Todays issue of The Toronto Sun features an article in the Money section entitled “Late Payments Grow”. Alarmingly, it appears as if more and more Canadians are finding it increasingly difficult to make timely payments to their creditors during these strenuous economic times.
According to the article, Deloitte consultants report that “Canadian credit card issuers saw a sudden upward jolt in delinquencies late last year and they are getting tougher to avoid writedowns like those that have afflicted the U.S. financial system”.
It goes on to note that while credit card companies are bracing for higher credit losses in the coming months, a recent study shows that “Canadian consumers (are) increasing their debt-to-disposable-income ratios to more than 130%, a rate currently higher than that of the U.S.”.
The increase in the frequency and amount of late fees is an inevitable result of this pattern of spending in Canada. Needless to day, business owners in Canada may be reluctant to take the traditional route of getting a bank loan if increased debt and a poorer credit scores become the mostly likely outcomes.
Late fees are non-existent within the Synergy Merchant Services cash advance program. A Canadian business owner seeking extra capital to grow his or her business will receive the benefit of knowing that the repayments are based solely on a fixed percentage of the credit and debit transactions made at the location of their business. As sales are processed, payments are made. If sales are slow, the payments are smaller. The program works with each business based on their specific needs and transaction successes. Since there is no fixed payment schedule, there is no way to be late with a payment!
In addition, receiving a merchant cash advance from Synergy Merchant Services does not appear on a business owners credit bureau.
So in todays tough financial climate, rest assured that Synergy is here to provide the same great service weve been known for, without the hassle of increased credit debt or late fees.