We like to be asked questions. If it’s one thing we love here at Synergy Merchant Services, it’s to be asked as many questions as possible by curious business owners from all over Canada. What better way to give us the opportunity to discuss our unique and innovative merchant cash advance program?
Have you ever heard the expression that “there is no such thing a dumb question”? Well, we firmly believe that around here. That’s because we recognize that most entrepreneurs and consumers alike think first of a bank when considering getting themselves some extra money. So when a merchant cash advance company comes along and reveals that it is no longer necessary to go to a bank in order to get money, it is understandable that there is some skepticism.
We more than welcome the challenge. In fact, our licensed Funding Specialists take great delight in the many fascinating questions that they are asked. The most popular perhaps is “How can you be giving out money with no interest?”. Well, of course, we recommend that you give us a call so that one of our talented staff members can fill you in and give you all the details on how our merchant cash advance program works.
But since we love this question, here’s our answer: Synergy charges no interest rate on a merchant cash advance because unlike a bank, the money we give our customers is NOT a loan. Instead, it is a purchase of a merchant’s future credit and debit transactions. It is a payment from us to them. It is not borrowed money.
Of course, it isn’t free money either! Instead of having an accruing interest rate, we charge a one-time discount fee that simply represents the total cost of the cash advance. As a result, our clients may rest assure that their balances will never get higher as nothing grows on top of their balances over time, regardless of how long it takes for the cash advance to be paid back.
“So how is it paid back?”. Another great question. Perhaps our favourite. This question gives us the opportunity to divulge what we believe is the BEST thing about our program. Merchant cash advances are paid back through a small percentage of a merchant’s future credit and debit card sales. If no sales are made, no payments are made either. We only get paid when the merchant makes a sale.
That way, our customers have the peace of mind in knowing that they will never be late on a payment. In addition, they will never have to make payments that they cannot afford. There are, of course, so many other questions that we are asked as a result of skepticism. With merchant cash advances having been in the Canadian marketplace for only a few years, we know that business owners across the country are still getting used to this relatively new concept.
But that’s just fine by us. We love the questions. So keep them coming! Give us a call today and ask away. You may just find that a merchant cash advance is the ideal source of extra capital that your business is looking for.