This year, more and more business owners are discovering a unique and easy way to pay their taxes – a merchant advance. A merchant advance – sometimes referred to as a business cash advance – provides the owner with cash in exchange for a small share of future debit and credit card sales.
With a merchant advance, repayment is made on a daily basis using a percentage of credit/debit card sales. Repayments ebb and flow with the sales trends of the business until the advance amount is repaid – usually about 8 months.
So, instead of paying taxes as one lump sum, a merchant advance allows the business owner to pay taxes on a daily basis.
Qualification is easy – the business must accept credit/debit cards, has been in business for at least 12 months and has at least a year left on a lease.