“It won't hurt, I promise.” Sound familiar? These words have most likely been heard by every child in the world who has ever had a bandage ripped off by one of their parents. The end result, of course, is usually…pain.
These words may not necessarily be spoken by representatives at your local bank branch, but it is possible they could have had them in their minds as they discussed with you your recent attempt to secure a small business loan. You know, the one that statistics have shown is not likely to be approved?
Well, before one can even discuss the approval process, one must first come to understand the procedure involved in even applying for that much-needed extra capital to help your business grow. Generally, when dealing with traditional financial institutions, the long list of requirements does indeed “hurt”.
Many business owners that we have developed relationships with here at Synergy Merchant Services are still adrenaline-fuelled when revealing the harrowing tasks expected of them when going to the bank to borrow money. Collateral is the most popular requirement asked of a business owner. Liens are sometimes needed to be placed on their homes and/or businesses in order to secure funds. And then, of course, there is the dreaded credit check, that places a knock on your credit score whether you are approved for the money or not.
When Synergy mouths (or at least insinuates) the words, “It won't hurt, I promise”, we really mean it. The steps involved in getting yourself a quote for a merchant cash advance are quick, simple and painless. No collateral is necessary at all. The same can be said for liens or checking your credit.
All that is required to determine how much your small or medium-sized business can be approved for is a review of some of your monthly merchant statements. A quick look at these statements help for our funding specialists to confirm your average monthly volume of credit and debit transactions in order to determine how much money you will be approved for.
Once you are provided with this quote, you will also become immediately aware of how much the advance will cost you and what percentage of your future sales will be used to repay the cash advance. That's it.
No waiting in line. No having to wait days for an answer. No risk on your part at all! Now what could be the harm in that?