience
2. Structure your Presentation
3. Practice

Click here for the complete article.

#2

Name of skill: Writing

Why it’s important: Writing is a key form of communication.  From personal emails to formal letters and reports, it is important that the message that you intend to convey is the message that is actually being conveyed.

How to hone it: Learn and remember grammar, spelling and punctuation rules, as well as how to structure various types of written material.  You can also increase your vocabulary by subscribing for the Dictionary.com word of the day.

*Resource:  http://www.ego4u.com/

#3

Name of skill: Organizing

Why it’s important: Implementing organization can help keep things to running smoothly and efficiently.

How to hone it:  All Business offers a 60 second guide to organizing your business.  Some advice they offer to small business owners is to increase organization by creating a clutter-free desktop, generating storage space when none exists, managing mail and maintaining an efficient filing system, amongst other things.

Resource: Five Ways to Organize Your Business for Success – SCORE

Preparing for your merchant cash advance is very easy and can help you to get your funds as quickly as possible.

Take the following steps to make sure that you are ready for the merchant cash advance process.

Step 1:  Complete Application

Our application requires simple information such as; your full name, your business’ name, your contact information, the type of business you own, the business’ start date, etc.  Be prepared to answer these questions to give us a better idea about your business.

Step 2:  A Copy of Your Business’ Lease

One of the first documents that you will need to prepare in order to receive a merchant cash advance is your business’ lease.  This is the lease for the space in which your business operates.  If you do not have a copy, or have misplaced it, contact your landlord and have him/her provide you with a copy.  You must have at least one year remaining on your lease in order to be eligible to receive a merchant cash advance.

Step 3:  Four Months of Credit Card Statements

Providing us with documentation of your credit card sales is essential.  First, to be eligible to receive a merchant cash advance, you must be a business owner of at least four months.  Providing us with these statements proves that.  Also, the amount of your monthly credit card sales helps us to determine how much money we can advance your business.  Your business must process a minimum of $2,500 per month in credit card sales to be eligible to receive a merchant cash advance.

Step 4:  Additional Documentation

Once the process is near completion, we will ask you to provide us with a copy of your photo identification and a voided check from the bank account into which you would like your merchant cash advance to be funded.  Make sure that you are able to produce these items before applying for your merchant cash advance.

Now, small business owners who were unable to get their hands on a portion of those allocated funds may have to other business funding methods, such as the business cash advance to get the cash they need to grow and expand their businesses, purchase inventory, renovate or to increase working capital.

Though the merchant cash advance can provide various benefits to small business owners who choose it as an alternative to bank loans, (i.e. minimal requirements, fast processes, flexible repayments) it is important to remember that not all merchant cash advance providers are created equally, and choosing the right merchant cash advance provider is just as important as choosing the right business funding method for your business.

In addition to providing friendly service to merchants, MRI offers various merchant cash advance programs and many other benefits that small business owners can appreciate.

Small business owners will also appreciate that MRI…

• Has an 87% renewal rate
• Merchants renew an average of four times each
• Is represented by the Better Business Bureau

Apply online to get a free quote, or contact one of our funding specialists today to find out more about what makes Merchant Resources International a great merchant cash advance provider for you and your business.

• Unsecured
• No restrictions on how borrowers can use it
• Repayments go with the flow of sales
• Merchants can renew funds every three to four months
• Approval in 48 hours
• Funding in as little as five business days

It’s been some time since we’ve discussed the basics of a merchant cash advance, so here’s a refresher those of you who may have forgotten.

A merchant cash advance is an alternative to the traditional bank loan.  It is a business funding option that is available to merchants (owners of retail and/or service-oriented businesses) and allows them to optimize their credit card sales.  Instead of charging interest fees, merchant cash advance providers charge a flat rate for the advance.

Credit card sales are one of the most important factors for merchant cash advance recipients and prospectives.  They are the basis for both the funding and repayment of the advance.  Depending on a merchant’s average monthly credit card sales, he/she can be funded $5,000 to $500,000.  In other words, the higher a merchant’s monthly credit card sales, the more he/she may qualify to receive.

When it comes to repayment, merchant cash advance providers don’t ask borrowers to make fixed monthly payments.  Instead, providers will automatically deduct a small percentage of the business’s daily credit card sales.

Merchant cash advance providers place the responsibility of repayment on the business, rather than the business owner.  If an establishment goes out of business and is no longer able to repay the advance, (and fraud is not part of the picture) providers must take it as a loss.

Unfortunately for small business owners, banks even review an applicant’s credit before approving him/her for a business loan.  Those with low credit scores often miss out on the much needed funds to save and/or develop their businesses, simply because of their credit histories, but for these small business owners with less-than-perfect credit, there is another option – the business cash advance.

Unlike bank loans, business cash advance approval is not based on the applicant’s credit score.  Instead, business cash advance providers look at a few other important factors, to determine whether a merchant is eligible for a business cash advance and if so, how much he/she is eligible to receive.  Business cash advance requirements are as follows:

• The business must process at least $3,500 in monthly credit card sales
• The merchant must have owned the business for at least six months
• The merchant may not have unresolved bankruptcies
• The business lease must have at least one year remaining

Why is Your Credit Score Less Important When it Comes to a Business Cash Advance?

Banks rely heavily on credit scores to determine whether they want to lend to an applicant because they must depend on the applicant’s steady and sufficient repayment to get their money back.  Banks need to see that the applicant has a history of making prompt payments, to ensure that lending to a particular business owner will not be a huge risk.

Business cash advance providers, on the other hand, rely on the business rather than the business owner.  Instead of requiring borrowers to make fixed monthly payments, business cash advance providers automatically deduct a small percentage of the business’s daily credit card sales.  When sales are low, payments are low and when sales increase, payments increase accordingly.  This repayment method takes the responsibility away from the business owner and puts it directly onto the business.

Small business owners can still rebuild their credit while they have a business cash advance.  And once they’ve reached a credit score of 650 or higher, they may qualify to receive various business cash advance incentives such as, a choice of loan terms of up to 12 months and the lowest rates in the industry.

Business Cash Advance Key Facts

• Unsecured
• Approval in 48 hours
• Funding in as little as five business days
• Receive up to $500,000
• No restrictions on how funds can be used
• Automatic renewal eligibility approximately every three months

Based on this information, it can be concluded that a widespread need for alternative business funding methods such as the business cash advance, still exists.

Small business owners can take advantage of the opportunity to get up to $500,000 in unsecured business funds, through one of MRI’s business cash advance programs.

• Standard Program
• Starter Program
• Premium Program
• Restaurant Loan Program

Merchants who choose one of these programs will receive unsecured funds, flexible repayments, automatic renewal eligibility and the freedom to use their funds however they wish.

According to a national survey, conducted by the Institute for Local Self-Reliance, these campaigns paid off.  Holiday sales of survey respondents’ stores increased an average of 2.2%.  This is in comparison to figures released by the Commerce Department, which show overall holiday retail sales declining by 0.3%.

This is great news for small business owners, which hopefully will continue throughout this year.

Question:  How did your business do this holiday season?