Not so long ago it seems that every new business owner traditionally visited his or her favorite bank and applied for a loan. The loan was intended to help start the business and to see it through until it was thriving. In the old days the process was not overly complicated; there was a matter of paperwork to be completed and a simple reference check and then there was usually an approval.

But as the years went by and the economy worsened the process became more and more complicated. In fact, the stipulations are so strict now that few business owners are qualified for these

small business loans. In reality, those that are seem to be the ones that need them the least.

Fortunately some companies are coming to the aid of the small business owners. Companies such as Rapid Capital Funding are now offering what is referred to as a Business Cash Advance to these business owners in need. These advances work much like a loan but the terms of services and guidelines offer many more advantages to the customer than a loan does. For example, the advance can often be approved within 24 hours and no collateral is needed. Additionally, these advances are not based on the business owner’s credit and there are no stipulations about what the money can be used for.

All of these are things that banks have set limits on over the years, making it increasingly difficult for the people that truly need a loan to get it. And then the loans are to only be used for certain expenditures. With a Merchant Cash Advance the business owner is in control. Not only is he/she in control of deciding where the money is spent but additionally, there are no set repayment terms.

Because these advancements are based on future credit card transactions they are actually a credit card advance. That is why the owner’s credit history is not so relevant. The business owner will make payments as sales are made – in other words, as he/she can afford to make them, without a fixed payment schedule. Obviously this sort of system makes repayment more convenient for the business owner.

As mentioned, approval for advances can happen within 24 hours and once approved the owner can have the funds in his/her hands in 7 days or less. The flexibility provided by this sort of funding is unmatched in today’s society. The only real requirements are that the business accepts Visa or MasterCard as a method of payment, because the advance is based on future credit card transactions, and that the business’ monthly credit and debit card sales are at least $2,500. That leaves this option open for virtually every small business owner.