Use the following tips to ensure that your credit card advance is lucrative and goes as smoothly as possible.

Use Funds to Increase Business

Credit card advances are not loans. Providers take extra risks (requiring no collateral, no business plan, only six months of business ownership and not relying heavily on credit scores) when lending funds. Therefore, the funds are more expensive than traditional methods of business financing. Still, small business owners can make up for the additional costs by using their funds to help increase business, or even slightly raising prices, even if for a limited time, in order to pay for the advance.

Take Advantage of Renewal

Providers allow merchants to renew their funds after completing 60% of repayment. When renewing, merchants are not required to complete additional applications and they can get funds in as little as 48 hours. Choosing a provider with a renewal program can make it easier to get business cash when it is needed in the future.

Gather the Necessary Documentation

Most providers require applicants to submit an application, the last four months of merchant statements, a voided business check, a copy of the business lease and a copy of their driver’s license. Having all of these documents prepared and ready-to-go can speed up the application process.

Take Advantage of Incentives

Many credit card advance companies have incentives such as referral programs, offering finder’s fees to merchants who refer other business owners, as well as programs where merchants with high monthly CC processing amounts and higher credit scores can get the lowest industry rates.