Author: Sara Ibarra

Inside the Mind of a Biden Regulator

His CFPB pick wants a new agency to control politics and speech.

How Do Merchant Cash Advances Work?

Your Question: How Do Merchant Cash Advances Work?

Got budget gaps in your business? If there’s anything that 2020 has taught us, it’s that what we think is a sure thing, just might not be. That includes the cash flow of a business.

Budget and funding gaps are large for newer businesses. If you don’t have a lot of clients, you might offer them better terms to attract their business. Sweetening the pot can help overcome a client’s initial skepticism. So just like a starter vendor, you might be offering Net 30 terms.

Offering Net 30 or Net 60 or even Net 90 terms is a great strategy to develop business relationships. But you end up with a lot of time between providing your good or service and getting payment for them. But in the meantime, your business’s bills have to be paid, and you have to make payroll no matter what.

So How Do Merchant Cash Advances Work? 

An MCA technically isn’t a loan. Rather, it is a cash advance based upon the credit card sales of a business. A small business can apply for an MCA and have an advance deposited into its account fairly quickly. So you can offer Net 30 terms, but not have to wait a month for payment.

Which Kinds of Businesses are Merchant Cash Advances Good For? 

A merchant financing program is ideal for business owners who accept credit cards and are looking for fast and easy business financing. An MCA program is designed to help you get funding, based strictly on your cash flow as verifiable per your business banks statements. As a result, lenders in general will not ask for any burdensome document requests.

Not asking for a lot of documents, is not like what most conventional lenders demand. These can include financials, business plans, and resumes. Best of all, you can get approval regardless of personal credit quality. You don’t even need collateral. Your business’s credit card receipts and business bank statements do all the talking.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

How Do Merchant Cash Advances Work? Really? 

Merchant cash advance providers weigh risk and credit criteria differently from how a banker does. An MCA provider looks at your company’s daily credit card receipts. This is to determine if your business can pay back the funds in a timely manner. In essence your small business “sells” a portion of future credit card sales, this is in exchange for immediate payment.

What are Some Caveats When It Comes to MCAs? 

Rates on a merchant cash advance can be much higher than other financing options. Depending on the company, rates can end up being prohibitively high. As a result, it’s crucial understand the terms you’re being offered. That way, you can make an informed decision about whether an MCA is worth it.

Qualifying for a Merchant Cash Advance

To determine approval, the lender will review 3 months of your bank and merchant account statements. All the lenders are looking for is consistent deposits. They want to see deposits showing your revenue is $50,000 or higher per year. They will also verify that you have been in business 6 months or more.

Lenders are also looking to see that you don’t have a lot of Non-Sufficient-Funds (NSFs) showing on your bank statements. They want to see you don’t have a lot of chargebacks on your merchant statements. And they want to see that you have more than 10 deposits in a month going into your bank account. In essence, they want to see that you manage your bank and merchant accounts responsibly. And they want to see that have a decent number of consistent credit card transaction deposits each month.

The Nitty Gritty: How Do Merchant Cash Advances Work? 

The small business owner and MCA provider agree on the advance amount, payback amount, holdback, and term of the advance. Once an agreement is made, the advance is transferred to the business’ bank account. This is in exchange for a future percentage of credit card receipts.


Each day, an agreed upon percentage of daily credit card receipts are withheld, to pay back the MCA. This is called a holdback. The holdback will continue until the advance is paid in full.

A business that uses a merchant cash advance will typically pay back 20% – 40% or more of the amount borrowed. This percentage is called the factor rate. There’s a difference between the holdback amount that a small business pays every day, which is a percentage of sales receipts, versus the repayment amount for the entire advance.

There could, for example, be a holdback of 15% and a repayment of 30%. It’s important for business owners to understand this distinction.

A holdback percentage is based on the amount of funds a business gets, how long it will take to pay back the money, and how big monthly credit card sales are.

Why Access to a Merchant Account Matters

Access to a business owner’s merchant account eliminates the collateral requirement needed for a traditional small business loan. Since repayment is based upon a percentage of the daily balance in the merchant account, the more credit card transactions a business does, the faster they can repay the advance.

One great plus when it comes to MCAs, is they are based on percentages. So if transactions are lower on any given day, the draw from the merchant account will also be less. This means that during times of slow business, the business’ payback is relative to incoming cash flow.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

How Do Merchant Cash Advances Work Through Credit Suite? 

Our merchant financing program is perfect for business owners with credit issues. Lenders are not looking for, nor do they require good credit to qualify. You can even get approval with severely challenged personal credit and low credit scores. You can get approval regardless of personal credit quality, even if you have recent derogatory items and collections on your credit report.

This is one of the best and easiest business financing programs in existence, that you can qualify for even if you have personal credit problems. You can get approval for as much as $500,000 in financing, with no collateral requirements and bad credit.

Our MCAs are FAST

You can get pre-approval for our merchant financing program within 24 – 48 hours. You can get your formal approval and funds within 72 hours of submitting your application. Our clients love this program partially due to how easy it is to apply and get approval and how FAST you get your funds!

Get 24-hour Pre-approval

Loan amounts and qualifications depend on credit card statements. Go from application to funding in 3 days or less. Get approval for additional future funding.

Easy merchant statement review for approval. No application fees. Get approval with bad credit. There are no collateral requirements.

The only financials you need are 3 months of bank statements. Get approval with revenues of $50,000 or less. Starter programs are also available. Get 3 – 36 month terms. Get approval for up to one month’s revenue with our proven solution.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

You can even Get a Second Merchant Cash Advance through Credit Suite

Over 80% of our clients come back for even more financing, after their initial approvals with our Revenue and Merchant Financing programs. Typically within 3 – 6 months of approval, you will get an opportunity to get even more money than you got before. And all you will need to get approval for more funding is, a quick review of your last 3 months of bank statements

You can get your money in your bank account within 24 hours or less! We also provide you access to merchant credit lines. So you can have consistent access to cash. Our merchant financing program helps you rapidly grow and scale your business. You will have ongoing access to receive more and more funding easily and very quickly when you need it!

How Do Merchant Cash Advances Work: Takeaways 

Many businesses have budget gaps due to giving better terms to their clients, or for any other reason. Merchant cash advances are one excellent way to bridge the money gap. Understand the numbers and know what you’re getting yourself into. Always ask questions if you don’t understand something. And check out Credit Suite’s merchant financing program for fast money. Let’s take the next step together.

The post How Do Merchant Cash Advances Work? appeared first on Credit Suite.

The post How Do Merchant Cash Advances Work? appeared first on Business Marketplace Product Reviews.

Why America Needed Mike Pence

Trump wants to upend the Electoral College. His VP knows better.

The post Why America Needed Mike Pence appeared first on ROI Credit Builders.

Sugar Touches Seven-Month High

Sugar prices hit their highest level since early March on Tuesday, lifted by supply disruptions. But a new wave of lockdowns and elevated production from heavyweight Brazil threaten to dull the sugar high.

The post Sugar Touches Seven-Month High first appeared on Online Web Store Site.

Pachyderm Raises Series B, Hiring for Golang, DevOps, and Docs Engineering Roles

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10 Leeds United FC Youtube Channels To Follow in 2020

Top 10 Leeds United FC Youtube Channels Submit Your Channel SUBMIT BLOG Contents [show] ⋅About this list & ranking Leeds United FC Youtube Channels Leeds United Official All Leeds TV LUFC Lewis MR LEEDS Leeds Talk LUFC VLOGGER Leeds United FC Youtube Channels Leeds United Official United Kingdom About Youtuber Welcome to the official YouTube channel of […]

The post 10 Leeds United FC Youtube Channels To Follow in 2020 appeared first on Feedspot Blog.

The New Way to Chat With Your Visitors

Marketing has evolved into an omnichannel approach. This means you can no longer just go after one channel to succeed.

Back in the day, companies like Facebook grew into billion-dollar businesses through one channel.

Facebook used email to grow and they did it by having you invite all your contacts to join Facebook.

Yelp was also similar. They grew into a multi-million dollar business through one channel… SEO.

Dropbox grew through social media. If you tweeted about Dropbox, they would give you more space.

These marketing approaches worked well for all of these well-known
companies, but what’s wrong with them?

The law of shitty click-throughs

What worked for Facebook, Yelp, and Dropbox were all great strategies, but over time, all good marketing channels got saturated and stopped working like they used to.

As Andrew Chen puts it, first it works
and then it doesn’t

It really is that simple. Sure, those channels can still
drive traffic and always will, but as people get used to them, they won’t work
as well.

Just check out this image below.

Can you guess what that is?

That was the first banner ad. AT&T created that banner ad and placed it on in 1994. And here’s what’s really crazy… out of all the people who saw it, a whopping 44% clicked on it.

Just think about that… that banner ad had a 44% click-through rate.

We can all agree it’s not an amazing banner ad or design, it
just so happens that it was new and novel at the time, so it generated massive amounts
of clicks.

Just like how SEO was more effective earlier on, or paid ads were more affordable and produced a higher ROI, or referral marketing was much more effective. There are a lot of single-channel case studies that worked in the past.

Again, it doesn’t mean any of these channels don’t work, it
just means that they don’t work as well as they used to work.

So how do you survive in a competitive market?

You take an omnichannel approach. You don’t have a choice other than to use all of the marketing channels out there.

Yes, they will be competitive and saturated, but they still

It’s a game of papercuts… papercuts are small and don’t do much damage, but if you have tons of these small papercuts, they will add up and can do some damage.

The same goes with your marketing. If you add up all of these channels that produce a small amount of ROI, it will add up to a big number at the end. But when you look at each channel individually, the results aren’t that sexy. But when you combine them, it looks great.

Start with chat

What do you check more, your text messages or your email

I bet you are going to say text messages because you look at
your phone more often than logging into your email inbox.

But here is an interesting stat for you… did you know that
over 6
billion SMS messages are sent daily

Now can you guess how many emails are sent daily?


That’s a big difference.

And do you know how many people visit Facebook each day?


Now the point of me sharing those stats isn’t to try and
tell you that email is better than text. Or that Facebook isn’t as valuable as
text messaging.

It’s more so to show you that they are all massive channels
that people are using each and every day.

So why wouldn’t you try and leverage all of them?

And you can easily do so through free chat marketing tools like Manychat that allow you to communicate to your visitors using text messaging, email marketing, and Facebook Messenger.

Once you have created your Manychat account, go here to watch how to set it up. They have tons of very helpful videos that teach you how to do things like setting up Facebook Messenger bots and connecting your Facebook page so you can start sending out messages.

Now that you are all set up, I want you to use the following templates for your business as I know they convert…

Templates that convert

My team and I have tested out tons of different messaging
for all channels, such as email, messenger and text messaging.

Here are the ones that have worked the best for us…

Text messaging templates

My favorite text message to send someone is:

[first name]?

When someone sends you a text with just your first name and a “?” what do you do? Chances are you respond with… “who is this?”.

Once someone responds with who is this, our sales reps typically
respond with…

This is John from Neil Patel’s team. I just wanted to follow up to see if you have any questions or if we can help you with anything.

It’s simple and it works well and it has boosted our sales
by 4.69%.

Another one that works well is a “flash sales” text message…

Flash Sale: All product on [yoursite] are [x]% off for the next 24 hours. [insert URL]

This one works really well during holidays or anytime you
want to run a promotion. Depending on the size of the business you run and how
big your list is, you will usually see an additional 2 to 3% in revenue for
that month.

And my favorite text campaign is…

Check out this new blog post, [subject of the blog post] [URL]

An example would be… “Check out this new blog post on doubling
your SEO traffic [URL]”

When I send out text message alerts for new posts, it usually increases the traffic to that blog post by another 4%.

Email templates

You’re probably familiar with this email template as you get
it from me every week. 😉

Subject: How to Generate Leads When You Have Little to No Traffic

If you have a ton of traffic, it’s easy to generate leads.

But what if you have a new website or one with little to no traffic?

What if you don’t have any money to spend on paid ads?

What should you do?

Well, there is a solution. Here’s how you generate leads when you have no traffic.


Neil Patel

I send out an email every Tuesday and Saturday that looks
something like that.

It’s a simple text-based email where the subject line is the title of your blog post and the text of the email states a problem and solution, with the solution being a link to the blog post.

To give you a rough idea, that email format has been getting me 29% to 33% open rates and 4% to 7% click-through rates.

And if you are selling info products through webinars, there are 8 types of emails I use to generate sales (check out that post if you want to learn how to make good money selling info products):

  1. Invite sequence – these are a series
    of emails that invite people to watch your webinar. (here
    are my invite emails
  2. Indoctrination – you need to build a
    connection with people. People are more likely to convert if they know more
    about you and trust you. (here
    are my indoctrination emails
  3. No shows – just because someone
    signs up to watch your webinar, it doesn’t mean they will attend. For everyone
    who doesn’t attend, you’ll want to email them and get them to watch the replay.
    are my no show emails
  4. Encore – not everyone will watch
    your whole webinar. If they don’t stick to the end they won’t see your offer.
    You’ll want a few emails that push the replay. (here are my
    encore emails
  5. Objection handler – there are a
    handful of reasons someone may not buy. You’ll want to answer each of those
    objections through email. (here
    are my objection handler emails
  6. Countdown sequence – you’ll want to
    close off your course. Letting people know that they only have a few days left
    to buy is a really effective way to generate sales. These emails will roughly
    make up 1/3 to half of your sales. (here
    are my countdown emails
  7. Last chance email – on the last day
    you’ll want to send a few emails letting people know it is about to close. (here
    are my last chance emails
  8. Free trial offer – the majority of
    people won’t buy from you. Offering the last chance free trial offer is a great
    way to roughly get 15% more sales. (here
    are my free trial emails

If you are selling products, there are 3 main emails that I’ve found to work well. The first 2 are for cart abandonment.

Subject: Did you forget something?

We noticed that you left something behind. Don’t worry though, we saved the items in your cart so you can easily complete your purchase.

[insert picture of products]

CTA button: Return to cart

This simple abandonment email typically increases sales by 1.73%. I know it’s not a lot, but it’s all about the papercuts as I mentioned above. 😉

Subject: Still thinking about it?

If you can’t decide on whether [insert product name] is right for you, here are some of the benefits:

[insert benefit 1]

[insert benefit 2]

[insert benefit 3]

[insert benefit 4]

[insert benefit 5]

[insert benefit 6]

So, what are you waiting for? You have nothing to lose with our 30 day no questions asked money back guarantee.

CTA: Complete my purchase

On average this email has provided our customers an increase of
1.44% in sales.

Subject: Who doesn’t love 15% off?

Explore new [type of products you sell] that will help you with [insert benefit].

Sale ends at [insert date and time].

CTA: Claim my discount

Now with the discount/coupon code email, we’ve found the results to vary a lot. The bigger the discount, the more sales you will typically receive. The biggest gains are when companies offer over 30% or greater discount.

Facebook Messenger templates

Unlike email and text, you can’t just easily just message people
on Facebook Messenger and do whatever you want. There
are rules

  • You can message a subscriber within the last 24 hours of your last interaction.
  • Within that 24-hour time period, you can send promotional material.
  • After the 24 hour period, messages must contain one of these 4 tags: confirmed event update, post-purchase update, account update, or a human agent.
  • For users who opt-in to receive messages after 24 hours, you can, of course, message them.

As for templates that work, because Facebook is continually changing Messenger rules, follow these templates over at Manychat as they constantly change based on real-time data of what is working or what isn’t.


You have no choice but to take an omnichannel approach with
your marketing.

Sure, all good channels eventually get crowded and click-throughs will decrease over time, but if you go after all of the main channels the marginal gains will add up.

And the easiest way to start with going omnichannel is with chat. I know you are probably using email, but I bet you aren’t using text messaging or even Facebook Messenger bots. And I bet you aren’t using push notifications either.

So, how many marketing channels are you using?

The post The New Way to Chat With Your Visitors appeared first on Neil Patel.

The Trumped-Up Case of Bar v. Barr

New comment by deanalevitt in "Ask HN: Who is hiring? (October 2019)"

ThymeBase has two remote developer positions open with a preference for Africa and European timezones.…

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New comment by gvtek0 in "Ask HN: Who wants to be hired? (June 2019)"

Location: Seattle, WA Remote: On-prem in the city of Seattle or Remote are both fine. Willing to Relocate: No. Technologies: Linux, Windows, AWS, Docker/Kubernetes, Ansible, MySQL, Jenkins/CircleCI, etc. Resume: Please see which gives a rundown of my experience. I can provide my full resume on request. E-mail: (you can also use the contact …