Halloween is coming up soon! So, we can’t help but think about the concept of “treats” right now. As a business owner, you’ve probably come up with a bunch of ways that you thought would treat your business to better success. But not all of those ways were feasible. Money, or lack thereof, stood in your way.
What if you had the money you needed to treat your business to some upgrades?
Are you looking to renovate? Advertise? Hire new employees? Expand? Move locations? Obviously, a significant budget is required for any of these ventures. And if you had the money, you’d likely follow through on your plans. At Canadian POS Corporation, we make it easy for small and medium-sized business owners in Canada to get their hands on the money they need to grow their companies.
As long as you accept credit cards and debit cards as methods of payment in your store, you’re in luck! A merchant cash advance is the purchase of a merchant’s future credit card and debit card sales. By advancing the money to a business owner, it is his/her money to do with as he/she pleases. Because it isn’t being borrowed, there are no credit checks necessary and no collateral is required. Funding, therefore, usually takes no more than 24 hours!
Knocking those two bank loan necessities out of the way really helps to speed up the process. To approve your application, our licensed funding specialists simply look at your monthly credit card and debit card sales. This helps them to determine the average amount you make through these payment sources on a monthly basis. With that average in mind, they then are able to offer you a free, no obligation quote that includes the amount of the cash advance and its one-time fee.
What is the cost of a merchant cash advance?
It all depends on how much money a merchant processes each month. This is the importance of the quote. It would be unreasonable to quote anyone without first taking a look at his/her monthly credit card and debit card sales. It’s important to note, as well, that no business owner is ever obligated to take the money offered in the quote. He/she may take a lesser amount and a lower charge, or none at all.
It’s all about meeting the specific needs of your business. Obviously, different business owners require different amounts of extra working capital for different reasons. But, as mentioned earlier, what is so great about the program is that it meets the needs of business owners quickly. As is often said, “time is money”!
What is the sweetest part of our merchant cash advance program?
For most of our clients, it’s all about the repayment process. There is no repayment schedule! Instead of making regular monthly payments as one would to repay a business loan, payments are made automatically through a small percentage of his/her credit card and debit card sales. That way, we only get paid when a merchant gets paid first!