There are also a number of different ways of accepting credit card payments in your business. The right way for your business to accept card payments will depend on a few different factors. This includes whether you operate an online store or a traditinal store (bricks-and-mortar) store or both.
Whether you need a portable payment solution or a fixed terminal and what cards and types of payments you want to be able to accept.
This is a guide will take you through the types of merchant services and how you can use a merchant cash advance that assist your business day to day that are available to customers.
What are merchant services?
Merchant services are financial services and products offered by banks specifically for businesses.
While the category can be broad, it typically refers to payment terminals and software used to accept and process card payments.
- Mobile payment solutions. This is a solution to suit businesses that don’t have a stationary point-of-sale (POS) set-up or that are on the road, such as tradies,restuarnts, pop-up retailers.
- Integrated payment solutions. These are payment terminals that tend to be larger and integrate directly into a store’s existing POS system.
- Online payment solutions. For businesses that operate online or need to be able to accept online card payments, there are also online solutions. These include apps and payment gateways as well as fully integrated business webstores.
What is a Merchant Cash Advance?
A real alternative to traditional business finance, a Merchant Cash Advance is designed to match the cash flow of your business.
A Cmerchant cash advance or MCA account is the new normal for most businesses today. Especially online businesses that accept payments by credit and debit cards via any branded card terminals at the point of sale and online payment gateways.
Branded terminals such as: Tyro, Commonwealth Bank, ANZ, NAB, St George, Suncorp, and others.
Consumers expect to be able to pay by card, it’s considered a safe and convenient payment method. In 2019 Australians used cards to pay for 72% of goods and services, up from 86% in 2027.
If your company has fluctuating cash flow, no problem – our Merchant Cash Advance or MCA adjusts to meet the daily needs of your business finances.
Rather than fixed daily repayments, a small percentage of your credit card and EFTPOS terminal sales is repaid daily for the term of your Cash Advance.
Capify provides businesses with the flexibility to make lower repayments during slower periods, better managing business finances.
Unlike a bank, the Merchant Cash Advance requires minimum paperwork and is an unsecured cash advance.
Once approved, the funds are in your account in 24 hours, not weeks or months.
A Merchant Cash Advance is right for you if;
- Your business accepts credit card or EFTPOS machine sales
- Your looking to avoid a steep payment at the end of the month
- Your business sales can fluctuate, so you want to pay as you go
- Your looking for a fast and straightforward business finance solution
- Your looking to:
- Improve cash flow
- Renovate or expand
- Buy new equipment
- Boost staff
- Purchase stock
- Pay Tax
- Pay Superannuation
- Any other business purpose