At MaxPayNow can offer a company who has a Pdq machine already a product called a Merchant Cash Advance. This is a way for a business (subject to it’s fulfilling certain criteria) to raise a ‘lump sum’ against future payments that they may take from their customers’ debit and credit cards, as long as they are taking £3,500 through their credit card machine.
A merchant cash advance is not covered by the usual loan legislation as it is not a loan or a form of lending. Your business would agree to ‘sell’ a percentage of its future cleared debit and credit card transactions, to a provider, in exchange for a lump sum of working capital (which is, effectively, the purchase price). Many businesses will find that a MCA is flexible and there is a huge advantage that repayments are linked to the amount of money you are processing – so, when times are good you’re paying back more but when times are slow (such as in seasonal trades) then the repayments are lower.
Generally speaking when you are raising cash advances in this way you are usually able to spend this lump sum (or additional working capital as some will call it) on any business related requirement.
So give MaxPayNow a call on 0161 928 2287 or fill in our online application form at www.maxpaynow.com & one of our staff will come back to you!