Can a Merchant Cash Advance Help My Canadian Small Business

If you are wondering whether a merchant cash advance can help your Canadian small business, the answer is yes.

Merchant cash advance lenders offer an alternative way to finance a business. A merchant cash advance can be used in conjunction with other sources of business financing, such as grants, friends and family, and personal savings, or it can be used alone.

Depending on the total monthly credit card sales of a small business, a borrower can receive anywhere from $5,000 to $500,000 dollars.

Usually, a business that processes at least $2,500 per month in credit card sales, can receive a merchant cash advance.

Why a Small Business Can Benefit From a Merchant Cash Advance:

The repayment process is specifically designed for small retail business owners.

Merchant cash advance borrowers have the chance to revel in the unique repayment process of their loans. A merchant cash advance actually promotes business due to the way the payback is designed.

Repayment for a merchant cash advance comes from your business’s credit card sales. What does that mean? You only make a payment when your business makes money. So does that mean if your business doesn’t make any money on a particular day, you will not be responsible for any loan repayment at that time? Yes!

A funding specialist from the merchant cash advance company that you choose to work with will evaluate your business’s current monthly credit card sales, current monthly gross sales, and the amount of money that you desire to receive. Then, you and the funding specialist will come up with a loan amount, and the percentage of your business’s future credit card sales that will go towards your merchant cash advance repayment.

After your account has been funded (a process that can take as little as ten business days), that percentage will be deducted from your business’s daily credit card sales, until your merchant cash advance is completely paid off.

A merchant cash advance can be renewed.

Unlike most small business loans, merchant cash advances can be renewed, usually once 60 percent of the balance has been paid. There is no limit to the amount of times that a borrower can renew his/her merchant cash advance. This feature allows small business owners to have accessible cash whenever they need it, without going through the hassle of completing long applications, and waiting long periods of time before they can actually see their money.

When you receive your first merchant cash advance, of course, you will need to complete a short application and provide the last four months of your business’s credit card statements; but every time after that, you simply have to sign a few documents, and you can get your money in as little as 48 hours.

There are no limitations or restrictions on how the money can be used.

Every small business owner has individual needs that are unique to his/her own particular business. It is for this reason that merchant cash advance providers do not set any restrictions on how a merchant cash advance can be used. As long as your business’s credit card sales history shows an ability to repay a merchant cash advance, you can use the money however you choose. Merchant cash advance providers do not attempt to intervene in your business; that’s not their job. Merchant cash advance lenders simply make sure you get the money you need as quickly as possible, and from then on, all of the decisions are up to you.

You might grab a double shot of espresso when you’re energy is running low, but what do you do when your small business could use a quick pick-me-up? How does a double shot of cash sound? You can get exactly that with a merchant cash advance.

Merchanct Cash Advance
Small business owners in Canada can get a merchant cash advance