All businesses need money to operate and grow. And, as we pointed out in our last blog, Canadian POS Corporation offers Canadian business owners a fantastic way to get their hands on extra working capital quickly. Our merchant cash advance program gives business owners the opportunity to receive funding in as little as 24 hours! And while getting money fast is an excellent trait of our program, we’d argue that it’s not even the best part.
So what is the best part about our merchant cash advance program? We’d have to say it’s the repayment process. Now, we’re not talking about enjoying this part of the program because it’s how we get our money back. A lot of our clients have actually told us that the ease by which they are able to pay back the advances is their favourite aspect of the program. And that’s because there is no repayment schedule!
To better understand why having no schedule is so fantastic, we’ll have to examine what business owners are used to – bank loans. With a bank loan, one is required to make minimum monthly payments. It doesn’t matter if the business is experiencing a slow period or is yet to recoup any funds based on what was spent – the payment is due by a specific date, no exceptions.
If the payment is not made on time, a late fee is often placed on the account as a penalty. As well, one’s interest rate may increase when a payment is made after the due date. In addition, a late payment reflects negatively on one’s credit history. Needless to say, it doesn’t pay to not pay on time when you’re borrowing money from a bank. The way a merchant cash advance is paid back, however, is much different.
How does one pay back a merchant cash advance? A merchant cash advance is paid back automatically through a small percentage of a merchant’s credit card and debit card sales. In other words, any time a merchant processes a sale that is paid for with either credit card or debit card, a small percentage of the transaction is automatically used as a payment. That way, we only get paid when our clients get paid first.
It also ensures that no payment is unaffordable. Again, our clients must earn the money first in order for us to receive a cut. Because this is the way the repayment process works, there is no schedule. That means that there is no such thing as being late. No interest accrues on the balance. There are no late fees. And there is no impact on one’s credit history whatsoever.
How can you get your hands on a merchant cash advance? It’s as simple as allowing one of our licensed funding specialists to review your past credit card and debit card sales. Based on the review, he/she will be able to offer you a free, no obligation quote that includes the maximum amount of the cash advance you’re eligible for and what it would cost you.
You could literally be 24 hours away from getting the money you need to grow your business! And, as you know, you won’t have to worry about a repayment schedule! For more information or to get that free, no obligation quote, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.