We know – there’s only a little over two weeks away until Christmas! But, the way we see it – that’s plenty of time for you to launch a marketing campaign that can generate more business for your store. And we know what you’re thinking – you can’t afford to launch a new campaign right now. Generally speaking, this is something we would understand, here at Canadian POS Corporation. And that’s because getting a business loan is hard to come by.
Is there any easier way to get your hands on some extra working capital? There sure is! We’re happy to offer Canadian business owners who accept credit cards and debit cards the opportunity to get merchant cash advances so that they can follow through on their plans to boost holiday sales. It’s an ideal solution since the differences between our program and the process of applying for a loan are many.
What are the differences between merchant cash advances and business loans? Let’s start with how quickly you can get the money. You can actually be approved and funded within 24 hours. We’re not joking! The process is incredibly quick as it prioritizes your need to attain extra working capital to invest into your business. The reason the process is so quick is because the money isn’t a loan.
A merchant cash advance is actually the purchase of future credit card and debit card sales. In other words, we would be advancing you the money that you would inevitably be making through processing transactions in your store. That way, you’re not borrowing any money. You’re being paid for your future sales. As a result, there are no credit checks or collateral required. As you’re likely aware, these are necessary elements of business loan applications that often take up a lot of time.
Another major difference between a merchant cash advance and a business loan is the way in which the money is repaid. With a bank loan, a borrower is required to make monthly minimum payments by specific due dates. If those payments are not made on time, the borrower is considered late and is often penalized with a late fee. As well, his/her interest rate may increase – especially if the account is considered to be in default.
With a merchant cash advance, the money is repaid only when the merchant makes a sale. It’s an automatic process that happens each time a credit card or debit card transaction is processed. In other words, we only get paid when a merchant gets paid first. There is no repayment schedule. Therefore, there is no way for a merchant to be late with a payment. No interest is charged, and of course, there are no late fees!
What is the charge for a merchant cash advance? Merchants are charged one-time fees, not interest rates. The fees depend on the amounts of the cash advances taken, among some other factors. The amount of the one-time fee is simply added to the amount of the merchant cash advance to represent a total repayment amount that is all paid back through the same process.
By getting your hands on some quick cash, you can launch the marketing campaign of your choice in order to boost sales over the next couple of weeks. For more information about our merchant cash advance program or to receive a free, no obligation quote from one of our licensed funding specialists, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.