One of the first things that our funding specialists here at Synergy Merchant Services pick up on when first speaking to a new client is skepticism. Most often, Canadian business owners who have not yet become familiar with the merchant cash advance concept are hesitant to believe that such a program even exists.
“You mean I can get money for my business WITHOUT going to a bank? How is this so? That sounds strange.”
As “Canada’s Merchant Funding Company”, Synergy prides itself on being at the forefront of an industry that is predicted to become huge in the Canadian marketplace within a decade. As pioneers of sorts, we find it understandable that since our program is still growing out of its infancy stages, some may not realize that it is legitimately an alternative source of extra working capital and NOT a scam of any kind.
We liken ourselves to the first company who ever delivered pizza. Internet sources everywhere tend to credit Domino’s as the first to do so. Of course, before pizza was ever delivered piping hot to anyone’s doorstep, the mere idea of having a hot meal sent to one’s house by simply making a phone call may have seemed a strange one.
To use a more contemporary example, most people buy their groceries at a grocery store. Naturally, right? However, there is such a thing as GroceryGateway.com. For some people, the concept of getting groceries WITHOUT visiting a store is unsettling. The same can be said for those who feel that a bank is the only place one can get money.
Like online grocery purchases, the merchant cash advance is still a relatively new concept. Who knows what that industry will be like a decade from now? Merchant cash advance, however, is a rapidly growing industry. And it is so because of some of the stark differences between the cash advance and the traditional bank loan.
Firstly, no interest is charged on a merchant cash advance. Therefore, unlike with a bank, a business owner’s repayment balance will never grow on them. Instead, we charge a one time fee assuring our clients the benefit of knowing EXACTLY what the cash advance will cost them no matter how long it takes to pay back.
That brings us to one of the best things about our program! Unlike a traditional bank loan, there is NO fixed repayment schedule. Since payments are made through an automated process and are simply made up of a percentage of a merchant’s future credit and debit sales, we only get paid when a sale is made.
Therefore, there is no such thing as making a late payment! Of course, there are numerous other benefits that one of our funding specialists would love to discuss with you. Give us a call and get some information about this innovative product and we are sure you will find that it’s not so strange after all.