Merchant Services Lending from PDQ Funding is a form of cash advance for your business, this advance is against future credit and debit card receipts. Nearly all businesses in the UK take some sort of card payments whether it is online payments or over the counter. To accept card payments for your business you need a merchant provider. The merchant provider handles all the card transactions and then sends the money into your business bank account. A merchant lender will offer its cash advance lending services to any type of business that accepts card payments.
Merchant Services How Does Lending Work?
PDQ cash advance are an innovative type of alternative business lending, these type of services are known as a merchant cash advance. The concept has only existed in the UK for a few years. Yet it’s already proving very popular with retail businesses. Simply a PDQ cash advance uses your card terminal to secure future lending. A good volume of card transactions are needed every month. Repayments are then taken as a proportion of your revenue. This makes it a quick and easy funding solution for many SMEs.
Any business that uses a card payment terminal to take payments from customers will make use of merchant card provider services. With a PDQ cash advance, the lender works with the terminal provider so they have visibility on what’s happening. The merchant services company will understand how much money is flowing through your business. That means that unlike other types of lending, there’s no need for credit checks or a detailed look into your accounts.
Unlike regular bank loans, there are no fixed weekly or monthly repayments on a merchant cash advance with a PDQ Funding Cash advance. Simply pay back a small percentage of about 7% of your credit and debit card sales. This means that you only pay us back when you sell to your customers.
So when sales are down, the repayment amount is also low which helps you manage your cash flow. This product is especially helpful during the quiet months. Instead of charging you interest on the cash advance based on the length of time it is outstanding, there is a single, all-inclusive cost added to the advance. There is no APR’s or late fees on our merchant cash advances.
The application process is much simpler than for a regular bank loan. As stated you can be approved in 24 hours for your cash advance and have the funds in your business bank account within days.
Benefits & Services of a Merchant Cash Advance from PDQ cash advance.
- Fast and flexible way of raising capital
- Merchant advances from £5,000 to £200,000
- No APR or fixed monthly payments
- No security required
- Use credit and debit card sales to raise funds
- Short application process
- Receive cash within days
- Repay through a small portion of your monthly credit/debit card transactions
- Suitable to small to medium-sized business
- They approve over 90% of applications
Merchant Services Direct Lenders
PDQ Funding are small business merchant loan advance direct lenders. PDQ Funding have a simple application process with the outcome given within 24 hours, unlike some direct lenders who keep you waiting for days. Once accepted you can receive funds within two days direct to your business account.
To be eligible for PDQ Funding’s merchant loan advance you need to have been trading for at least six months with a monthly turnover of over £5,000. As the repayments are based on a percentage of your businesses card payments you must accept card payments that exceed £5,000 per month.
As payback is directly linked to your businesses card takings. You will only pay back your merchant loan advance when your business earns. Unlike many other forms of business funding, company or personal assets aren’t required.
- No need for personal guarantees or credit checks as you are paying back the loan, as customers pay with their credit or debit cards
One direct benefit of a merchant loan advance is that it effectively opens a new line of credit from the lenders. It is possible to gain other types of finance for your business at the same time as a merchant loan advance. This bolt on loan is a perfect fit for lots of businesses. Example : Say you have asset leases already for machinery or industrial kitchen equipment, it’s possible to get a merchant loan advance for general cashflow at the same time from the direct lenders.
Merchant Loan Advance Direct Lenders Rate
Let’s look at an example of direct lenders rates & costs:
1. Merchant loan advance of £100k with a cost of finance of £13k (13% rate). This makes your total payment balance £113k.
2. Once you’ve paid off your initial payment balance. Another £100k advance can be taken out. This time there is a 1% saving on your price! Leaving you with a cost of finance of £12k (12% rate). This is a saving of £1,000. The new remaining balance is £112,000.
3. This does not stop there, as an incremental reduction will then apply to your price each time you refinance with us!
Merchant Cash Lending Quotations
Do you think your business would benefit from a loan advance? Using the businesses merchant services for future lending you can get a loan advance within 48 hours for any purpose. Quotations for any type of merchant lending are available simply complete the online enquiry form.