I need cashflow for my existing 2 year old business %26amp; am considering applying for a merchant account loan which is based on my credit card transactions. Are these loans risky? Or are they a legitimate way of infusing cash into the business?
Anyone have experience with Merchant Account Loans?
This is a very legitimate way to get funding for your business. I would recommend looking into another merchant service provider than the one you have. The reason for this is that most merchant account companies will lower your current rates to get the new business. Most Merchant account funding providers are very similar. So I wouldnt worry to much about that side of things.
Since you will be loosing a portion of your daily deposits to payback the funds, I would look at offsetting that cost by getting my merchant account fees lowered.
This company will help you get lower rates and a great merchant funding program.
http://www.omnitranz.com/businesscapital
Hope that Helps! Good Luck !
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