Calling all drivers. Let’s suppose that your car couldn’t start this morning. You’re not sure exactly what is wrong with it, but you know it’s going to need some repairs. So you call your local mechanic. He’s nice enough. You’ve taken your car into him before, so you figure he’s bound to help you out. So you ask him how much it will cost to have the car repaired.
What do you think his response will be? Chances are, he won’t have an answer for you just yet. Of course, he’ll need to inspect your car first. How else will he know what it will cost to repair? In order to know how much he will charge to fix your vehicle, he has to check out your car, assess the situation and then determine the type of work he will need to do.
Once he has done that, it is then that he can provide you with an estimate as to the cost of the repairs. Once you are provided with the estimate, it is then that you have the opportunity to decide whether or not you want to go ahead with the repairs, take the car to another mechanic or fix the car at all.
Consider your merchant cash advance quote as the exact same process. Each and every quote provided is unique. We determine the type of cash advance that we provide by a number of factors. Among them are how long the merchant has been in business, which company it processes their credit and debit transactions with and what its average monthly volume in credit and debit sales are.
To properly give a quote to a client, we must review his or her merchant statements that are provided on a monthly basis from the processor. These statements show the totals of their Visa, MasterCard and Interac transactions every month. Once these numbers are received, our licensed funding specialists are able to calculate a unique quote for the client. It is no different than taking a look under the hood of your car before giving you a price for fixing it.
Our quotes include three important pieces of information. The first is the total amount of money that the client is approved for. Even before the merchant statements are received, we know that we have the ability to provide up to 110% of the average monthly volume of credit and debit sales.
The second piece of info is the total amount of the repayment of the cash advance. There is no accruing interest rate affixed to our merchant cash advances. Instead, we charge a one time discount fee. This fee is represented by the difference between the amount offered and the amount that needs to be repaid. No matter how long it takes for the merchant to pay back the advance, the balance never gets higher.
Finally, our quote also entails a withholding percentage. This refers to the percentage of the client’s future credit and debit sales that will be withheld in order to repay the cash advance. Our clients never cut us a cheque. They never have to transfer a balance from their bank accounts. They literally only have to conduct business as usual and allow their customers to use their credit and debit cards to make payments in their establishments.
Call us for your quote today. Just remember, we won’t be able to quote you without seeing your car…er, merchant statements first. The quote is free and there is no obligation for you to take any money from us. We’re confident, however, that you will find that our merchant cash advance program is an ideal option to get your company the extra working capital it needs.