Alternative Financing for Retailers

Photo by Alex Kalina

In view of the recent reports of impending bank failure for CIT, retailers must consider other ways to finance their businesses. The reports are indicating that it is going to be very challenging for restaurants.

Retailers might want to consider an advance against their future credit card processing proceeds with their merchant services providers. Advances are available for up to $150,000 with most companies. The processing of the application is relatively quick. Turnaround time is 48 hours and retailers can have the advance in as little as seven days.

The advance can be repaid by taking a deduction from the credit card proceeds on the monthly statement. It is paid back with interest and is a great way to improve or re-establish credit.

If you want more information about this, I recomment that you contact your merchant services account representative.