It's no secret that Canadians enjoy making payments for their purchases using credit and debit…
At Synergy Merchant Services, we take great pride in the fact that we have helped Canadian business owners increase the success of their businesses over the past few years. In addition to providing them with the extra capital needed to grow and expand, we encourage our clients to think of the innovative ways that they can remain competitive in the marketplace.
It is the forward-thinking and motivated type of personality that we most enjoy encountering in our day to day activities. Business owners who think first about how to make their money work for them before thinking about the cost of attaining the merchant cash advance generally find themselves in the most prosperous of positions.
One of the greatest benefits of our cash advance program is the fact that no interest ever accrues on an outstanding balance. Unlike with bank loans, our clients are not charged an interest rate. Of course, we never hide the fact that there is a charge for the money we provide our clients. This cost – our “discount fee” – is revealed in our free, no obligation quotes.
It is called a discount fee simply because it represents the discount we receive as a result of buying a portion of a merchant’s future credit and debit sales. Naturally, the amount of cash that is advanced upfront is less than the total amount of the repayment. How could there not be a cost of doing business?
Our clients find that knowing this cost right away is of great use to them. This way, they can plan to spend the money they receive in such a way that it secures them greater profits moving forward.
The most successful business owners work into their own charges to their customers amounts that will ensure that their profits rise and that repayment is easy. They see the merchant cash advance as a means of making even more money, and in so doing worry not about having to pay back the advance in addition to its cost.
Generally, by the time the advance is paid back, a merchant’s increased sales ensures that his or her income demonstrates a higher profit margin. Through expansion, renovation, the purchase of new equipment, advertising and other business-growing methods, our clients are finding that paying back the cost of the cash advance is a painless process.
Consider too, that there is no fixed repayment schedule. Our clients sometimes forget that they are even making payments since no cheque need ever be written. We encourage those who may be thinking of growing their businesses in the new year to consider this alternative source of merchant funding.
We know that if you make your cash work for you, you will not worry about the charge for the money. Instead, you will be laughing all the way to the bank. Ironic, isn’t it?