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In our last blog, we highlighted a few things about Synergy Merchants’ unique merchant cash advance program that make it a significantly easier path for Canadian entrepreneurs to attain business funding. We pointed out the fact that the approval process is far kinder to business owners than that of a business loan from a bank since one’s credit history doesn’t come into play and no collateral is necessary.
We also noted that the fact that there is no repayment schedule eases the pressure of having to repay the advance, especially since it helps business owners to avoid accruing interest charges.
But what is the first step necessary to attain a merchant cash advance?
It all starts with the free quote! At Synergy Merchants, we recognize that not all business owners are fully aware of how merchant cash advances work. So we insist upon providing all of the pertinent information about one’s opportunity to take an advance – completely free of charge! All we ask from a business owner is his/her monthly statements that contain his/her credit card and debit card transactions.
By taking a look at these monthly statements, our licensed funding specialists are able to determine a merchant’s average monthly sales amounts via credit and debit. It’s this number that enables our team to develop a free quote that includes the amount of the merchant cash advance that a business owner is eligible for.
What other information is contained within the free quote?
In addition to learning how much you can be approved for, you will also learn the cost of the advance. As we mentioned in our last blog, there is no interest rate on a merchant cash advance. Unlike a bank loan, no interest charges accrue on top of an outstanding balance over time. Instead, a one-time fee is charged.
This amount is also determined, in part, by the amount of the advance taken. The one-time fee becomes part of the total amount of a merchant’s repayment. It does not grow over time the way one’s interest charges do. That means that from the outset, a business owner is aware of exactly how much he/she will owe in total for taking the advance.
There are no surprises!
It doesn’t matter if it takes you six months or two years to repay the advance, the one-time fee will remain the same. With that said, it’s important that we remind you how the merchant cash advance is paid back. With each of your future credit card and debit card transactions, a small percentage will automatically be used to repay the advance.
That means that we only get paid after you get paid first! With our program, there is no such thing as being late since there is no repayment schedule. That means no late fees and no impact on your credit score!
Why not get yourself a free quote for a merchant cash advance today?
It’s easier than you may think! To get the ball rolling on getting your free quote, please don’t hesitate to call Synergy Merchants at 1-877-718-2026 or email us at email@example.com.