365 Business Finance merchant cash advance operates in a small but effective niche in the realm of business lending. Rather than conventional financing or loans repayable over a set period, 365 Business Finance is a specialist in assisting businesses that accept payments via debit or credit cards, with repayments taken automatically as a percentage of your future sales.
365 Business Finance will not be suitable for all SMEs, as it’s an irrelevant business model if your company generates income through issuing invoices on a credit basis.
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However, if you operate a retail model or accept substantial card payments, this can be a great lender for anybody looking to release a lump sum ahead of future business to ease any immediate concerns surrounding cash flow.
365 Business Finance merchant cash advance
- Pros and cons
- Merchant cash advance
- Business loans
- Business credit cards
- Asset finance
- Invoice finance
- Commercial mortgages
- Business vehicle finance
- 365 Business Finance key information
- 365 Business Finance reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
- FAQ
Pros and cons of 365 Business Finance for merchant cash advance
| Pros | Cons |
|---|---|
| ✓ Borrow up to £300,000 against future sales | ✗ Only available against card payments |
| ✓ 90% approval rate on applications | ✗ Minimum income of £10,000 per month required |
| ✓ Fast funds release on successful applications | ✗ Not regulated by the FCA |
| ✓ Excellent online reviews on TrustPilot | ✗ Must have been trading for at least 6 months |
Merchant cash advance
Merchant cash advance is the only service offered by 365 Business Finance. If you have been trading for six months or longer, and generate at least £10,000 per month in card sales, you can borrow between £10,000 and £300,000 as a lump sum. If your application is successful, you should receive your money within days.
The great appeal of 365 Business Finance is the flexibility when it comes to repayments. A percentage of your future sales will automatically be siphoned off when you process a card payment and sent to 365 Business Finance until your debt is clear. 365 Business Finance typically takes between 5% and 15% of any single transaction, so you will continue to bring income into your business to meet your operating costs.
Unlike a traditional loan, there is no time limit placed on repayments to 365 Business Finance. You will continue making repayments until your debt is settled. This means that if your sales drop for a month or two, you will not be on the hook for lump sum repayments that you cannot afford to make. You will just elongate the agreement, though obviously you should work to clear your balance as quickly as is feasible.
365 Business Finance approve 90% of applications that satisfy the lending criteria. An application will be made through the official website, at which point you will be provided with a bespoke quote that details how much you will be expected to repay from your future card transactions. 365 Business Finance will not run a credit check to produce this quote, but a soft credit search will follow before the funds are released.
Business loans
✗ Not available from 365 Business Finance. See best business loans.
Business credit cards
✗ Not available from 365 Business Finance. See best business credit cards.
Asset finance
✗ Not available from 365 Business Finance. See best asset finance.
Invoice finance
✗ Not available from 365 Business Finance. See invoice factoring.
Commercial mortgages
✗ Not available from 365 Business Finance. See commercial mortgages.
Business vehicle finance
✗ Not available from 365 Business Finance. See business vehicle finance.
365 Business Finance key information
| Phone number | 020 7100 0365 |
| App downloads | N/A – 365 Business Finance does not have an app |
| Website | www.365businessfinance.co.uk |
| Number of branches | N/A – 365 Business Finance is an online business |
| FSCS protected? | No |
| Founded | 2012 |
365 Business Finance reviews
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 4.9/5 | 412 |
| Feefo | Not reviewed | N/A |
| Reviews.io | Not reviewed | N/A |
| Smart Money People | Not reviewed | N/A |
| Which? | Not reviewed | N/A |
| Average score | 4.9/5 | 412 total votes |
Business eligibility criteria
To qualify for borrowing from your 365 Business Finance, you must meet the following criteria.
- Accept card payments from clients and customers – 365 Business Finance does not lend against invoices raised on a credit basis.
- Take a minimum of £10,000 per month in card transactions.
- Have at least six months of trading history.
Business finance alternatives
As 365 Business Finance offers a very niche model, it will not be suitable for all SMEs.
If you are interested in a merchant cash advance and wish to compare the offering of 365 Business Finance to alternative suppliers, investigate Capify, Iwoca, Liberis, Merchant Money, Nucleus Commercial Finance, or YouLend.
If you need a more traditional lending stream, or borrowing that does not relate to card processing payments, look for a more straightforward lender such as a bank.
Additional considerations
365 Business Finance has partnered with Groov, a London-based fintech company, to fully automate all applications for funding based on open banking assessments.
FAQ
If you satisfy the criteria for a 365 Business Finance cash advance, your application will likely be approved or declined within 24 hours. If successful, the funds will follow within days.
The minimum you can borrow from 365 Business Finance is £10,000, and the maximum is £300,000.
Enter your details into the 365 Business Finance website for a bespoke quote. You will need to provide your business name, industry, contact details, and average monthly card sales. 365 Business Finance will come back to you and discuss your options.
No, when you are provided with a quote you will know exactly how much you will be asked to repay with no nasty surprises down the line. Your repayments will consist of a percentage of your sales plus a one-off fee.
No, there is no fixed term or deadline for repaying your advance from 365 Business Finance. If your sales drop, you can extend the repayment period until they pick up again.
No, the cash advance provided by 365 Business Finance is an unsecured loan, though do bear in mind that 365 Business Finance is not regulated by the FCA so some protections you would expect may not apply.