During the holidays, it may be necessary to have more funds readily available to increase inventory, hire seasonal staff or set up holiday displays. “If pre-holiday business has been slow or you otherwise don’t have sufficient cash on hand to give the season your very best shot, talk to your banker or local community lender about securing a line of credit or short-term loan,” said Paola Garcia-Villari, vice president at Pursuit.
According to Garcia-Villari, many lenders have reasonable interest rates and repayment terms, as well as quick turnarounds from approval to funding. However, business owners should shop around and be vigilant of predatory lenders. “Be sure that you know what you’re signing up for before you agree to any loans or lines of credit,” she advised.
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Additionally, business owners should reach out to their payment processor to discuss a potential increase in transaction volume or negotiate a higher credit limit, if necessary. Most small businesses have credit processing limits written into their merchant account contracts, according to Geoffrey Scott, associate marketing manager at Taroko.
“While seasonal fluctuations are taken into account, to an extent, by your processor, a huge spike could potentially freeze your ability to process credit cards during the busiest time of the year,” Scott said. “The onus is on you to begin this process. Don’t expect them to bestow any early holiday gifts without prompting.”