It’s understandable for most business owners to be skeptical when they first hear of Synergy’s merchant cash advance program. Naturally, when thinking of getting money, one often thinks that an interest rate is an automatic part of the deal. Having dealt with bank loans and credit cards for so long, these owners have every right to assume that.
Because a merchant cash advance is not a loan, there is no interest rate at all. And as hard as that may be to accept as a reality, for some people, it is an actual fact. “So how do you get paid?” ask many of our potential clients. Of course, this is a sensible question to ask. After all, Synergy Merchant Services is a business too, so we can’t give away money for free.
We provide our clients with a one time fee when offering them a merchant cash advance. This way, they are aware of exactly how much it will cost them to take the advance. The major difference between this fee and an interest rate is that it will not accrue over time. That means that it doesn’t matter how long it takes for the advance to be paid back, the cost never changes.
With an interest rate, the longer one takes to pay back the loan, the more money it will cost that person. Synergy’s merchant cash advance program has no fixed repayment schedule. So whether it takes two months or two years to repay, the cost of the advance remains the same.
“So how do you get your money back?” is another very important question asked by many of our new clients. As mentioned, there is no fixed repayment schedule. So the money being paid to Synergy is never required on a weekly on monthly basis. Instead, payments are made automatically through a merchant’s credit and debit sales.
This means that payments are made only after a sale is made in a business owner’s store. Therefore, if sales are slow, payments are slow. If sales are going well, payments are made quicker. And if there are no sales at all, then there are no payments to make. Our clients are assured that they will never have to make a payment unless they are paid first!
If you are a Canadian business owner of a small to medium-sized business, we encourage you to contact one of our licensed funding specialists today. We offer FREE, no obligation quotes by reviewing your past year’s Visa, MasterCard and Interac transactions. Getting the extra working capital you need to grow your business may literally be one phone call away!