August 28, 2016

FAQ

For your convenience, our most common customer questions are answered right here.

Not finding what you want? Reach out directly through our Contact Us page.

Q: How do I know if my business qualifies for a merchant cash advance?

A: If your business has a physical location, there is more than six (6) months left on your lease, you’ve been in business for at least six (6) months, and you process at least C$5,000 per month in debit/credit card sales, then you meet our basic qualifications! Find out exactly what you qualify for by filling out our online application form and a Relationship Manager will contact you within 24 hours.

Q: Do I get a discount if I pay my balance early?

A: Yes – at any time you may pay the entire remaining balance of payments.

Q: Does it matter who my debit/credit card processor is?

A: It does not matter who your current debit/credit card processor is. The automated system has been designed to work with all major processing companies. We do not need you to switch from your current processor – we are not in the business of payment processing, we are in the financing business!

Q: How much does a merchant cash advance cost?

A: Applying for a merchant cash advance is absolutely free – there is no charge and no fees associated with the application process. The size of the fee for your merchant cash advance depends on a number of factors including the size of the advance, the size of your business, the industry you are in, the level of seasonality in your business, and the size of your average sale, among other things. Find out exactly what you qualify for by filling out our online application form and a Relationship Manager will contact you within 24 hours.

Q: How much does a merchant cash advance cost?

A: Applying for a merchant cash advance is absolutely free – there is no charge and no fees associated with the application process. The size of the fee for your merchant cash advance depends on a number of factors including the size of the advance, the size of your business, the industry you are in, the level of seasonality in your business, and the size of your average sale, among other things. Find out exactly what you qualify for by filling out our online application form and a Relationship Manager will contact you within 24 hours.

Q: I am planning to buy equipment with my merchant cash advance. Can we setup the transaction as a form of secured equipment financing and save on my merchant cash advance fee?

A: Each situation is unique. Our Lenders maintain a flexible approach and have the resources to tailor financing solutions for a variety of circumstances. To the extent that you are using your merchant cash advance funds on new equipment, the transaction may be set up as equipment financing. If you have other collateral you are able to offer (personal property or otherwise), this may also be used to lower the cost of your advance. However, putting up collateral is completely optional. We just believe in giving you the choice so that we can offer you a better price! Please contact us to discuss the specifics of your situation.

Q: Will bad credit affect my Application?

A: Although your credit score is a factor in the decision, there are many other factors that play into the decision of whether or not to advance cash to your business. Having excellent credit is not a pre-requisite. Also, your merchant cash advance will not affect your credit score. Apply now and see how much you qualify for!

Q: How often do I have to make payments?

A: The process is fully automated so you never have to worry about making a payment. The Lender only gets paid when you get paid and the automated process collects a specified percentage of your debit/credit card sales on a daily basis. In the case of a merchant advance loan, a small fixed payment is electronically debited from your business bank account each business day. This continues until your balance is settled. Very easy with no worries!

Q: I already have financing in place with a similar financing company. Can you replace my current cash advance at a lower cost or offer me more money?

A: Contact us to find out how much our Lender are able to offer you – the advance fees are very competitive and the advance may be able to pay off your existing balance if it is in your best interest! Fill the form out today!

Q: Can the daily percentage change after the account has been funded?

A: No – once the daily retrieval percentage (or “withholding percentage”) has been set it stays the same until your outstanding balance has been satisfied. However, our Lender does the best to ensure that your business will remain profitable during the program. As such, the withholding percentage is small and typically set to between 2-10%.

Q: What is the length of a typical merchant cash advance program?

A: By analyzing your historical debit/credit card sales volumes it will establish targets for the length of your merchant cash advance program. A program can be designed to last anywhere from 3-10 months and the amount of cash that can be advanced to you depends on the length of the program. However, the length of time it actually takes for it to get paid back depends on how well your business does (the lender doesn’t get paid until you get paid!). Apply now online and a Relationship Manager will contact you to discuss which options best suit your needs. Fill out the form today!

Q: If I already have a business loan, does this impact my ability to get a merchant cash advance?

A: As long as you meet the easy qualification requirements you may be eligible for a merchant cash advance – because the product is not a loan (it is a purchase of a portion of your future debit/credit card receivables), then it is possible to provide cash for your business without affecting your other obligations. Please contact us by filling out the form to have a Relationship Manager discuss the specifics of your situation and to determine whether you are eligible for the merchant cash advance program. 95% of all applicants are approved!