UK Businesses that take payments using RMS Retail Merchant Services, could apply for Merchant Cash Advance finance. A cash advance is a type of business finance that allows you to borrow money for your business.
RMS Retail Merchant Services is now part of a group called SaltPay and are a large provider of card payment services to UK businesses.
If your business takes credit/debit card payments via RMS Retail Merchant Services, then you could apply for a “Cash Advance”.
RMS Retail Merchant Services Cash Advance Funding
We work with a number of independent providers that offer a RMS Retail Merchant Services Cash Advance.
A Merchant Cash Advance is a type of business finance, similar to a business loan, where the lender purchases” a percentage of your future card takings. This is usually for a fixed cost and is repaid as a percentage (10-20%) of future card takings from your merchant sales.
You can apply once you have been trading for 6 months and could still be accepted with poor credit.
Borrow up to 200% of average monthly RMS revenue, via one of our trusted lending partners.
Most business sector covered and funds can be used for any legitimate business purpose.
Average Monthly Card Sales: £15,000
Amount of Finance: £15,000
Factor Rate: 1.26
Total Repayment: £18,900
Repayment Sweep: 10%
So in this example you borrow £15,000 and then repay 10% of your future card takings until you repay £18,900. Could be subject to minimum payments.
Apply For an RMS Cash Advance or Business Loan
As an independent business finance brokers, we help businesses who accept payments via RMS to source finance. Even if you have been declined by another lender.
Call us on 0161 5469128 or fill in the form below to apply.