It's no secret that Canadians enjoy making payments for their purchases using credit and debit…
A merchant cash advance is quite simply the quickest and easiest way for a Canadian business owner to get money for his or her business. Period. Well, actually we’ll keep going! See, many business owners remain skeptical of our merchant cash advance program because they are convinced that it is simply “too good to be true”.
We find that to be a very interesting statement because it is very telling about the traditional bank loan process. Of course, entrepreneurs are well aware that approaching a bank to secure a loan is no easy task. Business owners are expected to put themselves heavily at risk when asking to borrow money.
Most know full well that they will be asked to put something of great value up for collateral. This could mean losing their homes, cottages, cars or even their businesses if they default on their payments for some unfortunate reason. Business owners also know that interest rates will ensure that they will continue to accrue charges on their outstanding balances for as long as they have them.
So when a company like Synergy Merchant Services comes calling and offers money with no collateral, liens, interest rates or fixed repayment schedules, it is not uncommon for its owner to recoil in sheer disbelief. However, we would like to present some facts about our program as clearly as possible to quell some fears that are out there.
We do not request any collateral or liens because it is virtually impossible to default on a payment. The repayment process is an automated one. Therefore, it is impossible to forget to make a payment. There is no schedule that one has to adhere to when making these payments.
Instead, payments are seamlessly made each and every time a merchant processes a credit or debit transaction in his or her establishment. Our “withholding percentage” refers to the small percentage of future transactions that will automatically be used as a method of payment. So Synergy literally never gets paid until the merchant is paid first.
Some merchants may take six months to pay back their cash advances. Some others may take double that time. No matter what, there are no penalties for taking longer to pay back. Our program works with each business based on their specific needs. So even though we know that our program is great, we don’t exactly feel that it is “too good to be true”!