The hair and beauty business is all about the latest research, products and personal service. In our business, we find expert service easy to deliver, but providing product support is more of a challenge.
Applying for a loan, overdraft or credit card at any bank is equal to doing your Master’s degree, but when I submitted my application to Merchant Capital, I had pre-approval within two days and final approval a day later – I was astounded! Once all the paperwork was signed and my new credit card machines installed, the advance was paid out.
Merchant Capital’s product model is brilliant. It’s a wonderful way to inject working capital, especially for a small business such as mine. As promised, the cash was available to me within 48 hours. And because the payback is taken as a fixed percentage off daily card sales, I hardly notice the difference.
My store, The Gallery, is a fashion boutique for men – customers view us as fashion consultants and keeping the latest designers and trends on the shop floor is key. By taking out The Merchant Capital product, I was able to replenish our stock without losing any sleep over fixed payment commitments.
For restaurants and other small businesses, it can be a challenge to access the capital you need for growth. Banks often don’t see the potential. So you can have a dream, and a history of success to support it, but still not receive the finance.
There was a chance for me to purchase a third Sorbet store, but I needed the money urgently and didn’t have it. I called Merchant Capital immediately. I really liked the way they explained everything – they understood my plans and vision, and what I needed. In practice, the application process was quick and easy.
The main difference between Merchant Capital and traditional lenders is speed. They don’t ask for tons of credentials and piles of paperwork. The process is simple and quick. The guys do their homework and within three days, you have an answer - even if you’re asking for a large advance. Because of the collection system, payback is easy.