Bars / Alcohol Service & Sales

A Bar Above the Rest

You own one of the hippest spots in town; or maybe you plan on making your bar one of the hippest. Perhaps you just want to keep your establishment the same familiar place that your patrons love. Whatever the case, this economy is presenting bar owners with new and unique hurdles to overcome. With a good understanding of the options available to make the hurdles easier to leap, you can ride out this recession and ensure your bar is exactly the place where people want to come.

Raising the Bar

This recession has caused a lot of changes. There are more businesses that close or slide into bankruptcy each year than there are new businesses holding grand openings. Because of the slow down of customer spending and the frequency of business closures, many vendors are requiring cash for purchases previously made with credit. For a bar this can be a fatal blow, where you must keep in stock large quantities of very expensive beverages. If your patronage has dropped off even a little bit because of the slow economy it might not be feasible to purchase your normal quantities of stock with only cash. Maybe you are doing business like usual but you need to make costly repairs or revamp the look of your bar. In all cases you are going to need cash in large enough quantities that it might take too long to save up for the money to do you much good. You might be considering a loan, which you know you'd rather not have to apply for. There is another choice you might not have known about, though. It's called a Merchant Cash Advance.

The Pitfalls of a Loan

You might already have gone through the process of using a small business loan to fund your bar at some point. Right now you might even still be making monthly payments towards your maturity date. Loans have changed with the rest of the economy. Banks have imposed tighter restrictions for small business loans, making it harder to obtain and use a traditional loan. Banks are requiring collateral and personal guarantees more often than in the past, but your stores of liquor probably won't pass as collateral. You might have to put up personal assets such as your home or stocks, but the drop in the stock markets and housing prices might have lowered your assets worth to the point they can't be used. Even if you do qualify and get your loan you will have to wait up to several months to get it. A Merchant Cash Advance is the way to go for your business.

A Toast to Financial Freedom

With a Merchant Cash Advance you avoid all of the hassles of a traditional small business loan. You don't need collateral, there are much fewer restrictions, you get your money in days, and the repayment process is simple and fast. Many merchants pay off their advance in less than a year. And the best part: instead of making a set payment each month like you would with a loan, you instead pay on your advance based on the daily success of your establishment. With a Merchant Cash Advance you aren't applying for a loan, you are selling a portion of future credit card sales. What this means is you receive a cash advance in exchange for a very small percentage of credit and debit card sales until the advance is paid off. During slower days you pay less, and when things pick up and business is booming, you pay your advance off faster. The process happens automatically so there isn't an extra bill to keep track of each month. Once the advance is paid off, that's it. You're done.

Contact Fastpoint Financial Today

A Merchant Cash Advance is the ideal way to fund your business during these tough times. It is simple, fast, and convenient. You get your money, spend it how you want, and pay it back through an automated process. Fastpoint Financial is ready to advance you the cash you need now. Contact Fastpoint today and begin the simple process to getting the working capital you need fast. Their friendly customer support staff are ready to help you now. Don't put off getting the cash your bar needs any longer.