How Does Merchant Cash Advance Work?

It is very obvious to consider a merchant cash advance if you are in need of fast money for funding your business. The product is also popularly known as the “business cash advance”. It is almost similar to a “paycheck advance” that is often provided to the consumers. But the question is about how merchant advance cash works, how much does it cost etc always remain unanswered. Therefore, we have enlisted down some basics so that readers can get to know more about business financing.

Merchant Cash Advance in Canada

What is exactly a merchant cash advance?

A company that provides merchant cash advance in Canada offers small business entrepreneurs an advance that can easily be applied against their future sales. This genre of financing is mainly helpful for those businesses which tend to have a steady number of credit card sales. This also includes medical offices, restaurants, retail stores etc.

Individuals have to apply for it first. The documents that are most needed are:

  • Individuals need to bring proof of their identity. This can include their state-issued ID card.
  • All credit card processing and bank statements are also required.
  • Individuals are also required to submit their business tax returns.

It is recommended to be well-aware of your credit scores. During the process, the lender can also run a quick soft credit check on the borrower’s personal credit.

What are the benefits of a merchant cash advance?

The main perk of applying for a merchant cash advance is that one can get the mentioned sum of money within a day or two. And, the qualification rate for it is also very easy. Individuals won’t be needing any kind of collaterals. Also, the requirements of your credit score are pretty flexible. It has been observed that the financing company seems more interested in the borrower’s sales history. His credit history is rarely checked or verified. Also, if individuals are able to show their possession of a certain volume of debit or card sales, then there is a high possibility of them to qualify for the MCA.

Merchant Cash Advance in Canada

MCA comes with another advantage and that is it comes with flexible payments. It is generally advised to make your repayment plan on the basis of the percentage of daily sales. This will make your repayments less hectic and also, you won’t be needed to pay back more when your sales are going low. This method is indeed helpful for those businesses which come with fluctuating sales.

Last but not the least, the funds extracted via an MCA can be utilized for every business expense.

How much does a MCA cost?

This can be quite tricky because an MCA’s cost isn’t dependent on APR i.e Annual Percentage Rate or any interest rate. It has been observed that if MCA is calculated as an MCA, then it could cost more than other variants of business loans.

Is going for a MCA a good idea?

Since MCA deals with a low barrier for cash approval, therefore it could prove to be very beneficial for those businesses which require immediate cash for funding. But, it should also be noted that an MCA is more expensive than an ordinary bank loan. Also, other financing options like the line of credit or bank loans are generally recommended to those who have been at least in business along with good possession of strong revenues and credits.

Why Collecting Canadian Coins Is So Rewarding?

When you think of coins, what is the first thing that piques your interest? Are you interested in certain types of? Do you like the coins of a certain era? Or, do you just like the glimmer of silver and gold?

Whatever your reasons may be, an investment that can be extremely rewarding is collecting Royal Canadian Mint coins for sale. In its long history, the Royal Canadian Mint has produced some of the rarest and uniquely featured coins.

royal canadian mint coins for sale

The reason that makes Canadian coin collection even more interesting is that it is a reliable investment compared to other coins. The value of the coin is of course influenced by different factors, like dates, rarity, demand and supply, mint, and the current status of the coin. The collectors often go after the coins that others want to possess. They also try to grab the coins that are unique and rare.

Denomination of Canadian coin

It doesn’t matter what type of collector you are, if you try hard, you can find different Royal Canadian Mint coins for sale. Of course, it is easier for the collectors of the US to get their hands on Canadian coins. However, Canadian coins are also available on the internet which makes it possible for collectors from other countries to avail them.

Canadian coins come in different denominations that include, one cent 5 cents, 10 cents, 25 cents, and 50 cents. You can also avail coins of one and two dollars. The depiction of the Canadian coins is truly amazing. The RCM makes sure that the designs of the Canadian coin embrace the culture, historical figures, and the nature of the country.

Different Canadian coins honour royals and prominent figures of other countries as well. For example, coins with the figure of Queen Elizabeth II are very popular among collectors, and it can fetch about $2,500 and above.

royal canadian mint coins for sale

Know about the popular coins

If you are trying to figure out the coins that you should collect, the sky is your limit. You should know that RCM releases Royal Canadian Mint coins for sale for the dealers as well as the collectors. Some of the valuable coins include Canadian Victorian quarters which is more valuable than the Edwardian coins.

Where you can find Canadian coins

You can check out the web stores as well as the coin dealerships to find some really valuable Canadian coins. Some of the dealers specialize in dealing with Canadian coins. Explore their collections to find some valuable and rare ones. The Royal Canadian Mint also allows collectors to buy the coins directly.

The short history of Canada as a country gives Canadian coins a valuable platform in the coin collection industry. According to professionals, Royal Canadian Mint coins are one of the top tradable coins across the world. No doubt this is one of the biggest reasons why the coin collectors and dealers across the world show such interest in Canadian coins. The exceptional purity and exquisite designs of the coins are the other factors that fuel the popularity of these coins.