If your business operates without highly stable or predictable revenue streams throughout the course of the year, you can cover your everyday operating expenses with Working Capital. Choice Pay Now offers two types of assistance tailored to fit your business needs: a merchant cash advance and a business loan.
Each type is ideal for seasonal retailers like garden nurseries or swimwear stores. Use this loan to cover accounts payable, wages, rent, and other day-to-day expenses during periods of reduced business activity.
Merchant Cash Advance
Unlike a business loan, a merchant cash advance is underwritten and funded completely differently.
When deciding upon approval the length of time your business has been operating, the monthly revenue, and the amount of revenue from credit card sales are the primary factors taken into account. Even if your personal credit is bumpy, your business may still be eligible. This also allows for fast approvals. usually within 24 hours,m and funding within days.
So how do you get paid and make payments? A merchant cash advance is actually the purchase of a percentage of your future daily sales. We make the purchase in one, upfront, sum.
To pay it back you never write a check or make a payment. We simply draw a percentage of your daily credit card sales. If you don't make money - we don't make money. The manageable percentage never changes regardless of your flow of business. Once your advance is satisfied, you're done.
A business loan differs from a merchant cash advance in that it is an actual loan that has to be repaid and with interest. The underwriting is also more thorough and can take into account your personal credit. Business loans can take several days, or even weeks, to fund.
Recurring monthly payments are made in set amounts each month. The payment does not change based upon the revenue of the company.
Due to the fact that more extensive underwriting is performed a larger amount, sometimes up to $1 million, can be borrowed for your business.
Let's start growing!
90% Approval Rate
Borrow $5,000 - $500,000+
No Prepayment Penalty
No Collateral Required
Same-Day Funding Available
No Business Plan Required