Small Business Loans vs. Business Cash Advance New York City and Boston.
Small business loans New York City and Boston vs. a merchant business cash advance: Part Three
Regarding small business loans frequently asked questions, Express Funding Group here again with frequently asked question number three. How do merchants payback their business cash advance financing vs. small business loans? Well it’s a good question. A merchant would payback their business cash advance financing through their daily credit card processing receipts. So for an example if a merchant is processing one hundred dollars a day in credit cards, the financing company would deduct roughly twenty percent of that hundred dollars which would be twenty dollars every single day until the cash advance has been paid back in full. Now these daily retrievable rates can range anywhere between five and twenty-five percent depending on how the business cash advance was structured for any given merchant vs. the conventional business loans by banks. I hope this has been helpful. I will see you on frequently asked question number four coming up shortly.
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