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Bank Loans Versus Cash Advances

If you were to walk into a bank today seeking out a business loan, it would be advised that you better come prepared. That is, prepared to put a lot on the line to secure your money.

Since our inception, Synergy Merchant Services has touted the concept of an alternative source of extra working capital that does not put the business owner at great risk. We offer a simple and convenient alternative to getting money for Canadian entrepreneurs. Of course, banks are traditionally known for only wanting to provide loans to businesses that are not necessarily in need of the money.

That way, the bank is at less risk of not having the money paid back. One of the things that is required of a business owner looking to get a loan is collateral. This essentially ensures that the owner is at risk, not the bank. If payments cannot be made, something of great value, be it the business itself or even the owner’s home could be up for grabs!

Imagine having to put your house on the line. It sounds like something someone would do on an over-the-top trip to Las Vegas! With Synergy’s merchant cash advance program, no collateral is necessary. Putting up your home or business is not something we would ever ask. We wouldn’t mind, however, if you invite us out for dinner after our money takes your company to greater heights!

A standard credit check is also a general requirement of a bank when it is considering lending money. This obviously is a question of one’s credibility. Does the bank believe – based on your history – that you are capable of making timely payments? Remember, you are borrowing their money. The money is never truly yours. Therefore, if your history doesn’t show that you are credible enough to make those payments, your loan is not likely to come your way.

Most business owners despise the idea of a credit check simply because it initiates a “knock” against their credit scores. Many can’t imagine why a harmless check of one’s credit history is regarded as a negative thing. Neither can we. Imagine having a police check done on your behalf to naturally find that you have never been in trouble with the law. Meanwhile, the check itself somehow has made you to be considered more likely to be a criminal. Doesn’t make sense, does it?

To be approved for a merchant cash advance, Synergy does not require a standard credit check. More specifically and more importantly to business owners, this means that one’s credit bureau rating is not affected. Keep in mind that when you are receiving a cash advance, you are not borrowing money. The money has been advanced to you based on your previous Visa, MasterCard and Interac transactions.

Essentially, we are forwarding you cash that we are aware you will be making eventually. You are simply paying the money back through your future credit and debit sales, so your “credibility” never really comes into question.

We understand that the majority of our potential clients are simply used to the concept of getting a business loan. To some, the merchant cash advance is still a foreign concept. It’s time, however, to try something new. Give yourself the benefit of opening your business to a new option. See if a merchant cash advance is right for you. No collateral, no credit check required.

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