We are currently facing one of the most difficult economic periods in our nations history. Business owners and consumers alike are bracing themselves for a recession that some insist will last well into 2010. Already, thousands of jobs have been lost and sadly, more Canadians will be let go from their places of employment throughout the year.
In the March 13th, 2009 edition of The Toronto Sun, Julian Beltrame writes that “Canada is suffering through one of the worst recessions in decades”. The Toronto-Dominion Bank, he reports, actually forecasts a much more harrowing picture of Canadas economy than the Bank of Canada and the federal government.TD, he writes, projects that the economy will suffer a 2.4% reduction this year doubling the rate predicted by the Bank of Canada.
At Synergy Merchant Services, we are finding that many of our clients are rightfully questioning the merit of “taking on more debt” at a time like this. While we maintain the utmost understanding of the concerns that a business owner may have in attaining extra capital for his or her business during the countrys current financial climate, we remain confident that the payback structure of our program helps for peace of mind to be retained.
We continue to assure all of our clients that paying back a cash advance is performed very specifically through their business credit and debit sales. We work with each business individually to ensure that no one takes on more than he or she can handle.
We are aware that sales fluctuate depending on many factors. Different businesses flourish at different times of the year. In a case like the one we are all experiencing today, a slowing economy may simply translate into slower sales. To Synergy, this simply translates into a longer payback period for some clients. To our clients, it means the peace of mind in knowing that paying back their cash advances will not be a distressing process.
At Synergy, we are finding that many business owners in Canada still wish to purchase new inventory for the summer season or make repairs to their storefronts after the exasperating winter. Attaining the extra capital to make these wishes come true is still very much a reality.
Beltrame notes that both Prime Minister Stephen Harper and Finance Minister Jim Flaherty believe that Canada will, in fact, lead the world out of the recession. Interestingly, Royal Banks chief economist Craig Wright agrees: “The odds are Canada will outperform the U.S. in the recovery period.”
Synergy, of course, looks forward to helping Canadian business owners lead the way into a brighter economic future for our country.