Frequently Asked Questions
How do business cash advances work?
The lender, Business Cash Advance Canada in this case, will pay you money in exchange for a percentage of your future credit card sales, until the payback is completed. This will give you the up-front money your business needs. Often times the business owner will be approved with an imperfect credit history record, making a merchant cash advance a popular funding choice amongst small business owners.
How long does my business need to be open to qualify for a business cash advance?
We require businesses to be open for at least one year before we will consider offering them a merchant cash advance.
How does Business Cash Advance Canada make money?
Future credit card sales are purchased at a discount therefore a $10,000 up front cash payment may end up costing the business $10,500 in total or more. As part of our process, we will fully disclose all costs to you prior to commencing.
What can I do with the money?
You can do whatever you want with the money we fund you. Most people use the money to take advantage of growth opportunities within their sector, to upgrade equipment, for advertising or even to acquire other businesses.
How long does it take to get approved?
Once we receive your application it usually takes less than 1 business day to be approved.
Can I pay the balance back early?
Yes, if your business is doing well and you have extra money, you can quickly eliminate your obligation.
What kind of collateral is required?
None. We rely on your records of business performance to grant funding.
Can I receive funding cash more than once?
Yes and because of our prompt customer service, efficient application processing and convenient online interface, many of our clients do.
Are you currently accepting payments using credit or debit cards at your business? If so, we can probably help you find the money you need fast. Apply Now!