With all of the talk in the mainstream media lately about the reluctance of Canada’s big banks to lend money to small businesses in the country, it’s only a matter of time before they are no longer considered the primary option for business owners.
For the past several years, Synergy Merchant Services has continued to grow by offering small to mid-sized Canadian business owners the extra capital required to help develop and expand their own companies.
We have been successful in doing so, by the way, without putting the owner through the long drawn-out process which is generally the norm at traditional banking insitutions. We proudly are able to fund our clients with merchant cash advances within five days of having their businesses approved. Quite often, when speaking to these clients, we discover that it took several weeks and sometimes even months for them to discover whether or not the bank would even approve their applications.
As the Financial Post made abundantly clear last week, more often than ever before, these applications are being turned down. Now, not only are we known for providing Canadian entrepreneurs with the quickest and most convenient way to get money that they will ever experience, but we also put business owners at far less risk than the big banks do.
Unlike the banks, we do not request any collateral or liens. So, of course, there is nothing for an owner to put on the line to potentially lose in the event of a default payment. As well, with our merchant cash advance program, there is no such thing as going in default as “late” payments are non-existent.
Upon first hearing of these major differences between the process of applying for a bank loan and trying to secure a merchant cash advance, most clients ask that all-too-familar question: “So, what’s the catch?”. We believe strongly that a “catch” is something that is hidden. And quite frankly, we have nothing to hide.
There is, obviously, a cost for the cash advance. Known as our “discount fee”, we tell our clients upfront the exact cost of the cash advance. That way, they know exactly how much they will have to pay back before even receiving their working capital five days later. There is no fixed repayment schedule, and as a result, there are no due dates that a business owner could possibly miss.
One thing we never do is call a business owner and make the proclamation that our program is “better” than a bank. We would never be so bold as to make such a statement. We want our clients to form their own opinions about which option they feel is better for themselves.
We feel that, with all fairness, if they actually have options to weigh against each other, they will be better equipped to decide what will work best for their businesses. One thing is for sure though.
Synergy Merchant Services is not in the business of declining business owners at the rate the banks do. It starts with you speaking to one of our licensed funding specialists who will review your Visa, MasterCard and Interac sales at no cost to you in order to provide you with the quote you need to make the decision that could change your business forever.