Business Funding for Starting a LLC from eMerchantBroker

Apr 29, 2014
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Starting a new business can be equally exciting and stressful. A lot of the stress can come from finding funding, as the majority of people take out a loan from a bank or family member to start their dream company. However, there are options outside of a bank or a well-off family member.

Many people have their businesses categorized as LLC, or Limited Liability Company, due to the ease of formation and taxation. With a LLC the owner or owners are protected from the financial penalties of a lawsuit, i.e., if the business were sued the potential payout would come from the business and not the owners’ personal funds. Even though formalizing a LLC is easy and affordable (though it can depend on the state you operate in), the majority of businesses will still need funding. Start-up funding is not cheap, and amounts can depend on the area of business you are in. For instance, stores will need funds for shelving, product, staff, cash registers, security camera, signage, and promotion. These costs can quickly add up. While it may seem like you can float by month-to-month that is simply not acceptable in business, as circumstances can quickly change. Even if you have funding left over after all of your initial inventory purchases, you may still need financial help.

While banks and well-off relatives are options for funding, not everyone has the access. Not everyone has a well-to-do uncle, and not everyone has the credit for a bank loan. In these cases, it is wise to turn to a merchant account processor, such as eMerchantBroker for a cash advance. These advances are processed quickly – at times, they are processed in as little as five days. eMerchantBroker’s program looks at your business’ total gross credit card processing revenue and advances you based on a 3-6 month average. Another option is their ACH Business Funding Program, which examines your monthly sales revenue based on the gross deposits in your checking account over a 4-month period. This is a popular business finance tool because there is no merchant account required.

Business funding can be tricky, even for the most seasoned LLC proprietor. For new LLC owners, it is wise to consider all of your options, from personal loans to merchant account funding programs. eMerchantBroker offers some of the most business-friendly advance programs. Before making any decision, please check out all of your options, as making the wrong decision can not only cost you your business, but also your personal finances.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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