Finance & Lending

 

09 10 2014

09 10 2014

Looking to Hire? A Cash Advance May Be What You Need

Sometimes a small business cash advance can mean the difference between being able to hire much-needed help or having to let employees go. According to recent data from Paychex and IHS, this is something businesses across the country are learning for themselves.

The Paychex IHS Small Business Jobs Index posted a score of 100.99 during August. This represented a decline of 0.11 percent from the previous month, as well as the third decrease over the past four months.

The index is meant to provide a current snapshot of small business employment across the country, and with declines being felt, it’s clear that some enterprises are being forced to cut back on hiring.

“Although the Paychex IHS Small Business Jobs Index continues to show positive year-over-year growth, the short-term trend has declined 0.16 percent in the past three months,” said IHS Chief Regional Economist James Diffley in a statement. “As most other employment indicators accelerated over the summer, it appears that small businesses may have been on the front end of that trend, in the spring, with the index reaching its peak level in April 2014.”

For businesses where cash flow is tight at the moment yet a traditional small business loan isn’t an option, merchant cash advances are one avenue to consider.

Cash advances vs loans

A merchant cash advance is not the same as a business loan, although both can give your business the boost it needs to succeed.

The right cash advance can provide you with hundreds of thousands of dollars without requiring long approval wait-times, collateral or hidden fees.

One option is a cash advance that allows you to receive cash in exchange for a fixed dollar amount of your future credit card sales. Over the course of the repayment period, an automated process will take a small fixed percentage of these sales until your advance is paid off.

In this way, you only pay back the cash advance when you’re getting paid, making it easier to stay on top of business expenses while also seeing to your other financial obligations.

Paychex and IHS reported small business account for 95 percent of all employers in the U.S. That makes them the foundation of the nation’s economic success.

However, sometimes keeping things running smoothly, whether that means hiring on more employees or purchasing equipment, means needing a little help.

With that in mind, explore your cash advance options when seeking a flexible solution for your business.

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General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.

 

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To help the United States Government fight terrorism and money laundering, Federal law requires us to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, a street address, date of birth, and an identification number, such as a Social Security number, that Federal law requires us to obtain. We may also ask to see your driver's license or other identifying documents that will allow us to identify you.

 

For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.

 

For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121.  Funding amount and credit approval is subject to a full credit profile review.