Since early 2006 throughout Canada, Merchant Funding has been one of the easiest and most popular alternatives to traditional business bank loans.
Within the United States, Merchant Cash Advances have been viable options to business owners for about 6 years. The growth of this alternative option within the Canadian market has grown to quickly become the first choice for small to medium size businesses. The popularity is growing steady and vastly.
There are really a few primary fundamentals about Merchant Cash Advances;
• You must be a business owner of a Canadian company.
• You must accept Visa, MasterCard and/or Debit transactions as payments from your customers.
• You must process more than $2000 a month in total transactions.
• You must be in business for at least 6 months.
• You must provide a minimum of 4 merchant processing summary statements for review.
The greatest advantages to our no collateral option for funding businesses is that the businesses are not required to be locked into fixed payments each month and the repayment is based as a percentage of the merchant's future sales.
Rather than using the credit of one's own business, the owner can sell his future credit and debit card receivables at a discounted price for cash today with Synergy Merchant Services. This is closely related to factoring, however in this case, your credit and debit card receivables are the only receivables factored rather than a review of your whole company.
Synergy Merchant Services gets repaid when you batch out through your processor. A small withholding percentage is debited from your business banking account each time you batch out. This process is repeated each day until the advance is paid back.
There are no payment schedules with our merchant cash advance program, and we only get repaid when you have a Visa, MasterCard and/or Debit batch out. You keep all your other receivables including cash, cheques and other sources.