What is a Merchant Cash Advance?

 

Advanceit is the only Canadian source of Merchant Cash Advances. We provide our customers with financing to help grow their businesses!  Unlike traditional loans, Merchant Cash Advances have no fixed payments, timeframe or interest rates. It is the purchase of future debit and credit card sales at a discount and it is repaid directly through a small percentage of your daily sales transactions. In order to obtain the merchant funding, customers must have a relationship with an approved merchant service provider, for your Interac and Credit Card Processing.

Advanceit approves businesses in industries that banks often reject and makes the process of obtaining working capital easier and more accessible than through traditional loans. We understand the unique challenges that small businesses face when trying to acquire financing. That’s why our program is tailored to help Small and Medium-Sized Enterprises (SMEs) achieve growth and increased profitability without having to deal with the red-tape encountered when dealing with financial institutions. Business owners do not have to put up outside collateral to qualify or go through the loan-qualification process. If your business has a slow month, you will not have to struggle to come up with a loan payment. Ensuring that we only get paid once you get paid!

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Once Approved, you Receive from Advanceit:

  • A lump sum of cash, immediately, deposited directly into your bank account

Working Capital can be used towards:

  • Expansion
  • Equipment
  • Remodeling
  • Inventory
  • New Product Lines
  • Advertising Programs
  • Marketing
  • Recruitment
  • Payroll
  • Consolidation
  • Emergencies
  • Menu Design
  • Rainy Day Fund
  • Bills or taxes
  • Help get your business through your slow seasons
  • Extra on hand cash flow
  • YOUR BUSINESS’ GREATEST NEEDS
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The Benefits Are...

 

  • No fixed repayment schedule- we get paid when you get paid!
  • Payments correlated to your sales! – if sales are low, your payments are low
  • No fixed timeframe – there is no due date!
  • NO LOCK-BOX - You keep your own bank account all your sales go to you first!
  • No switching processors - Keep your processing where it is!
  • More responsive alternative to traditional bank loans
  • Quick, easy and short application form and process
  • No fee, no obligation application process
  • No outside collateral to qualify
  • No loan qualification process like traditional lending companies
  • Funding within 10 days
  • Funding up to 125% of your monthly sales volume
  • Completely automated
  • More lenient credit requirements than banks
  • Simpler process than traditional factoring
  • Fastest and easiest way to obtain cash flow
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Payment Schedule - Flexible Payment Plan

 

Here's how it works...

Advanceit buys a fixed dollar amount of your future debit & credit card sales at a discount. Through an automated process, we debit a small percentage of your daily sales from your account, only after the sale is made. As your sales fluctuate, so do your payments, ensuring no fixed timeframe and no fixed payment schedule. The rate at which we collect your money is determined by your specific business needs and a review of your average monthly payment processing.

 

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Program Requirements

 

  • In order to qualify your business must accept either Visa, MasterCard, Amex or Debit
  • You must process a minimum of $7,500 per month in combined Visa, MasterCard and debit sales
  • You have been accepting debit and/or credit cards at your business for a minimum of 6 full months.
  • You own a business (or you have recently purchased a business) that has been opened for a minimum of 1 year
  • You must be current with your landlord (we do perform a landlord verification call) or current with your mortgage if you own the building.
  • You can not have any open bankruptcies in the last 24 months