When we visit a retail store, our expectations are to get everything that the store stands for in that store, in case of a grocery store, one would like buy a specific brand or choose between the top brands and we expect to check out all the variants of a product, it is a matter of choice for a consumer but for a Retail Store, it is a lot to manage, ensuring the proper inventory and knowing what to buy next and ensuring the working capital is in place.
Managing this working capital may become difficult at times, as there are often off days and periods when the sales is low. Also, a retail business earns more when they buy in bulk as the companies and distributors offer special discounts on the bulk purchase. However, it needs even more working capital as it takes time to sell those products, and that is where a Retail business starts looking for funds and a business loan is the most natural choice.
Retailers have been facing a lot of problem to secure business loans from the traditional lenders as they ask for collateral like property papers of home or shop and multiple documentations like income tax returns and so on, which makes it difficult for the retail shop owners to secure a business loan. Apart from these demands the traditional lenders also take a lot of time to process business loans some time weeks or even months, which defeats the entire purpose of taking the loan.
The new age digital lenders have solved this working capital problem for the retail shop owners with a product called the Merchant Cash Advance. The Merchant Cash Advance is a unique product which is based upon the business transactions unlike the business loans offered by the traditional lenders. With the Merchant Advance Capital the retailers loan assessment is done basis his transactions which are made against the card swipe machines or using the QR codes, this gives the lender a visibility of the transaction patterns and business cycle of the retailer.
Indifi is one of India’s leading business loan enabler for the small businesses and it helps the retail businesses with the merchant cash advance which is a complete unsecured business loan. Indifi makes the process really simple, where a retail shop owner just needs to fill a simple online form which contains the basic details about the business and KYC. Indifi then fetches the payment transaction data from the partner payment terminals or using the bank statement, the entire process is virtually real time and a retail business owner may get the loan approval within 24 hours itself.
Indifi even helps the retail shop owners with flexible repayment options which are connected with the business transactions, so while the customers make business transaction, a small amount is automatically deducted and hence, the loan pays for itself without the retail shop owner having to worry about the EMIs. Indifi also offers other repayment options like a regular monthly EMI or even installments that are fortnightly or weekly making it absolutely flexible for the business to repay their loans.
Merchant Cash Advance is a blessing for the retail businesses as they don’t have to depend upon the whims and fancies of the traditional lenders and can business loans purely on the basis of their business transactions without having to pledge their home or business land documents, as the loan is purely unsecured and based upon their business transactions. Today, thousands of retail shop owners are utilizing the merchant advance capital and that too with a simple, smooth and quick loan process powered by Indifi.