Are you looking to expand your equipment rental business? Are you looking to repair and replace equipment that you rent out? An equipment rental merchant cash advance is a great way to get working capital the same day without all the headaches of using the big banks.
There are over 5400 equipment rental businesses in the US generating around $50 billion dollars a year in revenue. Equipment rental businesses can be very lucrative, but they use a lot of capital to maintain their equipment. Let’s dive into how you can get money today for your business.
What is an Equipment Rental Business Merchant Cash Advance?
A equipment rental merchant cash advance is a short-term business advance, usually 1 year terms or less, that allows you to get a lump sum of cash for your business. The lump sum is determined by your monthly business revenue and is paid back daily or weekly through ACH from your business checking account.
Traditional MCA advances are paid back through your future credit card transactions. However, we use the ACH method and pull from your general business revenue, which is more preferable to many businesses who don’t accept credit cards, or don’t want the hassle.
An equipment rental business merchant cash advance is a great way to get same day funding without waiting for a big bank. You also only need a 450 credit score, don’t need to put up any collateral, and only need to be in business for six months. As long as you make $5,000 a month with your business, have a business checking account and an EIN number, chances are great you will be approved.
Using a MCA to grow your Equipment Rental Company
Having grown up in the equipment rental business, I know that lawn mowers, trenchers, and Bobkats needed constant repair. A trencher at the time was a $22,000 piece of heavy equipment. My dad had leases on various pieces of large machinery that he couldn’t afford to pay for outright.
Many rental businesses operate this way. They lease the equipment and pay it off monthly. However, if something breaks down, repair costs begin to gauge away at your bottomline.
Getting a same day merchant cash advance is the best way to fix or replace equipment fast, or hire more mechanics and managers to keep your rental business running smoothly.
Applying for Equipment Rental Business Merchant Advance
Applying for an equipment rental business merchant cash advance is as easy as filling out a 5 minute application and seeing if you qualify. If you qualify you will be able to see the advance amount offered to you. It is your choice at that point to accept or decline the offer. If you do not receive an offer, it means that something in your business checking was not accepted.
Fill out the application HERE. It won’t affect your credit score.
My parents moved up to Washington State from Southern California in 1978. My dad opened up his very first business, which was an equipment rental yard. He started off small, with small equipment, and eventually brought in bigger equipment when he could afford it.
He ran that business successfully until 1996 when he sold it. The business is still there today. I know that it was a lot of work and it was just my mom and dad running the entire show. I know they made good money during the construction boom, but there were definitely difficult times as well.
Getting the working capital you need could save your business. If you don’t have enough business consider running advertising online as well. Most people these days read reviews online before buying or using a service. I know we do!
We read reviews before going out to a new restaurant or looking for a new item to buy. You can hire a web designer to create a one page website for your business and get listed on Yelp and Google Reviews. You can even create a Youtube account and do “How-to” videos demonstrating how to use certain types of equipment.
I hope you get the funding you need with this article and I wish you the best of luck!
Erik C. Johnson
Independent DAC Agent