Dec/090
Business Cash Advance for the New Year
As we enter into a brand new year, it’s time to say goodbye to the business financing problems of 2009. Dedicate 2010 to improving your business by taking advantage of the alternative business funding options offered by Merchant Resources International.
Use this time to determine which funding program is best for your business (standard program, starter program or premium program). Then, apply for your business cash advance, for the opportunity to have up to $500,000 in unsecured business funds in your account by the beginning of the New Year.
Below is a reminder of the benefits you will receive when you choose a business cash advance.
- 48 hour approval
- Funding in as little as five business days
- Unsecured funds
- Unrestricted usage
- Minimal requirements
- Flexible repayments
- Automatic renewal eligibility
Dec/093
Should I Get a Merchant Cash Advance?
The merchant cash advance can be very helpful to a small business owner, particularly, one who is in need of business funds. Some merchants, however, are unsure about whether they should get a business cash advance.
As a merchant cash advance provider that has been supplying funds to small business owners for over six years, MRI has witnessed many successful business cash advance stories. Below are some of the reasons our merchants have decided to take advantage of the merchant cash advance, maybe you’ll find your reason on the following list.
1. I Don’t Qualify for a Bank Loan
- My credit score is too low
- I don’t have collateral to put up
Merchant cash advance requirements are much easier to meet than most banks’ business loan requirements. The merchant cash advance is completely unsecured and we can fund merchants with less-than-perfect credit scores.
2. I Need Fast Cash
We can approve your application in 48 hours. After approval, we can fund your account in as little as five business days.
3. I Don’t Want a Lot of Paperwork
We ask for very little documentation from our merchants, in order to make the process smoother and easier. All we need is your two-page application, a copy of your business lease, a voided business check and your last four months of merchant statements.
4. I Want a Flexible Repayment Method
Your merchant cash advance is repaid only when your customers make credit card purchases.
5. I Want Continued Access to Business Cash
You may renew your funds every three to four months, as many times as you wish.
Dec/091
Getting Small Business Back in Business
Data from the Small Business Association shows that small businesses employ just over half of all U.S. workers and generate half of the nation’s private nonfarm Gross Domestic Product.
These statistics show that small businesses are not only an important part of the economy, but they play a vital role in the economic recovery. Getting small business owners back on their feet will open up jobs for the 15.4 million unemployed people in the United States and give consumers money to spend at other small businesses. Seeing the improvement in the small business sector, banks will no longer be afraid that small business owners won’t be able to repay them, and will eventually loosen lending standards.
There are various efforts that have put into place, or are in the developing stages, designed to revive small business owners and rebuild the economy.
International
Merchant Resources International provides merchant cash advances to small business owners throughout the United States, as well as in Canada. Merchant cash advance programs are geared toward small business owners who are having difficulties getting bank loans. Minimal requirements, fast funding speeds and flexible repayment methods make the merchant cash advance an easy, convenient and useful business funding method for business owners, internationally.
National
President Obama is continuing his efforts to build up small businesses. “Senior administration officials say Obama will be looking to push money left over from the Troubled Asset Relief Programs toward the small business community for hiring,” wrote Phillip Elliot for Business Week.
State-by-State
The Michigan Economic Development Corp. provides collateral to companies, to help them get loans. “[MEDC] is helping companies diversify, if they add workers,” wrote John Tozzi for Business Week. This gives businesses incentives to hire more.
Community
Various communities are backing their own “buy local” initiatives, in order to get dollars circulating within the community and to get money into small businesses.
Nov/090
Merchant Cash Advance for the Holidays
Over Thanksgiving weekend, which included Black Friday, 195 million shoppers set out to receive deals and bargains on toys, apparel, jewelry, electronics and household items. While the number of shoppers increased by 23 million, a 13% increase, the average amount spent per customer actually declined and the National Retail Federation still predicts a 1% decline in sales this holiday season.
If in fact this year’s holiday sales do decline, small business owners must be prepared to weather the storm. There are certain measures they can take in order keep their businesses above water into the New Year, for example, applying for a merchant cash advance.
Merchants may qualify for a starter advance, a standard advance or a premium advance. Through one of these programs, small business owners can get the funds needed to hold their businesses over until sales pick up. MRI can fund up to $500,000 and merchants can use their funds however they choose.
Apply online to get your merchant cash advance for the holiday season.
Nov/092
Merchant Cash Advance Programs
If you’re in need of funds for your business, MRI has a program just for you, providing you meet a few simple requirements.
Starter Program
The starter program allows merchants who don’t quite qualify for the standard program a chance to build up their credit with MRI and receive a small advance. Starter advance recipients can receive $1,000 to $7,000, with the opportunity to receive a larger amount with each renewal.
Merchants with low monthly credit card processing and/or less than six months of business ownership, may find the starter program very helpful.
Standard Program
Most merchants qualify for the standard merchant cash advance program, through which they can get up to $500,000 in unsecured business funds that can be used without restrictions.
To qualify for the standard program, a merchant must:
- Process at least $3,500 in monthly credit card sales
- Have owned his/her business for at least six months
- Have no unresolved bankruptcies
- Have at least one year remaining on the business lease
Premium Program
The premium program was designed as an incentive for merchants with the highest credit scores and strong monthly credit card sales. Premium merchant cash advance recipients will receive the lowest rates in the industry and loan terms of up to 12 months. To qualify for a premium merchant cash advance, merchants must:
- Have a credit score of 650 or higher
- Qualify for a $50,000 merchant cash advance
- Have no unresolved bankruptcies
- Have at least one year remaining on the business lease
Nov/090
Listening to Your Customers
If you own a retail and/or service-oriented business, I’m sure you’ve heard the phrase, “The customer is always right.” Some of you may live by this phrase, while others may feel that there are some times when the customer is just plain wrong.
Regardless of where you stand on this topic, as a small business owner, your customers are very important, they are the backbone of your business and your business basically exists to satisfy them. Therefore, whether it’s dealing with a complaint, listening to a suggestion or acknowledging employee praise, it’s always important to hear what your customers have to say.
How to Find Out What Your Customers Think
- Ask for Suggestions
You can encourage customers to leave comments and feedback on your website, or you could use a good old-fashion suggestion box.
- Talk to Your Customers
As the owner of a small business, you have the advantage of being able to get to know your customers on a first-name basis. Simply by engaging in conversations with your customers as they shop, as they pay or as they walk to their cars, you can learn a lot about what they like, dislike and want from your business.
- Talk to Others
You can find out what your customers think by talking to the people who talk to your customers. Patricia Fripp learned this lesson from a taxi driver, as she was leaving a hotel, who told her, “…once a month, the general manager of the hotel where you stayed comes to the depot with a big box of donuts and has coffee with the [taxi] drivers. While we eat his donuts, we tell him everything we’ve overheard about his hotel — and about his competitors’ hotels.”
Nov/093
Merchant Cash Advance: Frequently Asked Questions
Isn’t it really expensive?
A merchant cash advance is more expensive than a bank loan, but what merchants must remember, is that a merchant cash advance is not a bank loan. MRI takes on the risks that banks won’t. A bank might turn you down immediately because you have low credit or because you don’t have collateral, while MRI may be able to provide you with up to $500,000 in unsecured business funds.
I heard that I don’t have to make fixed monthly payments. How does that work?
Instead of asking our merchants to repay their advances via fixed monthly payments, we automatically deduct a small percentage of daily credit card sales and put it toward paying down the advance. This method allows payments to increase and decrease according to your business’s sales.
How long does the whole process take?
Once you complete and submit your application, we can approve you in only 48 hours. After approval, we can wire your business funds into your account in as little as five business days.
How do I know if I qualify?
To qualify for a merchant cash advance, you must:
- Have owned your business for at least six months
- Process at least $3,500 in monthly credit card sales
- Have no unresolved bankruptcies
- Have at least one year remaining on your business lease
Oct/092
How to Get Holiday Sales
Last year, retail numbers for the holiday season were dismal to say the least and small business owners everywhere were forced to slash prices in order to entice customers into their doors.
This year, according to a Wall Street Journal report, small business owners are trying to win over holiday shoppers with other tactics.
Early Christmas
“Toy and gift shop Groovy dc rolled out its holiday merchandise in early October—a full month earlier than usual—advertising Halloween and Christmas simultaneously,” wrote Dana Mattioli. The owners wanted to “get the inventory out while the money is available.”
It’s not uncommon for consumers to want to get their holiday shopping out of the way as quickly as possible, so this strategy could prove successful for small business owners.
Layaway Plans
Rather than cutting your prices, allow your customers to put Christmas items on layaway, early. This way, both you and the customer can benefit. The customer won’t have to fork over so much money at once and you won’t have to virtually give your inventory away by slashing prices of untouched products.
Sell Online
Having your products available online can make them easier to find for consumers who don’t want to go out and shop. It may be beneficial to go further than simply relying on your business’s website to produce online sales. “Jack Parish, chief executive of The Doll Hospital and Toy Soldier Shop, a specialty toy store in Detroit, uploaded more than 15,000 toys into Google’s free product search, Google Base, over the span of two days in October,” wrote Dana Mattioli.
Oct/092
Love Your Customers
As the owner of a retail and/or service-oriented establishment, your customers are an integral part of your business. In order for your business to succeed, you must have regular customers and be able to attract new ones. In addition to quality products and services, customers want to feel welcomed and wanted. Use the following tips to make sure that your customers know they are appreciated.
Customer Service
Good old fashion customer service can go a long way. Making sure your customers are informed and satisfied can keep them from feeling overwhelmed. Still, it’s important not to go overboard with your customer service. In her article, “Customer Service Overkill Can Kill You,” Eve Tahmincioglu wrote about a friend who stopped visiting a wine shop that he himself described as “top notch.” “My friend hated that, no matter if he bought a case of wine or just one bottle, the employees would insist on carrying his package to his car in the parking lot,” wrote Tahmincioglu. “He said he felt like an idiot walking behind a guy carrying his six-pack of beer to his car, and felt pressure to tip the worker.”
The Soft Sale
Employing the soft sale can take the pressure off both your employees and your customers, which according to experts can increase the possibility of a purchase. “A customer-centric sales process emphasizes a low-pressure environment that lets your sales staff act as consultants, offering information and showing how your product or service can help solve a customer’s problem,” wrote Jeremy Quittner in “The Art of the Soft Sale.”
Loyalty Cards
With loyalty cards, you can offer your customers a free product or service for every several times he/she does business with you. For example, Jamba Juice offers customers a card that is punched or stamped whenever they make a purchase. Once the card is filled up, they can receive a free item. “A study by research firm Colloquy, found the average American household belongs to 14 different loyalty programs,” wrote Suzzane Driscoll in “Keep Your Regulars Happy.”
Oct/090
Color Me a Business Owner
Color has become very representative in our society. Along with the importance that color has in our everyday lives (red means stop, yellow means warning, etc.), we also associate colors with both emotions and superstitions. Basically, regardless of one’s particular profession, color has become an integral part of our lives, so we’ve created a fun and informative color guide especially for small business owners.
Red
Red is the color of blood and working capital is your business’s lifeblood. Working capital keeps your business alive and it can be calculated by subtracting your current liabilities from your current assets. MRI provides working capital loans to small business owners who simply need to get some business cash in order to increase cash flow.
Green
Going green has become a phenomenon of extreme importance in today’s world and many business owners are discovering ways to make their businesses more environmentally friendly. Some business owners are even financing green renovations, in which they give their businesses complete green makeovers.
Going green is an excellent way to use a merchant cash advance, especially since there are no restrictions on how merchant cash advances can be used.
Blue
Everyone gets to feeling blue every once-in-a-while. However, with the state that our economy is currently in, this feeling is occurring more and more with employees who are losing motivation, struggling to make a living in a household where a partner has lost his/her job and/or fearing that they will be next up on the chopping block.
Rather than spending money on incentives that have no affect on an employee’s mood or feelings of appreciation, let your employees know that you recognize the good jobs that they are doing. “The most effective praise is specific and directly reflects the praisee’s actual achievement,” writes Leigh Buchanan for Inc. “Employees are acutely aware of what they have done well and take pride in it. Receiving praise that diminishes or sidesteps that achievement can be worse than receiving no praise at all.”
Yellow
Some small business owners become yellow with fear when setting out on certain business endeavors such as expansion, renovation, advertising campaigns, etc. Will I find the money to fund this project? Will my idea even work? Will I be able to repay the money after I borrow it? These are only a few questions that run through merchants’ heads before they begin a business project.
Merchant Resources works to ease these fears as much as possible, by providing business funds that are easily accessible, easily renewable and easy to repay.