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A great deal of gas station visitors pay via debit or credit card, which makes them perfect candidates for a merchant cash advance, a.k.a credit card factoring. This type of working capital loan supplies a lump sum in exchange for an agreed-upon percentage of future debit and credit card sales. Rather than making fixed payments every month no matter what, substantial payments are only made when sales volume is on the rise.
Merchant cash advances are therefore highly advantageous for long-term investments, or changes to your business that might take a few months to increase revenue.
One of our clients owns and operates a gas station and convenience store in upstate New York. He came to UCS after realizing that his customers would often ask for directions to the nearest deli. If he was able to supply the items they were looking for, these customers would have bought from him instead of leaving.
With the help of a merchant cash advance, our client removed a section of auto accessories and installed a 12-foot deli counter with a multi-purpose grill. We made sure he received enough funds to not only purchase the required equipment but also hire an experienced cook to serve his frequently-hungry customers. The same logic would likely be applied for a client who wanted to add more pumps, which might require more workers to operate them.
Payment plans that actually make sense
Another reason merchant cash advance may be the right business loan for your gas station is the industry’s seasonal nature. Gas stations do a lot more business when driving conditions are favorable. But in order to ensure a strong busy period, you must prepare in the months beforehand. A merchant cash advance takes negligible payments during slow months. Borrowers can therefore make investments when business is slow and then pay off the majority of the debt when there are more cars on the road the following season.
This is just one of many business loans that could work for your gas station. In fact, gas stations may be suited for multiple options because the funds are usually used to increase or stabilize daily revenue. When there is a high likelihood of this outcome, making payments will not prevent profits from increasing as well. Apply now to see how much you qualify for!