![]() This flexible funding solution enables businesses to have cash advanced to them against future debit and credit card takings. Swoop Finance Ltd is registered with Companies House (company number 11163382, registered address The Stable Yard, Vicarage Road, Stony Stratford, Milton Keynes MK11 1BN).As business evolves and we move towards a cashless society, so the role of the debit and credit card plays a greater role in not only the way we purchase goods at a consumer level, but also in the way businesses are run, managed and financed.īusinesses that transact through debit and credit card terminals can now finance the growth of the business with a product known as a merchant cash advance or business cash advance. If you feel you have a complaint, please read our complaints section highlighted above and also contained within our terms and conditions. Swoop Finance Limited is authorised as a credit broker under FCA registration number 936513. Swoop Finance Limited is registered with the Financial Conduct Authority as an Account Information Services Provider (reference number 833145). Swoop Finance can introduce applicants to a number of providers based on the applicants’ circumstances and creditworthiness. Guarantees and Indemnities may be required. Applicants must be aged 18 and over and terms and conditions apply. All finance and quotes are subject to status and income. For certain lenders, we do have influence over the interest rate, and this can impact the amount you pay under the agreement. Whichever lender you choose we may receive commission from them (either a fixed fee of fixed % of the amount you receive) and different lenders pay different rates. We can introduce you to a panel of lenders, equity funds and grant agencies. ![]() We are a credit broker and do not provide loans or other finance products ourselves. Early repayment does not incur a penalty charge.ĭisclaimer: Swoop Finance helps UK firms access business finance, working directly with businesses and their trusted advisors. You also repay the loan based on trading, so if your business grows rapidly, you pay the loan back sooner. Because repayments are taken at source, it is not possible to be late, so there can be no late charges. Thirdly, standard business loans may incur hefty late charges or penalties for early repayment. This can be short – three months, or long – three years. However, like other loans, an MCA has a fixed ‘sunset’ point – which is the final date for full repayment of the loan. The time it takes to clear the loan is determined by the performance of your business. Secondly, merchant cash advances adapt to your business. The volume of your card payments and the amount of money your business makes are what qualify you for the loan and how much the lender will advance to you. The money is lent to your business and you pay it back as a percentage of your card payment income. It does not require collateral, or assets to back the loan. Technically, all types of borrowing are a loan, but merchant cash advances differ from standard business loans in several ways.įirstly, a merchant cash advance is unsecured. ![]() How much you can borrow will depend on factors such as your card turnover and the repayment sum the lender is confident you can comfortably afford. Loan repayments are taken ‘at source’, which means they are sent directly to the lender by your card terminal provider. (This flexibility can work particularly well for businesses with variable or seasonal income).īy design, merchant cash advances make repayment simple and you never have to worry about sending a remittance. It will fluctuate to match your card payment income. The percentage of customer receipts you pay to the lender does not change, but the sum you repay daily, weekly, or monthly, does. The lender uses this information to calculate the sum they will lend and a plan to pay back the loan.īecause the loan and repayment plan are based on your trading pattern and how much money your business makes, merchant cash advances adapt to the way your business operates. Because the lender works with the card terminal provider, (the company that processes your transactions), they see the volume of card payments your business receives. Any business that receives payment via a card terminal may qualify for an MCA.
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