Merchant Cash Advance Loans are a reliable option for businesses that conduct a significant
number of credit card transactions through Point of Service (POS) machines or card swipe devices. In the current era, there is a growing trend towards cashless transactions, making card-based payments a crucial aspect of financial exchanges. Even for small transactions, people now prefer the convenience of using credit/debit cards. As a result, many business owners find it necessary to provide POS or card swipe machines. This development has created an opportunity for enterprises to easily obtain merchant cash advance loans. If you are seeking a business loan against your POS machines, feel free to contact us for further information.
Why do you Prefer Loan against POS Machine?
POS systems definitely add a whole lot of flexibility to your financial transaction mechanism. Whether you have any medium size businessman or any small corner cafe owner, the POS machines are well-equipped to serve your daily needs. Besides removing the hassle of paper-based transactions, POS machines can also be connected to cloud-based systems that provide an extra security and encryption to monetary transactions. These systems have proven to be time-saving and easing the inventory tracking processes. By calculating the number of transactions that have been occurred daily, you can have an idea of the inventory or storage. Hence, these POS systems can easily help you in credit generation in the form of MCA loans.
How it would help a business owner?
In case you are an offline retailer, however, if you accept payments digitally by using Credit or Debit cards or a POS terminal (Card swipe machine) or via QR code from a mobile wallet, then you can easily avail the loan equivalent to the average monthly sales in accordance with your card/QR payments. This type of loan can be easily repaid daily from the POS machine or from a mobile wallet, which happily reduces the burden of heavy monthly EMIs. You share or apply with your unique Merchant ID to evaluate the eligibility. In case your swipes are not sufficient to pay the loan, we can deduct the balance amount from the bank account via the ECS mechanism.
The loans against POS machine scheme, the EMIs which are required to be paid daily depend on revenue generated on a particular day. Therefore the debited amount fluctuates, depends on the daily earnings. On the other hand, the traditional ways of EMIs do not have a flexible payment system. The benefit of Merchant Advance loans is independence to business owners of opening the new line of the parallel credit system.
Benefits of POS Merchant Loans
- Flexible repayment options up to 48 months
- Islamic financing availability
- POS receivable by POS service provider may be assigned to Commercial Bank of Dubai
- Top up facility available
- Quick turnaround time
- Easy and hassle-free documentation
Required Documents
- National ID proof and a valid passport with UAE residence visa
- Emirates ID with the signing authorities and shareholders
- Power of Attorney or Board Resolution
- Valid legal and constitutive documents (i.e., Certificate of Commercial Registration, Free Zone Certificate of Incorporation, Trade License, Memorandum of Association, Partnership Agreement) as
- the case may be
- No requirement for an audited financial statement
- Assignments of POS proceeds to Commercial Bank of Dubai (Post-approval)
- Last six months of POS account bank statements
- At least 12 months of original bank statements in favour of the business entity.
Features of Loan against POS
- Easy daily repayments
- Flexible tenure up to 24 months
- Unsecured loan (No collateral required)
- The loan amounts are available up to six times an average monthly transaction.
- Loan against future POS receivables financing
- Lowest Interest as compare to other business loans and also Profit Rates
- Easy and hassle-free documentation
- Quick Business Solutions
- catalysts for chang the Seamlessly
- business applications through
- procedures whereas processes
