MERCHANT CASH ADVANCE

Supporting your business

Covid-19 has created a worrying time for many retail and service businesses. Making your business Covid Secure and managing the “New Normal” has created extra funding requirements. ScanWatch are working with YouLend to assist SMEs with your cash-flow needs.

What is Merchant Cash Advance?

Merchant Cash Advance is a new alternative to traditional finance options based on the average monthly credit/debit card or Web sales of your business.

Hairdresser - Business Finance

Repay only when you get paid

The advance plus a fixed fee is repaid using an agreed percentage of daily credit/debit card or Web takings until repayment is made in full. This is not like a traditional bank loan; you don’t need any collateral to secure a Cash Advance.

Butchers - Business Funding

How Much Funding Can I Get?

ScanWatch can provide funding based on the average monthly credit/debit card or Web sales of your business. If your average monthly card takings are €10,000 then we can provide an advance of €10,000.

What Can You Use The Funds For?

Many businesses have been closed or had restricted opening due to the lock-down and now require additional funding. How you use the Funds is entirely up to you.

  • Covid-19 Requirements
  • Stock
  • Equipment Upgrades
  • Debt consolidation
  • Leveraging Supplier Discounts
  • Website Development & Marketing

Frequently Asked Questions

If you know your monthly card payment turnover, this will give you an estimate to the size of advance you could receive.

Typically, you can get an advance at 100% of your average monthly card turnover e.g. a monthly card turnover of €5,000 will equal a €5,000 advance

Once your advance has been funded, the repayment process begins automatically. From this point on, whenever one of your customers pays you on card, a small percentage of that sale will go towards paying off your advance.

The flat percentage value is agreed before the point of funding and will stay the same regardless of the transaction value.

For example, if it's 5%, it will be 5% of a €10 sale or a €1,000 sale. The repayment value flexes to the size of the transaction. This process will repeat until the advance is fully repaid.

A Cash Advance will typically take an average of 9 months to repay, but this may vary depending on the size of your advance and the frequency & value of card transactions being paid to your business.