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Dry Cleaners Business Financing: Merchant Cash Advance
In Lafayette, LA, an elderly woman crashed her car through the side wall of a dry cleaners business last week. Although no one was seriously injured in the mishap, police say the driver is recovering from minor injuries she sustained in the crash. Police say the unidentified woman confused the gas and brake pedals on the car and sent the vehicle hurtling through the dry cleaner. The owners of the business say that this is the first time this particular store has been hit, but their business was hit by runaway cars three times in a former location. Insurance will cover the property damage and repair, but owners say that the loss of business can make things difficult.
If you operate a Laundromat or dry cleaners and are in search of dry cleaners business financing for any reason, you may want to consider a business loan alternative like a merchant cash advance.
A merchant cash advance can help you meet both the planned and emergent needs for cash for your business. As a business loan alternative, a merchant cash advance makes a lot of sense for businesses like dry cleaners that have a high volume of credit and debit transactions.
You get the cash you need for remodeling, renovation, expansion, regulatory compliance, environmental improvement or whatever else you may want dry cleaners business financing for. What you don’t get is a long, drawn-out application process, requests for reams of documentation, requests for co-signers, collateral or personal guarantees for the merchant cash advance amount.
Contact Rapid Capital Funding today and see what a difference our business loan alternative can make in your search for dry cleaners business financing.
Photo Credit: Patrick Boury
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Dry Cleaners Business Financing: Merchant Cash Advance
For dry cleaners businesses, going green can be expensive, and
dry cleaners business financing is considered a hard sell for banks. Compounding the problem is a confusing turn of stance by the EPA on perchloroethylene (PCE) a dry cleaning solvent that has been linked to cancers in humans, as well as neurological problems and liver damage.
The EPA has already ordered dry cleaners to eliminate the use of PCE by 2020, but is now reconsidering its ruling. The ruling applies only to dry cleaners businesses in residential buildings, but advocacy groups are trying to get the ban extended to commercial buildings as well. The use of PCE is controversial, even among dry cleaners. Increased regulations and costs associated with PCE are causing more dry cleaners businesses to look for alternatives to PCE. For cleaners who are interested in incorporating new technologies into their businesses, a merchant cash advance may be a good way to find funding for expansions, renovations and compliance regulations.
Most dry cleaners businesses are small business, and often operate as family-owned businesses. Small business owners don’t always have access to dry cleaner business financing, which banks see as a high risk. From the consumer’s perspective, dry cleaning is necessary, but also expensive, and consumers have responded by buying fewer garments that require dry cleaning.
A merchant cash advance enables dry cleaner businesses to sell a portion of their future credit card transactions for cash up front. Rapid Capital Funding will purchase your transactions, and you get the cash you need to expand, improve or upgrade your business equipment.
Contact Rapid Capital Funding today to see how a merchant cash advance can provide the dry cleaners business financing you need to keep your doors open.
Photo Credit: Keith Ivey
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Dry Cleaners Business Financing May Just Be A Merchant Cash Advance
is something of a trick for banks during a recession. Dry cleaners, it turns out, are highly susceptible to changes in consumer spending. A survey conducted in March 2008 of dry cleaner operators showed that three of four operators said that the US was already in recession at that time, months before the official pronouncment of recession was issued. So what do
small business owners know that economists don’t?
Dry cleaners deal with working professionals every day, and have good insight into changes in employment, and people’s overall willingness to spend money. Dry cleaning is considered a luxury, so when a recession starts, dry cleaners’ business financing reflects the change right away. Operators are also finding that a better way to get the dry cleaner business financing they need is to get a merchant cash advance from Rapid Capital Funding.
A merchant cash advance puts money in your account up-front. You sell a portion of your future credit card sales to Rapid Capital Funding. In exchange, you get the money you need to improve your small business, pay bills, buy or lease new equipment, or make your small business more cost-effective to operate.
As each new credit card transaction is processed, a small percentage of the sale is returned to Rapid Capital Funding to repay the merchant cash advance. The rest of the sale comes back to you. Three out of four small businesses that take a merchant cash advance take a second one after the first advance has been repaid. That says a lot about how a merchant cash advance can help a small business like a dry cleaner get the cash they need when they need it, without having to wait and without having to provide mountains of documentation.
Contact Rapid Capital Funding today and let us show you how a merchant cash advance can provide the dry cleaners business financing you need to ride out the recession.
Photo Credit: Lotus Head
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