What is business funding and how do I apply?
Cash Flow can be tight when running your business – and Best Payment Solutions are here to help support you when money gets tight, you need to expand or if unexpected bills land at your door .
With Fast Flexible Funding from us we can give you the support you need.
Business funding is flexible funding, tailored to small and medium-sized businesses. It’s often referred to as a ‘merchant advance’, ‘merchant cash advance’ or ‘business cash advance’.
Merchant cash advances, or business cash advances are an increasingly popular alternative to traditional bank loans because they offer business owners greater freedom and control over repayments.
When you're accepted for business funding
You’ll receive an ‘advance’ on your future card takings. This could range from £1,000 to £1,000,000, depending on your monthly card turnover and the amount of funding you require. Once you have received your advance, repayments are made as a fixed percentage of your daily card revenue. This means that you’ll pay back as you earn – a little more on busy days, a little less on slower ones.
This agreed percentage is called a ‘sweep’ and is deducted from your daily takings automatically. For example, if you take £600 in card sales in a day and your sweep is 10%, you’ll pay back £60 of your advance.
If the next day you take £200, you’ll only pay back £20. If you take £0, you won’t pay back anything for that trading day.
Benefits
If your application is successful, you could receive your funds the same day. The typical window is three working days.
