Your small business’s cash flow is constrained this month. Although revenue has been less than anticipated, bills must be paid, employees must be paid, and inventory needs to be restocked. Your short-term financial crisis might be resolved by a merchant cash advance. Small firms can quickly receive funding thanks to merchant cash advance blursoft. You can have the money in your bank account to pay for necessary bills and keep your company running effectively in a matter of days. Payments are flexible and inexpensive because the advance is repaid as a proportion of your credit card sales. A merchant cash advance could give your company the capital infusion it needs if you need quick funding but don’t want to deal with the bother of a bank loan. Find out if this funding choice is appropriate for you by reading on.
What is a cash advance for a business?
A popular alternative way for small businesses to get money is through a dealer cash advance. Instead of a standard business loan, a merchant cash advance gives you a lump sum of cash up front in exchange for a percentage of your future credit card sales.
How does it work?
- You ask a funding company, like Blursoft, for a loan. We judge your business based on a few simple factors, like how many credit cards you process each month and how long you’ve been in business.
- If you’re approved, you’ll get a lump sum of cash, generally within a couple of business days. The amount relies on your average monthly card sales and the percentage you agree to pay back, which is called the “factor rate.”
- You pay back the advance by letting us take a small portion of your daily credit card sales until the balance is paid off. You don’t have to worry about payments, so you can focus on growing your business.
The advantages?
Fast funding. Instead of waiting weeks or months for a standard loan, you can get cash in your bank account within days.
Easy to get in. Your monthly credit card spending is the most important factor in getting approved, not your credit score or other financial information.
Flexible payments. Your payments change immediately based on how much money you make, so you only pay more when you make more.
In the end, a store cash advance is a quick way to get money without having to deal with a bank. It could be a good choice for your business if you sell a lot of things with credit cards and need cash quickly. And when you work with a trusted partner like Blursoft, the process goes smoothly from start to end.
How does the Merchant Cash Advance service from Blursoft work?
So, how does Blursoft’s dealer cash advance work? Basically, we give you a lump sum of cash up front in exchange for a share of the credit card sales you make in the future.
We start by looking at the credit card processing statements for your business to figure out what your usual monthly income is. Then, we figure out how much of an advance we can give you while still letting you pay it back easily with a fraction of your sales.
The amount we give you depends on a number of things, such as the health of your business’s finances, its credit score, how long it has been in business, and the industry it is in. Most of the time, the amount of the bonus is between $5,000 and $500,000.
Once your business loan is approved, the money goes straight into your business bank account, generally within one to three business days. Then, you pay it back by letting us take a set percentage of your daily credit card sales until the whole amount is paid back.
Depending on the size of your loan, the time you have to pay it back is usually between 6 and 24 months. The good news is that there are no set schedules or terms for paying back the loan. You pay more when sales are high and less when sales are low. There are also no fees for paying off the loan early.
In the end, a merchant cash advance gives you fast, unsecured working capital that you can use to grow your business without having to deal with a long application process or strict rules for paying it back. Since you can pay it back as a portion of your card sales, the advance amount is also based on how well your business can pay it back. If this sounds like a good idea for your small business, ask for a Blursoft merchant cash advance today.
Why Do You Need Business Funding from Blursoft?
Quick and Easy Funding
When you need capital quickly to take advantage of a growth opportunity or cover an unexpected expense, a merchant cash advance from Blursoft can provide funding in as little as 2 business days. The application process is simple, requiring just a few business documents to get started, and Blursoft’s team works quickly to review and approve qualified applicants. Once approved, funds are deposited directly into your business bank account so you can access the money immediately.
Versatile Terms
Payments are flexible and scale with your business when you get a merchant cash advance from Blursoft because you just have to pay back the money via automatic deductions from your credit card purchases. There are no strict deadlines for repayment, no need for personal guarantees, and no fees for paying back the advance early. The holdback rate, also referred to as the percentage you repay, is based on the processing volume and business credit history. In order for you to keep expanding your business, Blursoft targets for holdback rates that won’t ruin your cash flow.
Retain Capital
There is no need for security for a merchant cash advance, such as stock, machinery, or real estate. Blursoft evaluates funding selections based on the potential of your company and history of credit card processing. This implies that you can obtain financing without pledging other company resources. The money from an advance can then be used to buy new merchandise or equipment in order to increase sales.
Reliable Partner
Blursoft has been giving business cash advances for more than 10 years, so they have a track record of success and know-how. Blursoft knows the problems that small businesses face, so it works with applications to set holdback rates and terms that work for them. Blursoft is also dedicated to keeping clients’ personal and financial information private and keeping their data safe. Blursoft is a partner you can trust if you need money for your business quickly and in an open way.
In short, a merchant cash advance from Blursoft lets you get money quickly, has terms that can be changed to fit your business, lets you save money, and comes from a known leader in the industry. Blursoft is a fast and easy way for your business to get the money it needs for its next financial need.
What kinds of companies can get Blursoft Merchant Cash Advances?
Many different kinds of companies can get a merchant cash advance from Blursoft. If your business has been open for at least 6–12 months and you receive a certain amount of credit card sales every month, you may be able to get an advance.
Existing businesses
Blursoft deals with well-known businesses in many different fields, such as:
Retail shops sell things like clothes, furniture, and electronics.
Full-service restaurants, quick-service restaurants, food trucks, etc.
Medical and dental businesses
Places that fix cars
Online businesses
Blursoft merchant cash advances are usually available to businesses that have been open for at least 6 to 12 months, have monthly credit card sales of $5,000 or more, and have a personal credit score of 500 or higher.
Emerging companies
Blursoft may still give you an advance if your business is less than a year old but your credit card sales are growing quickly and steadily. But because there is more danger, the terms may not be as good as they are for established businesses. Blursoft will look at your business’s prospects and cash flow to figure out how much of an advance you can get and how you can pay it back.
Alternative business models
Additionally, Blursoft offers loans to organizations with online sales models, multi-level marketing firms, and seasonal enterprises that might not be eligible for conventional bank loans. The words for non-traditional firms may be more formal and formalized than those for newer businesses. But Blursoft wants to finance as many successful small enterprises as it can.
In conclusion, Blursoft provides short-term business loans and merchant cash advances to businesses of all sizes and in a variety of industries. Instead of considering your personal credit score or length of operation, they concentrate on your capacity to pay back the advance through regular credit card sales. Therefore, there’s a strong chance Blursoft can offer your company quick, simple finance if you consistently generate money from credit card transactions.
How Much Money Can I Borrow From Blursoft?
You can get merchant cash advances from $5,000 to $500,000 through Blursoft. Your eligibility will be determined by a number of factors, such as:
Your Company’s Cash Flow and Revenue
The amount you can normally acquire increases as your business generates more revenue and stable cash flow. For the previous six to twelve months, Blursoft will examine your revenue and cash flow to calculate how much your company is capable of repaying.
Businesses with higher monthly sales, particularly those that exceed $100,000, can qualify for advances of $50,000 or more.
Typically, businesses with monthly revenues between $25,000 and $100,000 are eligible for loans between $10,000 and $50,000.
Up until they establish a track record of revenue and on-time repayments, younger enterprises with less than six months of sales may only be eligible for lesser advances below $25,000.
Your Organization’s Credit Score
The amount of funding you can access depends on your business credit score, much like when applying for a business loan. The lesser the risk to the funder and the greater the amount you might qualify for, the higher your score. In order to assess the creditworthiness of your company, Blursoft uses credit information from Experian, Equifax, and Dun & Bradstreet.
The Nature of Your Business
Restaurants, doctors’ offices, and retail establishments are some examples of lower risk industries that may be eligible for higher sums. Riskier sectors may have lower maximums, stricter standards, or even a complete rejection of applications. Blursoft tries to deal with as many different kinds of businesses as it can, but in the end, it must take into account the danger of default for the sums they offer.
Based on changes in these variables, the overall state of the economy, and the lending climate, the amounts offered may alter over time. The good news is that after paying back your first merchant cash advance, your company builds a payment history with Blursoft that may help you have access to additional finance in the future.
What Conditions Apply to Blursoft Merchant Cash Advance Repayment?
Flexible Terms for Repayment
In contrast to a conventional business loan, the payback terms for a Blursoft merchant cash advance are fairly lenient. You pay back the advance using a percentage of your daily credit card sales rather than set monthly installments. This implies that your payments vary according to your financial flow. You’ll pay back the advance sooner if business is growing. Your payments automatically reduce if sales decline.
How to Calculate the Repayment Percentage
Your daily credit card sales will be deducted in proportion to the repayment percentage, often known as the “holdback” or “split,” in order to pay back the advance. For instance, if your holdback is 20%, 20% of every credit card sales will be used to pay back the advance. You don’t need to be concerned about missing a payment because the holdback is immediately deducted through your credit card processor.
The holdback % is influenced by a number of variables, including your industry, length of business, and personal credit rating. It usually represents 10 to 30 percent of your sales. The faster you repay the advance, the larger the percentage. A bigger holdback, however, also means that less of your sales will be available to finance ongoing operations. In order to maximize your income flow while still enabling you to pay back the advance in a fair amount of time, often 6 to 18 months, Blursoft will work with you to determine a holdback.
No consistent monthly payments
Based on your daily credit card purchases, the repayment percentage
Automatic holdback deductions made by your credit card processor
10% to 30% of your sales are typical.
Repayment time is typically 6 to 18 months.
Early Repayment Is Permitted
With a Blursoft merchant cash advance, you are free to make early repayments without incurring any fees. If your company experiences a very successful month or quarter, you can pay the remaining balance in full and halt the daily holdback deductions from your credit card sales. You will save money by making an early payback instead of paying fees and interest over the course of the advance.
What Fees and Interest Rates Does Blursoft Charge?
The costs and interest rates associated with Blursoft’s merchant cash advances are openly disclosed. Before entering into a deal, it is crucial to comprehend the fees associated with business finance.
Rate of Factor
The amount Blursoft takes out of your daily credit card sales to pay back the advance is called the “factor rate.” The normal factor rate is between 1.15 and 1.45. So, if you get a $50,000 loan with a 1.30 factor rate, Blursoft will take $65 ($50,000 x 1.30) out of your daily credit card sales until the full $50,000 is paid back, plus the factor fee. Your factor rate is likely to be lower the more you use your credit card and the better your FICO score is.
Figure Fee
Blursoft charges a one-time factor fee of 2-6% of the amount of the advance on top of the factor rate. Using the same example, a 4% factor fee on an advance of $50,000 would be $2,000. The factor fee is taken out of the first credit you get. Some of Blursoft’s rivals have factor fees that are higher than Blursoft’s, so compare what each one has to offer.
Rates and fees for using a factor can change based on:
The credit score and financial health of your business
Time and industry in business
Credit card usage each month
ratio of the loan to the value of the deposit
Blursoft makes most of its money from the factor rate and factor fee. By keeping these rates low, they hope to give small businesses fair and cheap working capital loans. But compared to standard bank loans, merchant cash advances are still a more expensive way to get money. You should only get a loan from Blursoft if you’ve tried and failed to find cheaper ways to get money quickly for your business.
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How to Use Blursoft to Get a Merchant Cash Advance
Here are the steps you need to take to get a merchant cash advance from Blursoft:
Collect your business papers.
You’ll need to tell Blursoft about how well your business is doing financially. Gather your business’s bank statements from the last three to six months, your most recent merchant statements that show your monthly credit card sales volume, and your business’s tax returns from the last two years.
Check to see if you qualify
Before you start the application process for a dealer cash advance, make sure that your business is eligible. Blursoft works with many different kinds of businesses, but in general, you should have been in business for at least 9–12 months, make at least $5,000 a month, and have a personal credit score of 500 or higher. If you meet these simple requirements, you probably will be approved.
You can apply online.
Blursoft only accepts applications online. Go to their website and fill out the first application for a dealer cash advance. This will take about 10 to 15 minutes. You’ll have to give information like the name of your business, its address, your personal information, the amount you’re asking for, and so on. The computers at Blursoft will tell you right away if you pre-qualify. If so, you can sign the final documents online on their website.
Give us more information
Blursoft will ask you for papers like bank statements, merchant statements, and tax returns if they need more information to fully review your application. Send them all the information they need to make a final choice. Most of the time, the process of underwriting only takes 1-2 working days.
Get Your Funding
Once your merchant cash advance is accepted, Blursoft will pay it out very quickly, usually within 1-3 business days. The money will be put straight into your business bank account, so you can use it right away. You can then use the money to cover short-term cash flow problems, pay your employees, buy inventory, sell your business, or pay for anything else. A portion of your credit card sales is taken out automatically each month until the advance is paid off.
Conclusion
Now you know the basics of what a dealer cash advance is and how it works. It may sound complicated, but it’s a simple way for businesses to get money quickly without all the hassle of a regular bank loan. The money comes quickly, you don’t have to do anything to pay it back, and you only pay for the money as you use it. If your business has a steady cash flow but you need extra money to pay for a new marketing campaign, buy new equipment, or stock up on inventory, a merchant cash advance could be the right solution. The best part is that you decide how much you want to borrow and how quickly you want to pay it back. Don’t be scared off by words you don’t know, because merchant cash advance blursoft could be the key to your business’s growth and success.
Blursoft Merchant Cash Advance FAQs: Answers to Frequently Asked Questions
So you’re interested in a merchant cash advance from Blursoft, but you still have some questions. Here are some of the most common questions about Blursoft’s vendor cash advance program and the answers.
What is a cash loan for a business?
A merchant cash advance is a quick way for small businesses to get money in return for a portion of their future credit card sales. It is often used instead of standard bank loans. Blursoft gives you money up front, and you pay it back by having a small amount taken out of your daily credit card earnings.
How much money can I get?
Blursoft gives loans of $5,000 to $500,000 in advance. The amount varies on how many credit cards your business uses each month and other factors. In general, you can borrow anywhere from 5% to 25% of your credit card sales each year.
How much do the fees and rates cost?
Merchant cash advances charge a set fee instead of interest. Most of the time, Blursoft’s one-time factor rate is between 1.15 and 1.4. So, if you get a $50,000 loan, you’ll have to pay back between $57,500 and $70,000. Your factor rate goes down as your monthly traffic and credit score go up. There are no other fees or fines that are hard to find.
When do I have to pay back the loan?
How long you have to pay back varies on your factor rate and how much you use your credit card each month. Usually, 6 to 18 months. Blursoft takes 10–25% of your daily credit card sales until the loan is paid back. This keeps payments reasonable and stops a payment from going up all at once.
Is good credit important?
Blursoft does not have a minimum credit number for people or businesses. Blursoft looks at your credit records, but it depends more on your business’s finances, the number of credit cards it uses each month, and other eligibility factors. Even businesses with bad credit may be able to apply.
How quickly can I get money?
If you’re accepted, Blursoft can put money in your account as soon as two business days later. The application process is easy, and Blursoft can give you a quote and credit decision quickly and without any pressure. How quickly you get money depends on how quickly you send in the papers that are needed.
Does this help you understand some of the most important parts of Blursoft’s dealer cash advance program and answer many of your questions? If you have any more questions, please let me know.
