If you are all set up to open your new business, the last part of the store that you may need to ready is the cash register. After the register is programmed, you will need to make sure that you have cash inside of your register and inside of your safe in order to be able to begin cash transactions. If you are low on funds when you are first starting out, a merchant cash advance may be best for funding your register. Here are three reasons you should get a merchant advance for register usage.
A variety of bills on hand
When some businesses start out there is limited change on hand. If you find that customers come directly from the ATM, or if you have more business than you expect for the first day, running out of cash for change is one of the worst things that could happen. With a merchant cash advance, you will receive the funding to have plenty of bill denominations on hand. This will keep your register stacked and ready to be inundated with customers.
Paying it back is easier
If you are only using the cash loan to finance your cash register for the first day, paying the money back will be a breeze. As you earn more money from your business, you can take a percentage of your sales, plus money from the register to put towards your loan pay off. Not spending the loan on items, but instead using it as collateral for your cash register makes it easier to keep up with paying off the loan while running a new business.
You get the chance to learn cash versus credit
As a new business owner, you may find that your business is more cash based or more credit based depending on your field of sales or service. This is not something that you will know automatically, therefore you will need to be prepared. For this reason, you want to have liquid cash on hand, plus the ability to accept credit and debit transactions. As time goes on, you will be able to look at your figures for cash and credit to determine the financial trend that your business tends to hold. Prior to knowing this, you will need to have as much cash as possible available in the event that it turns out you handle more cash than other forms of payment.Share