The first step to receiving a merchant cash advance is the qualification process. This is one of the most evident signs that Synergy Merchant Services is nothing like a traditional bank. There is no need for you to get a new haircut, put on a sharp suit with shiny shoes and walk into our offices for an appointment that you needed to book a week in advance.
Instead, you simply need to spend a couple of minutes on the phone informing one of our great staff members about a few simple details. They include how many years you have been in business, which company you process your credit and debit card transactions with and what your average monthly credit and debits sales volume is.
That’s it! Now if you have been in business for at least one year and make a minimum of $5000 monthly through your Visa, MasterCard and Interac transactions, you are qualified to receive a free quote from one of our licensed funding specialists. Notice we didn’t even mention who your process with? That is because we are still happy to offer you a quote with no obligation to participate in the program regardless of who provides you with your point of sale terminal.
The quote involves you faxing in a copy of your monthly merchant statements provided to you by your processor. In fact, our funding specialists do not even require entire statements but instead are only looking for the summary pages. This is generally the first page of each month’s statement which lists the totals of your credit and debit transactions for the month.
Once this information is received, our funding specialists will be able to determine all of the important specifics about your merchant cash advance. Your quote entails three detailed pieces of information. Firstly, you will be informed of exactly how much of a cash advance your company is approved for. All companies are different, and as such we may be able to approve you for anywhere between $5000 and $125,000 depending on how much you process each month in credit and debit sales. We generally offer up to 110% of your monthly average.
Secondly, you will be informed about precisely how much the cash advance costs. We provide you with what is called a “discount fee”. In other words, you will be informed about the exact cost of the cash advance in an actual dollar amount. Notice again, another significant difference between Synergy and your bank? There is no accruing interest rate, so therefore your balance will never get higher.
Finally, we come to what we consider the best part about our program. And that is how you pay it back. You will be told your “withholding percentage”. This is not an additional cost, it is not a charge and it is not a rate of any kind. Very simply, this refers to the portion of your future credit and debit card receivables that will be used to pay back your cash advance.
There is no fixed repayment schedule. Therefore, you will never be considered late on a payment, avoiding the possibility of late fees or accruing interest charges. To make payments, all you have to do is continue with business as usual. We only get paid when you make a sale.
With this information, we are confident that you will be able to make an informed decision about what source of extra capital is right for your company. If you are looking to grow your business through expansion, renovations, advertising or the purchasing of new equipment and/or inventory, Synergy’s merchant cash advance program may just be what you have been looking for.