We serve many different clients across a range of industries. We want to take some time, however, to outline the benefits of a merchant cash advance for clients in specific industries, and one of the many industries we frequently work with is the dental industry.
Dentists can make quite a bit of money. You might be familiar with the dentist stereotype, guys out on the golf course, hitting the links with expensive golf clubs, talking about the up-coming boat trip. Dentists generally do make a good amount of money, averaging $158,310 per year according to the Department of Labor.
Yet dentists also have to invest a lot into equipment, staff, schooling, and other costs. As such, even as high earning individuals, they often have to turn to loans or cash advances to fund their businesses. Not only is dentistry an expensive industry to be in, but it’s also competitive, and dentist practices are frequently and always fighting for market space in their own local markets. Generally speaking, dentistry is often “micro local”, with dental practices competing for market share within a single town or even neighborhood. As a result, competition can be fierce for dentist offices.
Meanwhile, customers can be very picky when it comes to dentist offices. Any type of health care is always scrutinized heavily by clients. Office look dirty? Who wants to receive treatment there? Wait too long? Find a dentists who will appreciate your time. Dental chair uncomfortable? Find one that’s easier on the body. Equipment not up to date? Go to another dentist who invests in their business.
Luckily, a cash advance can be used to upgrade just about any dental office. Want to remodel the waiting room so that it is more comfortable, or hire another dental hygienist so you can serve most clients quicker, or perhaps by the latest and greatest equipment? No matter the situation, if you need money a cash advance can help.
Unlike many traditional loans from banks, a cash advance can be approved in a matter of days. Better yet, payments are more flexible because they are based on a percentage of your monthly credit card sales, rather than fixed payments. Fixed payments can be burdensome for dentists because month-to-month revenues often fluctuate based on season and other client preferences.
Cash advances are great for newer dentist offices that need funds to expand advertising campaigns and staff. Advertising is an especially important aspect for younger dental firms. You have to get your name out there and draw in customers. Once you have a steady flow of customers, you’ll have more money to spend and reinvest. Banks usually prefer not to work with young companies, but luckily cash advance companies frequently can.
The benefits of payment flexibility combined with business needs created by the market make cash advances a perfect option for dentist offices. Of course, dental offices aren’t the only business that can benefit by a merchant cash advance. Essentially every business can benefit from a cash advance. Restaurants, grocery stores, doctor’s offices, gas stations, you name it.