For any business venture, easy financing for merchants can play a pivotal role in the growth and success of a business. A small business loan is one way ECS can help our merchants acquire the funding they need to achieve big things. So what is easy financing and what can it do for small business owners like you? Below we will answer all the common FAQs about easy finance for businesses.
What is Easy Finance?
Traditionally, business loans were done through established financial institutions like major banks and known lenders. However, small businesses can apply for easy financing opportunities through their merchant service provider or small online lenders.
Many payment providers offer merchant cash advances as a way to offer funds for merchants in a pinch. However, ECS has gone a step beyond that. We are happy to offer small business loans to merchants who decide they want to utilize our services.
Easy financing is a quick way to apply, receive approval, and gain the financial capital you need for your business. To use however you like. This could mean covering start-up costs of materials, securing your location, hiring staff, expanding your research, and so on.
It could also be used to cover major or unplanned expenses. Especially those during tough financial situations when the annual revenue wasn’t where it needed to be. Such as the times during the past year’s inflation and recessionary periods. Or to consolidate debt that has added up over these challenging times.
Moreover, ECS’s financing can enhance your business plan. You can use it when you are ready to expand, renovate, or remodel your business but don’t quite yet have the funds to do so. But you will, once that expansion happens.
How Does Easy Finance Work?
Obtaining financing is easy. All you’d need to do is complete our simple, online application. And if you’re approved, you will receive your funds almost instantly with zero fees for applying! Our online loan application process is completed in 4 easy steps:
- Enter some details about yourself and your business.
- If you are approved, you will receive 3 to 5 personalized offers in about 90 seconds.
- You will be able to review and pick your customized loan options based on which offer is best designed to aid your business in its financial destination.
- After you approve your customized loan terms, you will receive your funding in as little as 24 hours.
Easy financing payment works the same way as any other loan or line of credit. After you receive your deposit in full, you will be responsible to repay the loan plus interest every month until the loan is completely paid back.
What Are the Benefits of Easy Finance?
Easy finance has benefits that traditional bank loans simply do not offer. So what is the difference between traditional bank loans versus ECS easy finance options? With traditional loans, business lenders look at personal credit scores, credit history, and other determining factors to approve or deny a business loan. The application is typically lengthy, there is a hard credit pull, the approval process can take weeks, and the funds are typically not delivered right when you need them.
However, ECS’s easy financing has far less stringent criteria. Our merchants can escape the bureaucracy of in-depth traditional lending programs. Our easy financing offers unsecured, consumer loans that can be applied for online, right on our website–with a 90-second application and a soft credit pull.
Merchants can finance up to $250,000 with affordable and flexible repayment terms. Our business loan solutions require zero collateral and there is zero prepayment or lockout penalties. The best part is that you will receive your deposited funds in your bank account in as little as 24 hours.
What Are the Disadvantages of Easy Finance?
The disadvantages to easy finance are comparable to any type of loan. There is always the fact that you have to repay the loaned money. And not only repaid but, like most lines of credit, you will be paying interest on top of the funds that were provided to you.
Say for instance you want to purchase a car. Unless you have the $55,000 (or a roundabout number depending on the vehicle you’re interested in) in cash, you will need to consider taking out a car loan. But in most cases, you cannot get away without having a mode of transportation in your daily life.
The same goes for small businesses. In most cases, to create a successful endeavor, startups don’t typically have the capital it takes to create a business. This is why merchant lending options are in most cases essential. As they say, “it takes money to make money”.
Does Easy Finance Check Credit?
Yes, when applying for an easy financing loan, there is a soft credit pull. However, this is nothing to be concerned about. Unlike a traditional loan, with a hard credit pull, there will be no negative effect toward your credit score.
Does Easy Finance Report to Credit Bureaus?
Yes, the credit bureaus are notified of your business loan. This can be beneficial for you in that if you are trying to build your credit history or boost your credit score, you can do so with an easy finance loan. Being that you make all your payments in time and in full, that is.
Conversely, you should also keep in mind that if you do not repay your monthly statement on time or in full, not only will you be costing yourself more money in the long run, but it can also negatively impact your credit score.
How Does Easy Finance Make Money?
Easy finance companies make their profit just like any other financial institution or lender. By charging clients an interest rate for their approved loans. If a financier was to deposit money for free into a merchant’s bank account and charge zero interest, there would be no way to make money on the services provided. Which would then result in no funds to continue to loan money to merchants like you who may need it.
Interest is never a fun thing to pay. But it is crucial for banks, lenders, and all other financial institutions to stay afloat and offer you the services that you need for your personal finances and business endeavors.
Where Can My Customers Use Easy Finance?
Financing options are also available to your customers. That’s right, ECS not only offers merchants lines of credit and small business loans, but we also offer personal loans and point-of-sale financing that merchants can offer at check out to close a sale.
Customers can easily apply online in the comfort of their homes before committing to a large purchase. Or they can apply right at the point of sale in your merchant location.
If you’re running an eCommerce site you can offer point-of-sale financing and the increasingly popular buy-now-pay-later options that have spread widely in the online retail industry.
Are There Any Alternatives to Easy Finance?
If easy finance options do not seem like the best fit for your business, you can look into alternative options. Such as a traditional business loan, a short-term loan, a business line of credit through the application of a business credit card, or a merchant cash advance.
Is Easy Finance Right for Your Business?
If you’re not sure if easy finance is safe to use in your business or if you’re having trouble deciding what is the best option for increased cash flow for your business after considering the pros and cons of merchant lending, keep in mind that you can always speak to a merchant lender about your options. At ECS, one of our highly knowledgeable sales representatives would be happy to assist you in determining which route would be the best to take for your needs.
Easy Finance For Business Final Thoughts
Whether you are commandeering a start-up, trudging through the rough waters of an existing business, or ready for growth and expansion, easy financing options are available to you to get you the funds you need for your business goals.
Because everyone’s financial situation is unique we recommend speaking to your financial advisor about the best course of action. You can also contact one of our knowledgeable account representatives for more information about easy financing options to see if it is a good fit for you.