Banks Give Customers No Credit
One of the biggest obstacles that our funding specialists are required to get over on a daily basis is assuring our clients that no credit check is necessary to be approved for a merchant cash advance. The majority, if not all, of our customer base has become so used to feeling that there is no possible way to attain extra capital for their businesses without having to suffer a “knock” against their credit score.
The idea of having one's credit negatively impacted simply due to a “check” is still a concept we are not all that clear on. However, the good news is…we don't have to be. Our clients are not subject to a credit check as a merchant cash advance is not borrowed money.
As its namesake suggests, a cash advance literally advances a business owner money that he or she will inevitably make through future credit and debit transactions at their establishment. By advancing business owners their money based on these sales, they are capable of attaining that well-needed cash without the hassle of a credit check.
United Kingdom-based consumer finance journalist Martin Lewis developed his own website, MoneySavingExpert.com in February 2003. On his site, he offers business owners and consumes alike a wealth of advice that sheds a very revealing light on the practice of checking credit to determine one's credit score.
He warns: “Banks pick customers for their own good, NOT yours, so the scoring process is about profit not risk. Of course, risk plays a part, as those unlikely to repay are a threat to profits. Yet even the most solvent may be rejected if they're unlikely to act in a way that'll generate profit for lenders.”
At Synergy Merchant Services, we never hide the fact that a discount fee is charged on top of the cash advance given to our clients. This fee, obviously, is the cost of doing business, but is in no way determined by one's credit score. There is no ulterior motive other than to do business in such a way that BOTH parties profit.
We are more than confident that when our clients utilize their advances to help grow and expand their businesses, greater profits are inevitable. At the same time, it allows for Synergy to remain Canada's leading merchant funding company.
Banks, on the other hand, place themselves higher up on the priority list when considering the benefits of lending money to their customers. According to Lewis, “banks score you based on products they'd like to sell you in future.”
Rest assured that if you have encountered the hassle of credit check when attempting to attain extra capital for your business in the past, this occurrence will not repeat itself should you decide to receive a quote for a merchant cash advance from one of our funding specialists.
Now that's something to check out!