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Why Should You Apply For A Merchant Cash Advance?

As many Canadian business owners already know, successfully securing a bank loan is hard work. It’s certainly not impossible. But it’s also not the most likely occurrence to take place. This is because there is a long list of requirements that many business owners fall short of meeting. This is the first reason that a Canadian business owner should apply for a merchant cash advance. The application process is much quicker, and getting approved is much easier.

How does a business owner qualify for a merchant cash advance? At Synergy Merchants, we make the process very simple. If you’re a Canadian business owner who accepts credit cards and debit cards as methods of payment, you already qualify. You can find out exactly how much you quality for by filling out our easy online application. Once you do that, one of our licensed funding specialists will be in touch with you to give you the details about what you qualify for.

How is the amount of your merchant cash advance determined? Our specialists take a look at your average monthly sales via credit card and debit cards. Using those transactions specifically, they will be able to offer you a free, no obligation quote. The quote includes the largest cash advance that you’re eligible for (you may choose to accept a lesser amount, if you wish) and the one-time fee which is the cost associated with accepting the cash advance.

How is the amount of the one-time fee determined? Very similarly, our specialists take into account your monthly credit card and debit card sales average. There are a few other factors that come into play including the size of the advance, your industry and the level of seasonality in your business. The one-time fee, it should be noted is NOT paid upfront. It’s simply part of the total amount of your repayment.

How is a merchant cash advance repaid? This is often considered the best part about our program. There is no repayment schedule. Unlike with bank loans, there are no monthly minimum payments required. Instead, payments are made automatically through a small percentage of your future credit card and debit card transactions. That way, we only get paid when you get paid!

Will accepting a cash advance impact your credit score? Absolutely not! It’s important to keep in mind that a cash advance is not borrowed money. It, in fact, is a payment for your future credit card and debit card sales. You are being advanced money that you are bound to make through those future transactions. Because an advance is a payment – not a loan – it does not impact your credit in any way.

What can you use your merchant cash advance for? The truth is that you may use your cash advance for anything you like. Since it is not a loan, you’re not required to divulge what you’re using the money for. Again, it’s not borrowed money – it’s your money! Most merchants wisely use their merchant cash advances to invest in their businesses through such things as renovations, advertising, expansion and buying new equipment.

For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at

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