Managing your finances isn’t something that comes easy, especially if you’re trying to run a business. There are so many things that can completely drain your accounts, and sometimes they aren’t even the biggest expenses. For example, things like the cost of allowing your customers to pay by credit card. A lot of companies will be charged just for processing card payments, so it’s a good idea to look for free credit card processing for small businesses. Some business owners might reach out to third-party lenders and borrow finance if they’re starting to struggle. One of the best finance options for businesses is a cash advance, where you borrow against your future credit card sales. So, if you’re interested in a cash advance partner, here are the top 5 things you need to look for.

Low interest rates

Interest rates will determine how much money you pay back, so ideally you want to choose a cash merchant with a low APR %. The higher the rate, the more money you’ll have to repay overall. So, if you’re wanting to keep your debt to a minimum, then try to avoid ridiculously high-interest rates. You may find that some cash merchants don’t have interest rates, so that’s even better for you as a business. That way you’ll only pay back what you actually borrow, instead of any accrued interest as well.  

Clear criteria

The criteria for a cash advance will be different for each partner. Some may only work with large corporations or only small businesses. They may have other stipulations to do with your credit card sales that you must meet before you can be approved. It’s wise to thoroughly read through all of the criteria before applying if you want to give yourself the best chance possible at being successful. Make sure that the criteria are clear and easy to understand. If the lender doesn’t clearly express certain things you have to fit into upfront, then you might want to be a bit concerned about other aspects of their business, and you should consider another partner. Having strict criteria isn’t a bad thing, you just want to make sure that it’s readable and easy to understand. You’ll avoid more disappointment this way too.

Flexible repayments

Most of the time, cash advances have flexible repayments as they’re calculated using your monthly credit card sales. This means if your business is quiet, you’ll pay less and vice versa. However, you want to know exactly how the calculation is worked out so you can feel confident that you’ll be able to repay it. If they don’t offer flexible payments, you might want to try and search out a cash merchant that does. Having flexible payments that are calculated on your sales can really help you keep on track with your payments as you won’t have to worry about affording a high payment if you’re not doing so well in that month.

Easily contactable

You also want your chosen cash advance partner to be easily contactable. This is crucial as you need to have any questions or queries you have answered. They should at least have a telephone number or a live chat service. Companies that only use emails are fine, but you’ll probably find yourself waiting way longer for a response to your question. So, if you’re wanting a partner that can be there for you throughout the process, check that they have a phone number that you can call when needed.

Good reviews

Although reviews don’t always give the full picture, it’s useful to read through the reviews of your chosen cash advance partner. Seeing what other business owners have to say about them can give you a good idea of the process and if they’re as good as their website says they are. They don’t have to have 100% of their reviews at 5 stars either. Sometimes, things can go wrong but it’s all how they deal with it that matters. So, make sure you have a good read through their reviews and pay close attention to the most recent ones and how they’ve dealt with negative ones. That way you’ll be able to make an informed decision about the partner.  

Finding the right cash advance partner isn’t that difficult. All it takes is a bit of time and effort on your part to discover who can offer you the best options. Pay attention to their criteria and try and find low interest rates. Check out their reviews and contact options too, and you’ll be able to choose the best merchant out there. Soon, you’ll be able to use your cash advance to benefit your business and enjoy hassle-free repayments.