How Can A Merchant Cash Advance Help Your Store More Than A Bank Loan?

Business owners from all over Canada often face the exact same concerns when approaching their plans for business growth. They know they need extra working capital to put their plans into action. But they also know that getting money from their banks will be hard sells. It’s no secret that banks have long lists of requirements in order for merchants to secure business loans. It’s doesn’t make business growth all that easy.

“Traditional lenders, such as banks, are often reluctant to extend traditional loans to businesses with poor or bad credit,” confirms Kabbage.com, “Such businesses will be deemed ‘too risky’ and will have great difficulty in securing a traditional bank loan for their business needs. This can be a problem for many small or online business owners who need the capital to purchase additional inventory, produce goods, or operate their business.”

What makes it easier to attain a merchant cash advance? Well, let’s begin with the fact that the long list of requirements that banks have are non-existent in the application processes for merchant cash advances. For example, a poor credit history doesn’t come into play. There is also no request for collateral. And there is no need for a detailed business plan – banks generally require specific information about how their money will be used by their borrowers.

“One important different between an MCA and a line of credit is that the cash advance company does not require upfront assets as collateral,” explains ComcapFactoring.com, “While the finance company does take a lien against all (or most) of your company assets, you do not need to have high assets to get funded. The main requirement is to have a good sales track record and a strong potential for future sales.”

How fast can a merchant attain extra working capital from a merchant cash advance? At Canadian POS Corporation, we’ve been known to fund businesses within 24 hours! The speed by which a merchant attains money from this process is one of the biggest differences between merchant cash advances and bank loans. The loan application process itself can often take several weeks.

“One of the biggest positive factors for small or online businesses when considering these kinds of business advances is getting the cash quickly,” reports Kabbage.com, “Business cash advances do not take as long to process as traditional bank loans. In fact, some cash or capital can be delivered to the business within hours of submitting an online application. This is good news for business owners who simply don’t have the time to wait for long processing that is typical of many banks and larger lenders.”

How can you apply for a merchant cash advance? It’s as simple as allowing one of the licensed funding specialists at Canadian POS Corporation to review your monthly credit card and debit card sales statements. Using this information, he/she will be able to provide you with a free, no obligation quote that will include the amount of the cash advance you’re eligible for and its one-time fee. And, as mentioned, you can receive your funding within 24 hours!

As Canadian business owners ourselves, we understand that when an opportunity or unexpected emergency presents itself, timing is everything. That’s why we ensure an easy application process with minimal paperwork, fast decisions and a quick deposit of funds in your account. For more information about our merchant cash advance program, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.