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4 Benefits of a Merchant Cash Advance for Small Businesses

A Merchant Cash Advance (MCA) is a type of business financing that benefits a small business owner in many ways. An MCA is designed to be accessible, seamless and convenient for Canadian small business owners. The biggest benefit of an MCA is that it works with the ebbs and flows of your business. The loan repayment method is on a daily basis, allowing you to make “bite-sized” payments, rather than large lump sums. It is easier to get approved for, because it is not only based on your personal credit score, and bears a lower borrowing risk. It has an insignificant impact on your operating costs (a debit/credit card). Lastly, the whole process of getting upfront capital, without upfront collateral can be completed in as little as 2 business days.

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Merchant Cash Advance (MCA) is one of the most beneficial types of business financing available to small business owners.

1. Payback in small amounts, ONLY when you get paid!

1. Payback in small amounts, ONLY when you get paid!

The merchant cash advance is on a daily repayment basis. Sounds scary? It’s not. The repayment is a small percentage of your daily sales that is deducted from your batch out. Since it’s a percentage, you have a low amount. Also, since the repayment method is on a daily repayment plan, the amounts are bound to be smaller than the monthly payments.

Tip: Did you know that Thinking Capital rewards you for making lump sum payments in your daily repayments? If you pay back the loan than anticipated, you get a 10% discount off your borrowing price!

2. Does not negatively affect your credit score

2. Does not negatively affect your credit score

A merchant cash advance does not show up on your credit card. This is because a cash advance is a cash transaction, not a credit-based loan. Also, it does not help your credit utilization. It can also be used to increase your credit score, which increases your credit score.

3. Requires no upfront collateral – low-risk financing option

3. Requires no upfront collateral - low-risk financing option

The merchant cash advance provides you with a quick upfront capital, with the risks associated with it. There is no upfront collateral required, making it safer option than collateral based loans. MCAs do not just rely on your credit score, so bad credit business owners can still be approved.

4. Easy application and quick financing

4. Easy application and quick financing

The application for a cash advance with Thinking Capital is a quick and painless process. You can easily apply for an MCA in under 10 minutes. To apply, you only need three pieces of documentation:

  1. Business Bank Statements
  2. Void Check
  3. Government Issued ID

Once you have completed the application, expect a verification call within 30 minutes. If everything goes well, you can have your capital upfront in as little as 2 days. Yes, the entire process takes 2 business days.