Tips and Resources for Running Businesses in Ontario

Expanding your business is an exciting opportunity, but it can also present serious challenges. One of the most common is actually cash flow issues. How? If the business is growing, shouldn’t you have more money flowing in? Business may have increased, but you might need to pump money into equipment or hiring new staff so you can keep up with demand. Until you can get that new computer system or hire that extra person, your customers are experiencing a bumpy sort of service. Your income could be uneven as a result, as you might not have the products they want when they want them. You might have trouble getting invoices out on time. Does this sound like your business? A merchant cash advance could be just what the doctor ordered. The benefits of an MCA could help you manage the cash flow issues presented by an expanding business. Here’s how.

Merchant Cash Advances Help You Get the Cash You Need

A merchant cash advance, or MCA, gives you access to funding based on your future credit card or debit card sales. The lender will look at your past sales, then extend you an advance as a percent of estimated future sales. That means the more sales you’re likely to make, the bigger the advance can be. In turn, you can invest it into whatever you need it for. That’s because the MCA doesn’t have to be directed towards certain goals, unlike an equipment loan or a payroll loan. You can use the funds for what you need, when you need it.

MCA Repayment Terms Are More Flexible

Another bonus of a merchant cash advance for a growing business is that the repayment terms are more flexible. With a traditional loan, you’ll have a set payment that you have to make every month. With a growing business, income can be unpredictable. That, in turn, could lead to situations where you’re crunched for cash. You may feel squeezed needing to make your monthly loan payments. That could lead to bigger problems, such as a poor credit score or even defaulting on a loan. Since an MCA is made against your future sales, you pay it back as you make those sales. If your sales dip lower than expected, then your payment falls too. If you make more, then you can pay your loan back faster.

It’s Faster to Get a Merchant Cash Advance

If you find yourself in a pinch over payroll or other financial obligations, then you might wonder what choices you have to get the funding you need. A merchant cash advance is much faster than getting a traditional loan. That makes it the perfect stop-gap measure for a growing business. Whether an unexpected expense crops up or sales grew slower than you’d hoped, an MCA can help you make up the difference.

Need Some Cash?

If your growing business needs a quick influx of cash right away, then it’s time to get in touch with a merchant cash advance provider. With their help, you can keep your business growing the right way.

When considering financing options for your small or medium-sized business, a merchant cash advance (MCA) may seem like the perfect alternative to a traditional business loan. While there are certainly many benefits to this type of lending choice, there are also some cons to keep in mind when determining whether an MCA is right for you. Learn more about pros and cons of a Merchant Cash Advance.

Benefits of Merchant Cash Advance

PRO (Benefit):  MCAs are available to those with poor credit

Business loans typically require a business owner and business to have good credit ratings. On the other hand, merchant cash advances consider your future sales projections, not your credit history. Since MCAs are repaid using future credit and debit revenue, a poor credit rating and collateral aren’t relevant to the lender.

PRO(Benefit): MCAs get you cash faster

The approval process for a merchant cash advance is much quicker than a business loan. In some cases, a business owner can have the money requested in their bank account in less than 48 hours.

Cons of Merchant Cash Advance

CON: Lenders are unregulated

The MCA industry is largely unregulated, which makes it possible for some lenders to charge hefty interest fees and take advantage of their customers. Be careful, read reviews, and ask questions of your lender before you decide on a merchant cash advance.

CON: Daily deductions can hurt cash flow

Repayment of a merchant cash advance occurs by deducting funds from credit card receipts, sometimes on a daily basis. Make sure to check with your MCA provider the repayment details of the plan you are signing up for.Merchant cash advances are an alternative lending method for small business owners who need cash fast and may not have the collateral or credit to get bank loan approval. However, before you apply for an MCA, make sure you do your homework, ask questions, think about pros and cons of a Merchant Cash Advance and if you need advice on alternative lending solutions, we are always here to help.

Almost three quarters of business leaders say they aren’t prepared for a cyberattack. As breaches become more common, business owners and IT experts must protect their businesses. These five best practices make securing your business online easier.

1. Educate Your Employees

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‍One of the best things that helps securing your business online is to train and educate your employees. With the right training, they’ll be able to use the right security techniques.

2. Stay Up to Date

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‍Another important step you can take towards online security is updating your software. Software developers are always testing and patching potential problems. These patches and updates help keep your business more secure.

3. Firewalls Secure Your Business

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‍A firewall protects your internal networks from outside threats. If you let employees bring their own devices, these security measures are even more important.

4. Limit Access to Your Network

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‍Another important step is limiting who has access to the Internet through your networks.Secure access by creating accounts and monitoring privileges. If you have a public network, be sure to change the password regularly. That way, cybercriminals can’t gain access through hijacked devices that have stored login information.

5. Invest in Website Security

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‍The last step to creating online security for your business is to secure your website. Invest in an SSL certificate. Make sure you’re compliant with standards such as those for the payment cards industry.If you’re not sure what security measures you can take, ask your host. Online security isn’t just your responsibility. The partners you work with should also take steps to protect your information and your business.If you require quick access to cash to support your business online – a merchant cash advance is the fastest and easiest way of getting the necessary funds. Talk to us to discover options on how we can help you secure and grow your business.