Payroll is coming up, and many struggling businesses may not be able to afford their staff. While some will run up their credit cards to do so, and some take a pay cut themselves, others are in a bigger jam without any way to find the funds. Making payroll – or paying any bill – when your business is struggling is tough – but it is possible. Below are many ways that merchants can find cash fast.
Merchant Cash Advance: Typically the best way to get extra funds without any hassle, a merchant cash advance from your merchant account provider allows you to pay whatever bills you need to pay – without the big interest loans and collateral of a bank loan. This is a “buy in” to your future sales, and that is the repayment method: A percentage of each credit card sell is given back to your merchant account provider until your funds are paid up.
Crowdfunding: Typically not fast – and with many issues – crowdfunding is becoming a social media darling for businesses and pretty much anyone who needs extra funds. Search these sites and you will find everything from businesses who need their bills paid, to dancers looking for funds to get breast implants, and even charity-type issues. This is not a guaranteed method, and the site who hosts the campaign takes a percentage of funds that come in.
Credit from Vendors: This will not help you if your payroll is due tomorrow, but it can help you in the future. Many vendors offer a credit line to merchants, which can help you save money in the immediate future. If the choice is between new stock and paying your cashiers, see if the vendor has a credit option. This allows you to buy new stock and pay your employees on time.
Have a Sale: This is way to make quick cash, and if you utilize free social media correctly (almost every neighborhood, city, and county has its own page or group) you can build a bigger customer case. It allows for quick sales, quick funds, and a payroll that is paid on time.