Economic Crisis Continues To Affect Canadian Businesses

Today’s struggling financial situation unfortunately continues to be a strain on the minds of business owners all over Canada. As always, Synergy Merchant Services remains committed to doing its part in assisting Canadian business owners with our merchant cash advance program which is designed to help businesses to grow.

Most merchants had lofty aspirations coming into 2009 to expand their businesses and reach new levels of success. For most business owners that we have had the pleasure of working with, these goals are still very firmly in place. However, with the economy in its current state of instability, many of these objectives will take longer than expected to accomplish.

For some industries in particular, the ability to maintain a previously anticipated level of forthcoming receivables through transactions made at the location of their stores is becoming more and more of a hardship. While Synergy remains Canada’s Merchant Funding Company by continuing to offer funding to Canadian businesses with no required collateral and no fixed payment schedules, the merchant cash advance program is still based heavily on a merchant’s daily credit and debit transactions.

With an inability to uphold an expected income amount based on the success of past months, it will, however, be difficult for some merchants to take advantage of this program. This is because the pay back of the cash advance is made specifically through future transactions at the point of sale.

In an ongoing effort to support the Canadian economy during this tough economic crisis, Synergy will continue with its temporary measure to hold off on applications from such industries as flooring, furniture and carpeting as well as vendors of pools and hot tubs.

As always, we look forward to a near future where such industries will find renewed success and greater financial achievements that will allow them to take advantage of our merchant cash advance program, giving them the ability to grow their businesses and have their dreams realized.

For any questions, please do not hesitate to call Synergy Merchant Services at 1-866-299-0101.