It is a reasonable question: if you take a business advance and your sales pick up faster than expected, does settling early save you money on fees? With a GoTyme Business Advance, the answer is yes - and the sooner you settle, the bigger the saving.
How merchant cash advance fees work
A merchant cash advance (or business advance) charges a fixed-fee that is calculated upfront. The total repayable amount is agreed at the start, and repayments come out as a percentage of your daily or weekly turnover until the advance is settled.
Does settling early actually save you money?
With a GoTyme Business Advance, it does. If your cash flow improves and you want to settle ahead of schedule, you simply call in and request a settlement statement. The amount on that statement will reflect a discount - and the shorter the time you have held the funding, the bigger that discount will be.
There is no minimum period you need to hold the advance. You can request early settlement at any point.
What else changes when you settle early?
Beyond the fee saving, settling faster frees up your cash flow sooner and makes you eligible to access a re-advance earlier. For businesses with strong and consistent turnover, this can be a real compounding advantage over time.
Watch out for early payment penalties on other products
Not all business funding works this way. Some traditional lenders charge early settlement fees, which can make paying off early more expensive than completing the agreed term. Always read the terms before settling ahead of schedule with any provider.
The bottom line
With a GoTyme Business Advance, settling early is worth considering. You get a discount on your fees, free up your cash flow sooner and unlock your next funding cycle earlier. Call in to request a settlement statement and find out exactly what you owe.
Use our funding calculator to see what your next advance could look like. And when you are ready, apply for a GoTyme Business Advance online in minutes.