What Makes The Repayment Process Of A Merchant Cash Advance So Great?
When it comes to securing money for your business, you’re not likely to consider the repayment of the money to be the most exciting facet of the process. Naturally, business owners look to attain extra working capital in efforts to grow their businesses. Investing in such efforts as advertising, renovations and expansion is what is usually at the forefronts of the minds of entrepreneurs who are seeking business financing.
The merchant cash advance has become the ideal alternative to the bank loan for Canadian business owners who are seeking financing to grow their business. And we would argue that the top reason for that is because of the repayment process. Sure, the merchant cash advance program offered by Synergy Merchants is one that numerous Canadian entrepreneurs have used to advertise, renovate and expand. But it’s the repayment process that makes it such a great alternative to bank loans.
Why is the repayment process of a merchant cash advance so great? We feel it’s best to put it this way – the repayment process of a merchant cash advance is as worry-free as it gets! Payments are only made when merchants make sales. So, if merchants don’t make sales, they don’t make payments. It really does work that simply. Through an automated process, we receive a small percentage of each credit card and debit card sale made by a merchant who has taken a merchant cash advance.
That way, we guarantee that each payment is affordable. At no point is there a request for a payment to be made by a specific due date. There is no repayment schedule. At no point is there a request for a payment to be made in a specific amount. There is no minimum due. And, at no point is there the risk of being late on a payment. With no schedule, there is also no minimum or maximum amount of time within which the advance must be paid back.
How does this help for a merchant to grow his or her business? Without having to worry about making specific payments by specific due dates, merchants can rest assure that their credit histories will not be affected. Oftentimes, this means that they can afford big expenditures – such as the rental of a new office space – without a concern that their credit scores have recently been knocked. Low credit scores, of course, can impact one’s ability to rent or buy property.
“When you fill out an application as a potential tenant, you may have to agree to a consumer credit check,” explains Christine DiGangi on Credit.com, “Many landlords check a potential tenant’s credit reports and review their credit scores before agreeing to rent out an apartment, but you may not know which credit report or credit score they’re going to look at. They often use specialty consumer credit reports from companies to screen potential tenants.”
As well, the repayment process of a merchant cash advance allows a business owner to focus on his/her investments for business growth. Never is there a need to put aside a little extra cash for monthly payments. If you’re looking to secure extra working capital for your business, but don’t want to worry about adhering to a specific repayment schedule, then a merchant cash advance is definitely for you!
For more information on our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at email@example.com.