A bike shop business cash advance is a new way to fund your small business with an unsecured funding loan. It works by your business repaying the loan amount off on future card sales made through your PDQ card terminal machine. The beauty about this loan is that it’s designed to work with your cashflow – if you have a quiet month on sales then you pay back a small amount too (in line with your sales). If you have a good month then you pay the loan back quicker. Cash sales are not taken into account which also helps your cashflow.
It is an unsecured finance option and has no APR so it isn’t secured against your property or valuable possession. We simply agree a percentage of your future credit / debit card sales that you are comfortable repaying on each sale through your card terminal machine. Another good point is that it doesn’t apply to your cash sales, these are not taken into account.
You see a bike shop business cash advance works differently from a conventional loan from the high street banks. As it works alongside your cashflow you don’t have one monthly lump sum to pay back at the end of each and every month. These traditional loans wouldn’t take into consideration that you may have had a slow month – you would simply be contracted to pay back the agreed amount regardless.
We know that you are busy running your bike shop business and have designed the process to be as simple, clear and straightforward as possible. Our team are also on hand every step of the way and help guide you through the process. A great place to start is by having a free no obligation quote, simply enter your company details on our form and one of our friendly team will contact you back.
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