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Hotels are perfect candidates for credit card processing loans for several reasons. Their guests often pay via debit or credit card, and thanks to reservations, hotels have a good idea of how much revenue they will generate from these transactions in the near future. Your amount is based on projected revenue from debit and credit cards, so a hotelier will know how much money he or she will need over the coming months.
Arguably the biggest advantage of business loans against credit card processing for hotels, however, is simplicity. Hoteliers are notoriously busy and may have trouble remembering to make the fixed, monthly payments associated with traditional business loans. Payments for credit card processing loans are deducted automatically, you don’t have to worry about missing a payment. And since flawless cash flow is not a requirement for approval, funding can be distributed when business is slow.
You could use the money to make payroll, market to previous guests, or get rooms ready for an upcoming surge in demand. Payments or interest rates do not increase if you make less sales than expected during a certain period. So, if your slow season lasts a little longer than usual or starts earlier than usual, you’ll just have more time and money to prepare for the busy season.
Regain control in an unpredictable industry
We also offer numerous business loans suited for unexpectedly busy periods or temporary cash flow gaps. Examples include a business line of credit or short-term working capital loan. Both could cover upgrades, inventory costs or regular business expenses shortly before a large batch of payments come in or right after an emergency repair was taken care of.
A business lines of credit can act as security for occasional dips in revenue, allowing the hotel to maintain day-to-day operations and pay vendors on time. Regardless of the program that is recommended for you, having more money in your pocket all throughout the year ultimately lets you stay on schedule with expenses and avoid poor financial decisions simply because you couldn’t afford to do otherwise. Apply now to see how much you qualify for!