It is important to consider the many options that a merchant cash advance can provide you. As a business owner, you are undoubtedly thinking about ways to expand your business on a regular basis. The problem is, you’re probably thinking that securing the money that you need to grow is too difficult a process.
Our experience, here at Synergy Merchant Services, has taught us that most business owners in Canada have had some sort of negative experience with banks. Often, we hear that upon going to a bank to secure a loan, business owners find that there are a lot more requirements than what they expected.
One owner, for example, was told that he would have to put up his family’s cottage as a form of collateral in order to be approved for his loan. He was shocked as he had been banking with that institution for as long as he could remember. The fact that he was made to feel “untrustworthy” did not sit well with him at all.
Needless to say, he moved on to locate funds at another bank. Strangely, this particular bank, which was less familiar with him, denied him for the loan based on his credit history. Completely puzzled by this, as he considered his credit to be good, he discovered that the bank had researched his credit card payment history.
Apparently, he had been a day late making a payment on his credit card…five years ago! Eventually, this same business owner discovered the benefits of a merchant cash advance. Without the need for collateral or a credit check that would impact his credit rating, this entrepreneur was able to secure the money he needed to renovate his sporting goods store.
More importantly, he was successful in increasing sales at his store due to the renovations, which was the point of getting the additional working capital to begin with. Don’t feel as if the same type of success cannot happen to you. Being approved for a merchant cash advance is as simple as having one of our licensed funding specialists review your monthly merchant statements.
As long as you are processing Visa, MasterCard and Interac transactions at your establishment, you may be eligible for a merchant cash advance. We understand that you may have already experienced some hassles in trying to secure your business more money in the past. We encourage you to try this new method of doing just that.