Frequently Asked Questions
Merchant cash advances are very simple. With that said, because they are not as well known as traditional loans, business owners often have a lot of questions. To help you understand how merchant cash advances work, we have answered the most frequently asked questions for you.
Q: What types of business qualify for a Merchant Cash Advance?
A: Any small or medium sized Canadian business that accepts debit and credit cards, regardless of industry or geographic location.
Q: How much money can my business receive?
A: The amount you can receive is based on an average of monthly Visa, MasterCard, and debit card sales. Our business financing range from $5,000 to $250,000 per location.
Q: How fast can I get Merchant Cash Advance?
A: In as little as 3 days! we evaluate your application within 24 hours. The total time required depends on your merchant processor – the company that provides your credit and debit card terminal.
Q: How do Merchant Cash Advances work?
A: After a filling out a fast and easy online application, you will receive a merchant cash advance based on your business' future debit and credit card sales. Remember: this isn't a bank loan, so there are no fixed payments and the repayment is tailored to your business sales.
Q: How does this compare to what my bank is offering me?
A: Banks offer traditional loans and lines of credit with fixed repayment amounts and due dates. They usually also expect you to have collateral, and have a longer approval process before you receive the money you need.
Q: What can I use the money for?
A: Anything business related: your merchant cash advance is viewed as working capital. Many of our customers use their advances towards: expansion, remodeling, inventory, payroll, advertising, and even sudden business emergencies.
Q: Do I need to change credit card processors?
A: No you do not
Q: Do I need to change my banking relationship?
A: No.
Q: What interest rate will I be charged?
A: There is no interest rate! We don't offer loans. A merchant cash advance is based on our purchase of your future credit and debit cards at a discount. You will be repaying over time at a fixed fee.
Q: What is my weekly repayment amount?
A: There is no fixed repayment amount or time-frame. You will not have to worry about making large payments when business is slow! How come? The same percentage of gross debit and credit card sales is applied every day. This way your repayment is adjusted to your business' cash flow.
Q: Can I repay earlier?
A: Yes, you may repay the entire amount back at any time with no penalty.
Q: What if I have bad credit?
A: We understand. We do not restrict our merchant cash advances to credit grades.
Q: What if my business is closed for a week on vacation?
A: No problem – you deserve a break! If there are no transactions taking place through your credit card terminal, then no repayments are made for that time period.
Q: Do I need to provide my personal or corporate financial statements?
A: No. We rely on an understanding of your merchant processor's historical data, which we would need your permission to obtain before proceeding.
Q: When is my repayment due?
A: There is no specified due date as your merchant cash advance is not a loan. The advance is repaid when the sum of daily withdrawals equal the specified amount. It's that simple!
Q: How do I get started?
A: The application takes only 5 minutes!
Merchant cash advances are very simple. With that said, because they are not as well known as traditional loans, business owners often have a lot of questions. To help you understand how merchant cash advances work, we have answered the most frequently asked questions for you.
Q: What types of business qualify for a Merchant Cash Advance?
A: Any small or medium sized Canadian business that accepts debit and credit cards, regardless of industry or geographic location.
Q: How much money can my business receive?
A: The amount you can receive is based on an average of monthly Visa, MasterCard, and debit card sales. Our business financing range from $5,000 to $250,000 per location.
Q: How fast can I get Merchant Cash Advance?
A: In as little as 3 days! we evaluate your application within 24 hours. The total time required depends on your merchant processor – the company that provides your credit and debit card terminal.
Q: How do Merchant Cash Advances work?
A: After a filling out a fast and easy online application, you will receive a merchant cash advance based on your business' future debit and credit card sales. Remember: this isn't a bank loan, so there are no fixed payments and the repayment is tailored to your business sales.
Q: How does this compare to what my bank is offering me?
A: Banks offer traditional loans and lines of credit with fixed repayment amounts and due dates. They usually also expect you to have collateral, and have a longer approval process before you receive the money you need.
Q: What can I use the money for?
A: Anything business related: your merchant cash advance is viewed as working capital. Many of our customers use their advances towards: expansion, remodeling, inventory, payroll, advertising, and even sudden business emergencies.
Q: Do I need to change credit card processors?
A: No you do not
Q: Do I need to change my banking relationship?
A: No.
Q: What interest rate will I be charged?
A: There is no interest rate! We don't offer loans. A merchant cash advance is based on our purchase of your future credit and debit cards at a discount. You will be repaying over time at a fixed fee.
Q: What is my weekly repayment amount?
A: There is no fixed repayment amount or time-frame. You will not have to worry about making large payments when business is slow! How come? The same percentage of gross debit and credit card sales is applied every day. This way your repayment is adjusted to your business' cash flow.
Q: Can I repay earlier?
A: Yes, you may repay the entire amount back at any time with no penalty.
Q: What if I have bad credit?
A: We understand. We do not restrict our merchant cash advances to credit grades.
Q: What if my business is closed for a week on vacation?
A: No problem – you deserve a break! If there are no transactions taking place through your credit card terminal, then no repayments are made for that time period.
Q: Do I need to provide my personal or corporate financial statements?
A: No. We rely on an understanding of your merchant processor's historical data, which we would need your permission to obtain before proceeding.
Q: When is my repayment due?
A: There is no specified due date as your merchant cash advance is not a loan. The advance is repaid when the sum of daily withdrawals equal the specified amount. It's that simple!
Q: How do I get started?
A: The application takes only 5 minutes!