Cash flow is tight for a small-business owner this month. You have bills to pay, employees to pay, and inventory to replenish, but your revenue is slower than you expected. Your short-term cash crisis could be solved by a merchant cash advance. Small businesses can quickly access capital with blursoft merchant cash advance. You can get the money you need to keep your business running smoothly within a few days. Payments are flexible and affordable because the advance is paid through a percentage from your credit card sales. A merchant cash advance can provide your business with the funding it needs without the hassles of a traditional bank loan. Continue reading to learn if this is the right funding option for you.
What is a Merchant Cash advance?
Alternative funding options for small business include merchant cash advances. A merchant cash advance is an alternative to a traditional loan for small businesses. It provides a lump-sum of money upfront in exchange of a percentage of future credit card sales.
What is the process?
You can apply for an advance with a funding company such as Blursoft. We assess your business using simple criteria such as your credit card volume monthly and the length of time you have been in business.
You’ll get a lump-sum of cash if you are approved. This usually happens within a few business days. The amount you receive depends on the average monthly sales of your credit card and the percentage that you are willing to repay, also known as “factor rate.”
You repay the advance by allowing our system to deduct a percentage of the daily sales from your credit cards until the entire balance is paid. The payments are automated, so you can concentrate on growing your company.
What are the benefits?
Fast funding. You can get cash into your account in days and not weeks like with a traditional loan.
* Easy qualification. Approval depends primarily on the amount of credit cards you use each month, and not your credit rating or financial information.
* Flexible payments. You can adjust your payments to match your sales.
Bottom line: A merchant advance allows you to access funding quickly without having to deal with the hassles that come along with a bank. It could be an excellent option if you need to get cash quickly and have a regular stream of credit card sales. With a partner such as Blursoft on your side, it’s a seamless process.
How does Blursoft Merchant Cash Advance work?
How does Blursoft’s merchant cash advances work? We provide an upfront lump-sum of cash for a percentage share of future credit card sales.
Our first step is to evaluate your credit card processing statement in order to determine the average monthly revenue of your business. We then calculate the amount of advance we can offer while allowing you to comfortably pay it back from a percentage on your sales.
We offer a range of amounts depending on your business’s financial health, credit rating, length of time in business and industry. The advance amounts typically range between $5,000 and $500,000.
Once the approval is given, cash will be deposited into your business account within one to three business days. Then, you pay back the loan by allowing us a percentage of each credit card sale to be deducted from your account every day until it is paid in full.
Payback periods can range from 6-24 months, depending on your amount of advance. There are no set repayment terms or schedules. You pay more if sales are high and less if they are low. Early repayment is not penalized.
A merchant cash advance is the best way to get fast working capital for your business. It’s unsecured and you don’t have to worry about a long application process or strict terms of repayment. It is also tailored to the business’s ability to repay. Apply for your Blursoft Merchant Cash Advance today if this sounds like the perfect solution for your small company.
Why choose Blursoft to fund your business?
Quick and convenient funding
A merchant cash advance can be provided by Blursoft in just 2 days if you are looking for capital to cover unexpected expenses or take advantage of growth opportunities. Blursoft’s team reviews and approves qualified applicants quickly, using only a few documents. The application is easy to complete and requires just a few documents. The funds will be deposited into your business account as soon as you are approved.
Flexible Terms
You can repay a Blursoft merchant cash advance by automatically debiting your credit card sales. Payments are flexible and scale according to your revenue. No rigid repayment schedules are required. Personal guarantees are not needed. Prepayment penalties may apply if you wish to pay the advance off early. The holdback rate (also known as the percentage that you repay) will be determined by your credit rating and volume of processing. Blursoft strives to achieve holdback rates which will not hinder your cash flow, so that you can grow your business.
Conserve Capital
Merchant cash advances do not require any collateral, such as inventory, equipment or property. Blursoft bases its funding decisions on the potential of your business and your credit card processing history. You can get capital without having to use other assets. You can use the funds to buy new inventory or equipment to boost sales.
Trusted Partner
Blursoft’s expertise and track record in providing merchant cash advance services for over 10 years is unmatched. Blursoft knows the challenges faced by small businesses, and will work with them to determine holdback rates and conditions that meet their needs. Blursoft also takes data security seriously and keeps clients’ financial and personal information private. Blursoft can be trusted if you are looking for quick and flexible funding options for your business.
A merchant cash advance by Blursoft is a fast, convenient funding solution for your business. It offers flexible terms that are tailored to you and your company, allows capital to be conserved, and is provided by a leader in the industry. Blursoft is a quick, convenient solution for your next business financial need.
What types of businesses qualify for Blursoft merchant cash advances?
Blursoft offers merchant cash advances to a wide range of business types. You may qualify for a merchant cash advance if your business has been operating for 6-12 months, and you process a certain amount of credit card sales every month.
- Established businesses
- Blursoft has worked with businesses in a variety of industries including:
- Retail stores (clothing shops, furniture, electronics, and so on)
- Restaurants (full-service, quick service, food trucks, etc.)
- Dental and medical practices
- Auto repair shops
- Online Businesses
If you have been in business for 6-12 months and show a monthly credit card sale of $5,000 or higher, as well as a credit score above 500, then your established business may qualify for a Blursoft Merchant Cash Advance.
Newer Businesses
Blursoft may offer you an advance if your business has been around for less than one year and is showing a strong growth in sales of credit cards. The terms for new businesses may be less favorable to compensate for the increased risk. Blursoft will assess your cash flow and business potential to determine the best advance amount for you.
Non-traditional business
Blursoft offers advances to businesses that do not qualify for traditional bank loan, including seasonal businesses, companies with a multi-level marketing model, and those who have an online sales model. Non-traditional businesses may have more conservative terms, as with newer companies. Blursoft’s goal is to fund as many small viable businesses as possible.
Blursoft provides merchant cash advances, short-term funding and business financing for companies of all sizes in many different industries. The focus is on your ability repay the advance by consistently selling credit cards, rather than your credit score or length of time in business. If you’re able to generate a consistent stream of income from credit card sales, Blursoft may be able to provide funding for your business quickly and easily.
How much funding can I get through Blursoft?
You can get merchant cash advances from Blursoft ranging between $5,000 and $500,000. You may be eligible for a certain amount based on a number of factors.
Your business revenue and cash flow
The higher the amount that you can obtain, the more consistent your cash flow and revenue are. Blursoft will analyze your cash flow and revenue over the last 6-12 months in order to determine what amount your business is able to repay.
Businesses with higher revenue, particularly those that sell over $100,000 per month, are often eligible for $50,000 or more in advances.
Businesses that generate between $25,000 and $100,000 in revenue per month are eligible for advances ranging from $10,000 to $50,000.
If your business is new and has less than six months’ revenue, you may be eligible for a smaller advance below $25,000. This will allow you to establish a record of timely repayments and revenue.
Your Business Credit Score
Your business credit score is similar to the amount of funding that you are able to access when applying for a loan. The higher your credit score, the less risk the funder takes and the more funding you qualify for. Blursoft determines your business’s creditworthiness using credit data from Experian Equifax, and Dun & Bradstreet.
What type of business do you have?
Restaurants, retail stores and medical offices are considered to be lower-risk industries. They may therefore qualify for higher amounts. Businesses in more risky industries may be subject to lower maximums or additional requirements, or even declined. Blursoft wants to work with all types of companies, but must ultimately consider the risk that they will default on the amount provided.
The amount offered may change over time depending on the changes in these factors, as well as in the lending environment and overall economy. Once you have repaid your first merchant cash advances, you will establish a payment record with Blursoft. This can allow you to access more funding.
What are the repayment terms for Blursoft merchant cash advances?
Flexible Repayment Terms
Blursoft’s merchant cash advance repayment terms are flexible, compared to traditional business loans. Instead of fixed monthly payments you pay back the advance by a percentage from your daily credit card sales. Your payments will fluctuate according to your cash flow. You’ll pay back the advance quicker if your business is booming. Your payments will automatically drop if sales fall.
The Repayment Percentage Work
The repayment percentage is often referred to as the “holdback” (or “split”) and it’s the percentage of your daily sales from credit cards that will be used to repay the advance. If you have a holdback of 20%, then 20 cents from every dollar of credit card sales goes towards repaying the advance. Your credit card processor will automatically deduct the holdback, so there’s no need to worry about missing payments.
The percentage of holdback depends on a number of factors, including your industry, the length of time you have been in business and your personal credit score. It will usually be between 10-30%. The greater the percentage, then the quicker you can repay the advance. A higher holdback will also mean that less money is available for day-today operations. Blursoft can help you determine the holdback amount that will maximize your cash flow, while still allowing for repayment within a reasonable period of time. This is usually between 6-18 months.
- No fixed monthly payments
- Calculate your repayment percentage using daily credit card sales
- Automatic deduction of holdbacks through your credit card processor
- You can expect to see 10-30% of sales as commission.
- Repayment period is usually between 6 and 18 months
- Early Repayment is Allowed
You can repay the Blursoft merchant advance early, if you wish, and without prepayment penalties. You can pay the balance in full if your business is having a profitable quarter or month. This will stop the daily withdrawals of credit card sales. Early repayment can save you money on fees and interest over the course of the advance.
What are the fees and interest rates charged by Blursoft?
Blursoft makes its fees and interest rates for merchant cash advances transparent. It’s crucial to know the costs before signing any agreement. This is true for all business financing.
Factor Rate
The factor rate is the amount Blursoft subtracts from your daily sales of credit cards to repay the advance. Standard factor rates range from 1.15 up to 1.45. If you receive $50,000 in advance at a factor rate of 1.30, Blursoft deducts $65 ($50,000 * 1.30) per day from your credit card sales, until the $50,000 is repaid. Plus the factor fee. Your factor rate will be lower if you have a high credit card volume or a good FICO score.
Factor fee
Blursoft also charges an additional factor fee, which is a flat rate of 2-6%. In the same example, an 4% fee on a $50,000 loan would be $2,000 The factor fee will be deducted from the initial advance payment. Compare offers from other providers. Some Blursoft competitors charge higher fees.
- Factor rates can be affected by several factors.
- Credit score and financial health of your business
- Business and industry
- Monthly credit card volume
- The loan-to-value of the advance
Blursoft’s main source of revenue is the factor rate and factor fees. These rates are kept competitive to ensure fair and affordable financing of working capital for small businesses. Merchant cash advances, however, are an expensive way to finance compared with traditional bank loans. Blursoft advances are only available if all other options have been exhausted and you need fast access to money for your business.
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How to apply for a merchant cash advance from Blursoft
Follow these steps to apply for a Blursoft merchant cash advance:
Gather your business documents
Blursoft will need information about the financial health of your business. You’ll need to gather your business bank statement from the past 3-6 months, as well as your latest merchant statement showing your credit card sales volume for the month. Also, you will need your tax returns for the last two fiscal years.
Check Your Eligibility
Before you begin the application, make sure that your business is eligible for a merchant advance. Blursoft can work with a wide range of business types, but generally, businesses must have been in operation for 9-12 months and generate a minimum $5,000 per month in revenue. They also require a credit score of at least 500. You have a high chance of approval if you meet the basic criteria.
Apply Online
Blursoft’s application is only available online. Fill out the application for a merchant cash advance on their website. It will only take 10-15 minutes. You will need to provide information such as your business name, your address, your personal details, your monthly revenue, and the amount of money you are requesting. Blursoft will determine instantly if you qualify. You can then electronically sign your final documents on Blursoft’s website.
Please provide additional documents
Blursoft may ask for additional information in order to evaluate your application. They will request documents such as bank statements, merchant statement, and tax returns. Upload all the information they require to make a decision. Underwriting usually takes only 1-2 days.
You can get your funding
Blursoft funds your merchant cash advances very quickly. Often within 1-3 days. The money will be deposited into your business account, so you can immediately access the capital. The money can be used to pay for short-term cash issues, to make payroll, to purchase inventory, to market your business, or to cover any other expenses. The payments are deducted automatically from your credit card sales each month as a percentage until the advance has been repaid.
Blursoft FAQs: Answers to Common Questions
You’re considering a Blursoft merchant cash advance, but you still have questions. Answers to the most commonly asked questions regarding Blursoft’s Merchant Cash Advance program.
What is a Merchant Cash Advance?
Merchant cash advances provide small businesses with fast funding in exchange of a percentage from future credit card sales. This is a popular alternative for traditional bank loans. Blursoft advances you funds that you pay back by making small deductions on your credit card receipts.
How much money can I borrow?
Blursoft provides advances ranging from $5,000 to $500,000. The amount is determined by your monthly credit card volume as well as other eligibility criteria. You can typically borrow up to 5-25% of the annual credit card sales.
What are the rates and fees?
Merchant cash advances are charged a fixed rate instead of interest. Blursoft’s one-time rate factor typically ranges between 1.15 and 1.4. If you received a $50,000 advance you would repay between $57,500 and $70,000. Your factor rate will be lower the higher your credit score and monthly volume. No other fees or penalties are hidden.
How long will I be required to repay my advance?
Your factor rate and credit card volume will determine the repayment period. Typically, 6-18 months. Blursoft will deduct a percentage (10-25%) from your daily credit card sales, until the advance has been repaid. This makes payments more affordable and avoids balloon payments.
Do I need to have good credit?
Blursoft doesn’t require a minimum credit score for personal or business purposes. Blursoft does consider your credit history, but it is more concerned with your business’s finances, credit card usage, and other factors. Even businesses with less-than-perfect credit can qualify.
How quickly can I receive funding?
Blursoft will deposit your funds into your account as soon as two business days if you are approved. Blursoft offers a quick, no-obligation credit decision and a simple application process. The speed of funding depends on the submission of all required documents.
This summary should answer most of your questions about Blursoft’s Merchant Cash Advance Program. Please let me know if there are any questions.
Conclusion
Here are the basic concepts behind blursoft’s merchant cash advance. This may seem complicated, but it is a simple way for small businesses to access capital quickly without the hassles of traditional bank loans. You only pay as you go. The money is available quickly, repayments are automated, and the funding is fast. A merchant cash advance is a great solution if your business has a steady cash flow, but you want to boost it with capital for a marketing campaign, new equipment, or inventory. You decide how much money you need and when you pay it back. Don’t be scared off by the unfamiliar terms, blursoft merchant cash advance could be your key to unlocking the growth and success of your business.
