A merchant cash advance (MCA) is a financing option that has become popular among small to medium-sized business owners. This funding solution is ideal for businesses that have a steady stream of credit card sales. It allows business owners to get funding in a quick and easy manner by selling a portion of their future credit card sales.
A merchant cash advance can be used for various purposes. They include expanding the business, purchasing new equipment, hiring new employees and even marketing campaigns.
Expansion.
A merchant cash advance can be used to expand the business by opening a new location, purchasing additional inventory or expanding into a new product line. This funding option can also be used to upgrade existing equipment or to invest in new technology that will improve business operations.
“One of the main reasons for business expansion is the opportunity to bring in new customers,” says Tracey Stepanchuk on FastCapital360.com, “When you expand into a new geographical area, you’re effectively entering a new market. This allows you to target people living locally who can use your product or service, and who might have balked at the idea of traveling to your initial location.”
Purchasing new equipment.
An MCA can be used to purchase new equipment that will improve business operations and increase sales. This could include purchasing new manufacturing equipment, purchasing a new delivery vehicle or even investing in a new kitchen for a restaurant. The new equipment will help the business to increase production and improve its overall operations.
Hiring new employees.
A merchant cash advance can be used to hire new employees to help with the growth of the business. This could include hiring sales representatives, customer service representatives or even a new marketing team. The additional personnel will help the business to reach new customers and expand the business.
“Even if your existing workforce is delivering on their objectives, new candidates can bring fresh perspectives, innovation, and creative ideas,” contends global employment platform, Oyster, “Employees who have worked elsewhere can offer new ideas to address existing problems—including problems you may not even know you have.”
Improving cash flow.
An MCA can be used to improve cash flow by providing business owners with the capital they need to cover short-term expenses. This could include paying bills, purchasing new inventory or even covering the cost of repairs. Improving cash flow will help the business to run more efficiently and effectively.
Marketing campaigns.
A merchant cash advance can be used to launch a marketing campaign that will increase brand recognition and drive more sales. This could include investing in digital marketing, print advertising or even a direct mail campaign. The marketing campaign will help the business to reach new customers and grow its customer base.
“Before starting your business, you likely had an idea of your ideal customer,” writes Dharmesh Shah on HubSpot.com, “However, marketing helps you even get to know this ideal customer more. How they interact with your campaigns and marketing messages helps you identify what’s important to them and how you can connect better with them.”
Apply for a merchant cash advance today!
As Canadian business owners, we understand that when an opportunity or unexpected emergency presents itself, timing is everything. That’s why at Canadian POS, we are happy to offer you the funds your business needs in less than 24 hours! To apply for a merchant cash advance, please don’t hesitate to call us at 1-877-748-2884 or send us a message on our Contact Us page!
