One of the biggest problems faced by Canadian business owners who have successfully secured loans from their banks is adhering to the strict repayment schedules. Each and every month, by a certain date, a specific amount is due. If that amount is not paid by that date, it results in problems for the borrower. An increased interest rate, late fees and a poorer credit score are among them.
How do merchant cash advances help Canadian business owners avoid repayment problems?
At Canadian POS Corporation, we offer a merchant cash advance program that has no repayment schedule. Instead, we receive payments through small percentages of a merchant’s future credit card and debit card sales. The process is an automated one. Basically, our clients don’t make any payments until they are paid first!
Of course, not all business owners have that luxury as the concept of the merchant cash advance is still a foreign one to them. As a result, they place themselves into debt, worrying about how they’re going to be able to pay off the loans they borrowed from their banks. In some cases, it takes business owners more time than they expected to begin turning profits. Once their sales increase, making monthly payments is easier for them to handle.
However, during slow months, keeping up with monthly payments can be difficult. Because our merchant cash advance program works specifically with the ups and downs of the sales of our clients, none of them ever have to worry about being able to afford a payment. Again, we only get paid when they make a sale. This is one of the top reasons why the merchant cash advance concept is catching on all throughout Canada.
How quickly can business owners secure extra working capital through our program?
Believe it or not, our clients often get their money within 24 hours! This is because the process by which they are approved is such a simple one. Our licensed funding specialists review their monthly credit card and debit card sales to determine how much of an advance they would be eligible for. Without credit checks or the need for collateral, the approval process is so much quicker than that of a business loan.
What is also great about our program is how it helps for Canadian business owners to avoid debt. You see, when you’re in debt, you have to come up with inventive ways to get out of it. Transferring balances from one account to another is one way. This is available to those who have more than one line of credit or credit card. However, the ability to transfer balances – especially large ones – doesn’t come easy.
Only those with good credit scores are generally approved for that much credit. And this is another reason why so many business owners get their bank loan applications turned down. Our approval rates are high because we don’t look at credit scores. We look for business owners who are determined to invest their extra working capital into ideas that will help grow their businesses!
Are you looking for a real opportunity to grow your business?
If so, contact Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost and be sure to ask about our unique merchant cash advance program today!