Find Out the Best Business Credit Cards for 2018
Here we'll discuss several ways to evaluate business credit cards, so you can decide which one would be the best fit for your small business.
By Chris KellerAccess the Funds You Need
to Grow Your Business
Fund Your Business Through Specialized Financing
That Understands Your Unique Situation
We specialize in funding for businesses that have difficulty getting money elsewhere. Whether that’s due to the newness of your business, a low credit score or other special circumstances, we can help. Here’s how it works.
How to Get Online Financing
Our online funding process is fast and simple, and it takes less time than applying for a traditional bank loan.
Step One: Complete a Pre-Qualification Form
You can start your online funding application easily from Revenued.com. Just fill in the form, and we’ll collect important information about your business that helps us understand how we can assist you. All the questions should be straightforward, but if you have any questions or concerns, you can contact us.
Step Two: Speak With a Funding Advisor
Once we’ve received and reviewed your information, a funding advisor will contact you. They will talk through your unique circumstances to create a specialized funding plan that meets your needs.
Step Three: Provide Supporting Documents
Once we’ve agreed to a funding plan, we need to review some additional information about your business. We’ll send you a brief application and checklist of the documents we need. The more information you can provide, the quicker we can approve your funds.
Step Four: Review and Approval
We will review your application and supporting documents, and contact you to discuss the funding programs you’re qualified for. We’ll review your business performance, financials and how you intend to use the money.
Step Five: Choose Funding Plan and Receive Funds
Once approved, just choose a plan and sign the funding agreement. We’ll collect any additional information, and if everything is in order we’ll deposit the funds into your business bank account.
The Types of Financing We Offer
Our small business financing options include all of the following:
- Merchant Cash Advance: This type of small business financing lets us provide you with fast funding, especially for businesses that might find it difficult to raise capital through traditional bank loans or other means. Read more about how an MCA differs from other types of business financing below.
- Automated Funding Solutions: These are ideal for amounts of less than $10,000. You can apply online, get a decision in minutes and receive funds as quickly as the next working day.
- Suitable for Business Owners With”Less Than Perfect” Credit: Traditional bank loans tend to only lend to customers with a FICO score of 650 or higher. If this isn’t you, we understand that you still might be a trustworthy lending customer, so we’ll evaluate more than just your credit score.
How a Merchant Cash Advance Differs From a Loan
- We do not provide traditional loans; a merchant cash advance gives you much more flexibility in your funding
- We provide you with an “advance” against your future revenues
- You grant us a right to a portion of the future revenue of your business for a certain amount of time (will be detailed in the funding contract)
- We can provide an advance in as few as 24 hours, while bank loans can take over 30 days for approval
- A merchant cash advance is a great option for short-term business financing
- The amount of money you make on a month-to-month basis is more important to us than your credit score
- You do not need to provide collateral for a merchant cash advance, and we typically only require one year of business history (versus other lenders who require two years or longer)
Compare Different Types of Business Financing
Here’s how the various types of business financing compare to each other.
| Requirements | |||||||
|---|---|---|---|---|---|---|---|
| Type of funding | Structure | Application | Credit Score | Collateral | Business History | Speed of Receiving Funds | Repayment Terms |
| Bank loan | Fixed-term loan | Personal and business credit history, free cash flow, income statement, balance sheet | The higher the better | Yes, on secured loans | 3 years or more | 2 weeks or more | Monthly payments over the lifetime of the loan, typically 1-5 years |
| Credit card | Rotating credit | Personal and business credit history, business income, overall finances | The higher the better; this is the biggest single factor in getting a business credit card | No | 3 years or more | Can be days to weeks; you will receive a credit limit, rather than funds | Revolving loan with a monthly payment, usually 1%-2% of balance |
| Online lender | Cash advance/credit line | Varies, and relies more on proving business revenue | Medium-high credit, rolling terms based on credit score | No | 1-2 years | 1-7 days | 3-, 6-, 12- or 24-month terms; payments varying from daily to monthly; penalty for early repayment |
| Merchant cash advance | Cash advance | Varies, and relies more on proving business revenue | Low to none | No | 1 year | 1-7 days | Fixed percentage of revenue until advance is repaid |
| SBA loan | Fixed-term loan | Extensive, in-depth paperwork, personal and business documentation including detailed business history | The higher the better | Yes | 2 year | 1 month or more | Monthly payments over the lifetime of the loan |
| Crowdfunding | Crowdsourced funds | Meet platform rules; create campaign, marketing, social media and other factors to promote | Not relevant, although a history of success can be beneficial | No, but you may want to offer “rewards” to backers | Not relevant, although a history of success can be beneficial | Depends on length of campaign | No need for repayments, although you typically have to offer products or services in lieu of repayment |
| Peer-to-peer lending | Peer-to-peer | Good annual revenue, several years in business, good business pitch, personal credit history | The higher the better | No | 2 years or more | 4-8 days | Schedule varies, but anywhere between 6 months and 10 years |
Is Our Business Financing Right for You?
- You need funds in a week or less
- You’re prepared to provide a portion of your revenues for the next few months to repay the advance
- You have a short business history
- You have a low personal or business credit score
- You do not want to go through a lengthy and detailed application process
- You do not want to provide collateral
- You intend to repay funds fairly quickly (typically within three months to a year)
If these circumstances apply, we can help. Head over to our easy online application form and get started now with securing your small business financing quickly.
Need Business Cash?
Most Popular Articles
By Chris KellerDon’t Fret: We Have Your Guide to Business Loans for Bad Credit
Not everyone has the means to fund their business internally, so many owners look to gain access to a small business loan. However, accessing credit can be a challenge for small business, especially those with bad credit.
By Chris KellerCurious What Your Business Credit Score Is? Here’s How to Find Out.
Your business credit score is a key metric used by banks and other investors when deciding whether you pose a worthwhile financial risk. If you have a poor score, you could miss out on critical business loans, lower interest rates, higher credit limits and more favorable repayment terms.
By Robert Yaniz Jr.How to Get a Business Loan
One of the most feasible ways to kickstart your small business — and establish a stable financial foundation you can build from — is to secure a business loan.
By Robert Yaniz Jr.