Illinois Liquor Store Customers Stock Up To Beat Tax Increase

The State of Illinois will begin to impose a new liquor tax on September 1 and that has Illinois liquor store customers rushing to stock up ahead of the price increase. The state’s new liquor tax will increase by 25% over its current rates for beer; 86% over its current rates for wine; and 90% over its current rates for hard liquor. Liquor store owners are also expecting a price increase from distributors.

This two-fold hit has some Illinois liquor stores worried. The anticipated increases mean that customers will likely pay between $1 and $3 more for wine and liquor after September 1. Liquor stores are also stocking up on lower-priced alcohol in advance of the holiday season. Paying for alcohol up front may be a tough proposition, but some liquor store owners may want to consider financing their increased stock with a merchant cash advance.

A merchant cash advance provides cash up front that can be used for anything, including financing the purchase of lower priced stock. A merchant cash advance is a small business loan alternative that allows a business owner to sell a portion of his future credit card transactions for cash up front. Repayment is easy, too. As each transaction is processed, a small portion of each sale is used to repay the merchant cash advance. The rest of the sale comes back to the merchant as usual. It’s a great way to get business cash fast, and without having to worry about making monthly payments. Your merchant cash advance is repaid each time you process a credit or debit card transaction.

Contact Rapid Capital Funding today for more information about how a merchant cash advance can help your liquor store business survive.

Photo Credit: RoadsidePictures, via Flickr

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