According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
With 2024 all set to start in just a couple of days, the Synergy Merchants team would like to take this opportunity to wish you a very happy new year! We hope that 2024 brings you much joy and success. To help out, our team remains committed to helping business owners across Canada to achieve their dreams with the help of our unique merchant cash advance program.
We know that many entrepreneurs face challenges when it comes to securing traditional bank loans. Banks have stringent requirements and lengthy approval processes. This is what makes the merchant cash advance option such a viable alternative. It offers several advantages over business loans. Let’s take a look at how a merchant cash advance can secure a strong start to 2024.
There is flexibility in the approval criteria.
As you are likely aware, banks often require extensive documentation. They need to see that you have a strong credit score and a lengthy business history. Naturally, this can be pretty challenging for businesses with less-than-perfect credit and start-ups. In contrast, a merchant cash advance application focuses on a company’s credit card sales history and future potential. This process makes it so much easier for businesses of all kinds to qualify.
You get quick access to funds.
Time is of the essence for many small businesses. When small business owners want to seize growth opportunities or address urgent financial needs, they can’t waste time sitting around hoping their business loan will be approved. Merchant cash advances satisfy those who need help right away. Bank loans have been known to take weeks or even months to process. A merchant cash advance, on the other hand, can offer an entrepreneur funding within 24 hours!
The repayment is linked to your sales.
If you don’t earn the money, you don’t have to spend it. In other words, the repayment of a merchant cash advance is completely determined by your credit card sales success. Instead of fixed monthly payments, you would simply pay a small percentage of your company’s daily credit card sales. This is done until the advance, plus a fee, is fully repaid. This flexible repayment structure can be advantageous for businesses with fluctuating sales volumes. They won’t be burdened by fixed monthly payments during slow periods.
Collateral is not required.
Many traditional bank loans require businesses to provide collateral. We’re talking major property like a house or equipment. Naturally, this can be a major hurdle for small business owners who may not have substantial assets to pledge. A merchant cash advance, however, doesn’t require any collateral at all. This can be particularly appealing to businesses that prefer not to risk their assets or don’t have valuable assets to use as collateral.
You can use the funds for whatever you like.
Whether it’s expanding operations, purchasing inventory, upgrading equipment or investing in marketing efforts, a merchant cash advance offers flexibility in how businesses can use the funds. Unlike some bank loans that may have restrictions on the use of funds, a merchant cash advance provides businesses with the freedom to allocate the capital where it’s needed most. This allows them to make strategic investments to drive growth.
Contact us today!
Get in touch with the Synergy Merchants team in order to learn about how our unique merchant cash advance program can get you the funding you need within 24 hours! Please don’t hesitate to call us at 1-877-718-2026 or email us at firstname.lastname@example.org. You can also apply online for a free, no obligation quote! Happy New Year!