Although Synergy Merchant Services has been operating for the better part of a decade now, we are still very aware that the merchant cash advance concept is still relatively new in Canada. That doesn’t mean that word isn’t catching on, however. It is becoming more and more apparent that people are becoming hip to the wonders of the cash advance.
This was evidenced earlier this morning, when one of our esteemed Synergy reps entered work with a cool story about a new hip-hop album he had purchased over the weekend. It seems that Raleigh, North Carolina rapper, Phonte is well-versed in the cash advance game, as he raps some very interesting lyrics on his new Charity Starts At Home album.
“Thinking of a master plan, all good like a cash advance. All bad like paying back a G when you only borrowed half a grand. Too interesting…” raps Phonte on “Eternally”. Offered our rep about this lyric: “It is often said that if a rapper makes mention of something or someone in a song, it means that the reference must be pretty socially significant.”
And we would have to agree. On “Eternally”, Phonte touches upon something that most of our clients make mention of when they discuss the benefits of merchant cash advances. And that would be the fact that there is no accruing interest rate. As Phonte’s clever wordplay unveils, interest rates inevitably cost business owners too much.
“It’s not just the fact that a client is continually charged for as long as they are borrowing,” added another rep during a discussion on the topic this morning, “it’s that interest rates do not take into account the financial situation of the business owner. If they are going through a slow period, making payments becomes much harder for them.”
“With interest accruing on a balance that is already difficult to pay back during slow seasons, this only creates a more stressful situation,” he continued, “Synergy’s clients love the fact that no matter how sales are going, there is no worry of more money being tacked on to what they owe.”
“Instead, they make payments based on their credit and debit sales. They have peace of mind knowing that they will only pay back a percentage of what they make, so they will always be able to afford their payments. And again, no accruing interest rate means that they know exactly what they will be paying back no matter how long it takes to pay.”
Who knows? Perhaps, there will be more rap lyrics about cash advances in the near future. It’s good to know that the benefits of our program are not only becoming more widely known, but are proving to help business owners across the country. That’s certainly something worth rapping about!