A Note From Lauren
This year will mark the 3rd holiday season that Merchant Cash Advances are being offered into the Canadian Market. Working for Advanceit for the past 3 years, I have noticed a lot of changes and advances (no pun intended) in the Merchant Cash Advance market. The obvious change is the level of knowledge merchants now have about the program. This holiday season merchants who are seeking out Canadian merchant funding are searching online, asking their friends and finding Merchant Cash Advances as their funding alternative. Merchants are starting to shop around, they are contacting multiple merchant funding companies to find out the differences between the programs and the best rates.
The largest change that has probably occurred is the bank’s unwillingness to provide working capital to small and medium sized businesses in today’s economy. Three years ago, merchants would ask what are the benefits of a merchant cash advance over receiving financing from the bank. Today, this question is never asked as the bank is no longer an option.
In my opinion, all these changes are natural and positive. It is a good thing for the industry that merchants are aware of the program and how it works as well as know all their options prior to signing up. After 3 years, merchant funding is now a known and viable option for merchants to help them gear up for this holiday season.
