Over the past week or so, we have been blogging about this year’s CRFA Show. And although this year’s awesome hospitality event ended yesterday, Synergy Merchant Services would like to take this opportunity to both thank and congratulate the Canadian Restaurant and Foodservices Association for yet another incredible experience.
Our fourth consecutive year at the CRFA Show, Synergy Merchant Services was given the amazing opportunity to meet with business owners from all over the country. Predominantly in the restaurant and food supplying business, of course, these entrepreneurs are among our favourite people to work with.
That is because these hard working business owners are already very well aware that attempting to secure financing from their local banks is no easy feat. Working with restaurants, say most traditional banking institutions, is “risky business”. “How else are we supposed to grow our businesses?” asked one of the visitors to the CRFA Show when this topic arose.
Evidently, this is a sentiment shared among many in the restaurant business. They are aware that without major assets that can be used as collateral, banks are rarely willing to supply the funding necessary to help their businesses grow. The answer to the above question then, is a merchant cash advance!
One of the reasons we love working with restaurateurs is because we know that their businesses are open more often than any other. Weekends and holidays…you can still count on restaurants to be serving the public. This generally helps restaurant owners get approved for merchant cash advances because their businesses accept many credit and debit card payments.
Not only do these sales allow for them to secure funding through a merchant cash advance but it also makes their payback processes a breeze. As some of our new friends were made aware over the past few days, a merchant cash advance is paid back through a small percentage of a merchant’s future credit and debit sales.
There is no risk on the business owner’s behalf, as no collateral is necessary. Over the years, we have found that doing business with restaurants isn’t so risky for us either. We look forward to building new relationships with all of the business owners we met this week. As always, the CRFA Show has lived up to its billing, allowing us to continue to grow our business while we help other businesses do the same.