How to Get Accountant Referral for Merchant Cash Advance
As a business owner, you may find yourself in need of quick capital to fund various aspects of your business. One popular option is a merchant cash advance (MCA), which provides you with a lump sum of cash in exchange for a percentage of your daily credit card sales. While obtaining an MCA can be relatively straightforward, finding a reputable lender can be a challenge. One effective way to ensure you find a trustworthy provider is by seeking an accountant referral. In this article, we will discuss how to obtain an accountant referral for a merchant cash advance and answer some frequently asked questions.
Why seek an accountant referral?
Accountants play a vital role in managing a business’s finances, including providing advice on obtaining funding. They have a deep understanding of your financial situation and can provide valuable insights into the best funding options available to you. Accountants work closely with various lenders and have firsthand knowledge of their reputation, making them a trusted source for referrals.
Steps to get an accountant referral for a merchant cash advance:
1. Identify your needs: Determine the specific requirements of your business and the amount of capital you need. This will help your accountant understand your funding needs better and recommend suitable lenders.
2. Engage with your accountant: Schedule a meeting with your accountant to discuss your funding requirements. Provide them with a clear picture of your financial situation, including your revenue, expenses, and any outstanding debts. The more information you provide, the better they can guide you.
3. Request referrals: Once your accountant understands your needs, ask them for referrals to reputable lenders who offer merchant cash advances. They may have previous experience working with such lenders or know colleagues who have recommended them.
4. Research and verify: After receiving referrals, it’s essential to conduct your own research. Look for reviews and testimonials from other businesses who have worked with these lenders. Verify their legitimacy by checking if they are registered with relevant industry associations or regulatory bodies.
5. Compare terms and rates: When you have a list of potential lenders, compare their terms and rates. Consider factors such as interest rates, repayment terms, and any additional fees. Choose a lender that offers competitive rates and favorable terms that suit your business’s financial situation.
Frequently Asked Questions:
Q: What are the eligibility criteria for a merchant cash advance?
A: Eligibility criteria may vary among lenders, but common requirements include a minimum credit card sales volume, a certain period of time in business, and no recent bankruptcies or outstanding liens.
Q: How long does it take to receive funds from a merchant cash advance?
A: The time it takes to receive funds can vary depending on the lender and the completeness of your documentation. Typically, funds can be deposited into your business account within a few business days.
Q: Can I obtain a merchant cash advance if I have bad credit?
A: While a credit check is usually part of the application process, some lenders may be more lenient towards businesses with less than perfect credit. However, having a higher credit score may increase your chances of approval and better terms.
Q: Are there any alternatives to a merchant cash advance?
A: Yes, there are several alternative funding options available, such as business loans, lines of credit, or equipment financing. It’s best to discuss these options with your accountant to determine which is most suitable for your business.
In conclusion, seeking an accountant referral for a merchant cash advance can help you find a reputable lender that meets your business’s financial needs. By engaging with your accountant, requesting referrals, and conducting thorough research, you can find a trustworthy lender that offers competitive rates and favorable terms. Remember to compare multiple lenders and carefully review their eligibility criteria before making a final decision.