I recently had to take my car into an auto body shop for repairs to my front bumper. Truth be told, it was the second time in a month I had to repair the bumper as some vandalism damage was followed up two weeks later by a fender bender!
I literally felt too embarrassed to go back to the same auto body shop right beside my home for the second repair so I decided to call a friend that I had made last year. Recommended to me by another mutual friend, this individual a trained mechanic with several years of experience had just opened his own shop in Ajax, Ontario.
When I went to see him, I was more than happy to find out that the replacement of my bumper would only take 24 hours and would cost me less than what the previous repair shop had charged me. Why I didnt go to him the first time around is beyond me.
When picking up my car the following day, I decided to ask my friend about his new shop. I mentioned to him that, at first, it was hard to find because he hadnt any signs up yet. There were, of course, the installed car lifts along with all of the necessary tools and equipment for his employees to do their jobs, but I could tell the garage was far from being completed.
He mentioned that signage was a priority in addition to constructing a car wash bay even though my car was washed beautifully in the middle of the garage. As well, he wanted to ensure that payroll would never be a problem especially since he planned on expanding his staff. He mentioned that additional tools, paints and supplies would also be constantly required.
Attaining all of these necessities would come slowly, he insisted, since he didnt have the working capital to afford all of these requirements right away. I was actually disappointed in myself for not having mentioned Synergy Merchant Services to him earlier in the conversation. The program sounded fantastic to him. He was wide-eyed and eager as he asked questions about the nature of the merchant cash advance program that Synergy offered.
His business had all the makings of the perfectly eligible candidate. Not the least of which was the fact that he was a young owner of a new business who banks would not look favorably upon when thinking of lending money. He assured me that the auto repair business was fairly steady all throughout the year and it was not uncommon for him to easily pull in amounts in the five-figure range monthly. Some jobs, depending on the extent of the damage to the vehicle, were several thousand dollar jobs in and of themselves.
I joked that winter must be great for his business considering the assumed increase in car accidents. While insisting that as long as no one is ever hurt, he would always be happy to fix a damaged car, he also mentioned that during the summer months, detailing and other maintenance help to keep his business very strong.
Everything seemed to be set in motion for him to begin the process of getting his free no-obligation quote from Synergy. That is, until I went to pay for my car repair. Pulling out my Visa card, his receptionist had to reluctantly inform me that they did not yet accept credit and debit cards.
This, of course, presented two problems. One, I was going to have to drive to the nearest ATM to take out more cash than I wanted to withdraw from my account! Two, my friend excited about this opportunity to help improve his business would not be eligible to take advantage of Synergys cash advance program.
Well, not yet anyways. He informed me that he had just recently secured a point-of-sale processor and would begin accepting credit and debit cards in his shop by the end of the month. He insisted, however, that he had documents to prove the success of his business over the past year. I believed him. I could see first hand that his shop was successful and that his work was excellent.
He met all the criteria necessary to be quoted hes a Canadian business owner, he has been in business for more than a year and he easily makes more than $5000 monthly all except one. I assured him that six months down the road, when he has processed credit and debit cards for at least that amount of time, Synergy Merchant Services would be able to quote him for a cash advance. He was relieved.
This is the reality that faces many new business owners in Canada. Many of them have already encountered difficulties and hassles in dealing with banks when simply searching for a way to help grow their businesses. For many of them, the solution is as simple as deciding to begin accepting Visa, MasterCard and Interac through a merchant P.O.S. processor. A short six months of doing so will allow these owners to be quoted for a cash advance, putting them that much closer to getting the extra working capital they need to take their businesses to the next level of success.
Contacting the two largest processors in Canada, Moneris and Global Payments, would be an excellent start. Of course, any of our approved processors including TD Merchants, Chase Paymentech, P.O.S. West, Collective P.O.S., ID Tel, Monex, ATB Financial, Versapay and MSI Canada would allow an owner to get a cash advance without having to switch processors! And even if a business owner is not with an approved processor, a free no-obligation quote from Synergy may still be attained.
So, as my friend an excellent mechanic with a great auto body shop now knows, getting a cash advance is just a processor away!