Have you ever had a business loan application denied by your bank? There are several reasons you may not have been approved. Do you have a poor credit score? Were you unable to provide any collateral? Was your business plan incomplete? Have you been in business for a short period of time? If you’ve answered “yes” to any of these questions, it is possible your bank used that reason to deny your application.
Approval for a merchant cash advance is easy.
With a merchant cash advance, you don’t have to worry about any of the above requirements. This is because, when you apply for a merchant cash advance, you are not applying for a loan. You’re not borrowing any money. Instead, you are getting an advance on your company’s future credit card and debit card sales. A merchant cash advance is, in effect, a purchase of a portion of your future sales.
“They’re a viable alternative to a small business loan,” Jamie Johnson of Business News Daily says of merchant cash advances, “Some businesses don’t have the credit history or business experience to qualify for a small business loan. MCAs are a good alternative, provided that you can show a high volume of credit card transactions.”
Merchant cash advances enable you to secure funding quickly for your company.
Instead of going through a long and drawn-out process, a merchant cash advance application is fairly quick and easy. There is minimal paperwork and in about 24 hours or less, you can receive the funds in your bank account.
As Johnson reports, “MCAs are easy to apply for, and the approval process is quick. Unlike with small business loans, MCA paperwork is minimal, and you could receive the funds within a few days.”
The repayment process is the best part.
For many Canadian business owners who take advantage of merchant cash advances, the repayment schedule is a highlight. With a loan, you are required to make minimum monthly payments. Interest accrues on the outstanding balance. This is much like how you would pay off credit card debt. With loans, the longer it takes you to pay, the more you pay over time. If you’re late with a payment, you could incur penalties and the potential of an increased interest rate.
With a merchant cash advance, however, there is no repayment schedule. There is also no interest rate. Payments are made automatically through small percentages of each credit card and debit card transaction in your store. If sales are good, your payments are made quicker. If sales are slow, your repayment will take longer. However, there are no penalties or late fees. When you accept an advance, you simply pay a one-time fee. No matter how long it takes you to repay, you will not have any additional charges added to your balance.
Apply for a merchant cash advance today!
As Canadian business owners, we understand that when an opportunity or unexpected emergency presents itself, timing is everything. That’s why at Canadian POS, we are happy to offer you the funds your business needs in less than 24 hours! To apply for a merchant cash advance, please don’t hesitate to call us at 1-877-748-2884 or send us a message on our Contact Us page!