Did you know that if you have been accepting payments via iZettle for 4 months, you may be able to access iZettle Cash Advance finance?
A Merchant Cash Advance is a type of alternative business finance, a different option to a business loan. It is used by businesses that have PDQ card machine terminals or accept card payments online. Its a potential finance option for businesses that take card payments via an iZettle card reader or POS system.
The way it works is that you can lend up to 150% of your average monthly card takings. You then repay a fixed amount via a percentage of your daily takings until the funding is repaid. The percentage is usually between 10% and 20%.
This means that this type of finance is for a short period and is usually repaid in less than 10 months.
Get in touch to arrange a quote by calling 01204 860113 or compiling the form below.
iZettle Merchant Cash Advance Finance
Whether you run a shop, takeaway, pub or any business with a PDQ machine, you may be able to apply for a Merchant Cash Advance. Even if you have been declined for a business loan with other lenders, you may still be able to apply.
- Access funding in as little as 48 hours
- Borrow up to 150% of average monthly iZettle turnover
- Fixed Repayment Amount
- Repay percentage of future card machine takings
- High acceptance rates
- Do not need to be a home owner
- Bad credit considered
The way is works is, the lender makes you a offer based on your average monthly card turnover. For example if you are doing £10,000 per month.
Finance Amount: £10,000
The charge for the finance is usually a fixed amount, based on a factor rate.
Factor Rate: 1.25
Repayment Amount: £12,500
You then pay a percentage of your future PDQ card takings until the finance is repaid. For example a 10% sweep would be taken at source until the full £12,500 is repaid.
Important: There may be other terms and conditions agreed with the lender when taking out the finance. We are broker not a lender and may receive a commission for introducing you to a lender(s).
Eligibilty Criteria For An iZettle Cash Advance
Different Merchant Cash Advance funders have different criteria when applying for funding. Below we have laid out the minimum criteria required, although this will vary between lenders.
- Must take credit/debit card payments via iZettle or other Merchant Service Provider
- £2500 average card sales per month
- Minimum trading period of 4 months
Acceptance rates are high for eligible businesses. This is because the repayments are taken at the source, rather than a weekly/monthly direct debit. In some instances this may involve redirecting your iZettle settlements to a client account, set up by the lender.
Apply Today For iZettle Cash Advance Finance
At Bolton Business Finance we an independent Merchant Cash Advance broker. We can search the market to find a lender that meets your criteria.
We do not charge any brokers fees for Merchant Cash Advance applications.
So why not get in touch today to speak with one of our Commercial Finance experts.
Fill in the form below and we will be in touch straight away.