In today’s economic climate, getting a small business loan can be difficult—especially if, say, the boiler in your shop is broken and you need money immediately. If you’re unable to procure money from a traditional lender, another option is a merchant processing loan. In reality, this is less of a loan than it is an advance on future credit card/debit card sales. The application process is simpler and quicker than that of a traditional loan, meaning you’ll be able to fix your boiler before your customers are frozen out. Here are five tips for getting a small business loan, with a particular focus on the merchant processing variety:
Make Sure Your Business Accepts Credit Cards
You won’t be able to get a merchant processing loan if your business doesn’t accept credit card payments. Furthermore, the lender will require that you process a certain number of credit card purchases per month. You’ll need to be able to show the lender your credit card sales for the previous six months.