Business Funding Tips For Merchants

Feb 16, 2016

“Growth is never by mere chance; it is the result of forces working together.” — James Cash Penney

Merchants trying to get funding for their business should consider certain key points so to increase their chances of obtaining it.

Below you can find factors that play an important role in this regard.

Tips To Get Approved For Business Funding

  1. Solid Business Plan – You should prepare a well-thought, tangible business plan. It will convince the lender and multiply your chances of getting approved for business funding. You should prove consumers are ready to purchase your services or products for the price offered by you. Show you can make profit from what you offer.
  1. Workable Strategy – Prepare a clear and well-planned strategy for starting and growing your business. You should have financial projections that are realistic and can survive possible, optimistic, and the worst situations that may happen. Don’t underestimate the sum needed for your startup.
  1. Potential For Profit – Develop a business plan that will help you make good profit in a short period of time.
  1. Don’t Offer Everything To Everybody – You should show how you are going to survive the competition. Show your competitive edge over your rivals.
  1. Find A Reputable Lender – With an experienced lender, you can increase your chances of getting funding for your business. EMB can get you the right option for your business and offers business funding such as ACH and Cash Advance options.
  1. Higher Rate Of Return – You should show a higher rate of return that can be produced faster. Aim at a clearly-defined market that features enough size and power for purchases, thus counting for profit.
  1. Personal Investment – You should show your personal investment put into your business. Prove to be an entrepreneur with an important involvement in this business venture.
  2. Ability To Control – Prove you can keep both the quality and the delivery of the offered products/services under your control. Your managers and employees should have the right capabilities, skills, and experience necessary for bringing success to your business.

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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 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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