Merchant Cash Advances
When you receive a merchant cash advance from Greenbox Capital®, we’ll provide you with a lump sum of capital in exchange for a percentage of your business’s future sales.
What is a Merchant Cash Advance?
Merchant Cash Advance (MCA) is a financing option where businesses receive cash upfront in exchange for a percentage of future credit card sales. Unlike traditional loans, MCAs typically have a faster application process and offer repayment flexibility.
When you receive a merchant cash advance from Greenbox Capital®, we’ll provide you with a lump sum of capital in exchange for a percentage of your business’s future sales. That means you’ll receive working capital now, and we’ll receive a percentage of your sales until the amount of sales we have purchased has been received.
Our Funding Advisors will work closely with you to create a funding plan that will help jumpstart your business’s growth without maxing out your cash flow. Business owners in Canada averaging a minimum of $7,500 per month in sales over the last three months typically qualify for an MCA equal to 70-120% in funding, from as little as $3,000 up to $500,000. We offer both fixed and flexible repayment schedules, and there’s no fixed term.
Who Should Apply for a Merchant Cash Advance?
Merchant cash advances are ideal for:
- Businesses seeking fast funding—MCAs can be deposited in as little as 24 hours
- Businesses that process a lot of debit and credit card transactions
- B2C businesses that need smaller amounts of funding
- Businesses with lower credit scores
- Business owners that do not have collateral, such as real estate and other assets
Merchant cash advances can benefit restaurants, dental practices, attorneys, dry cleaners, gas stations, pharmacies, and more. No matter what industry you operate in, our expert Funding Advisors will work closely with you to select the best funding option to help you achieve your business’s goals without sacrificing cash flow.
How to Get a Merchant Cash Advance in Canada
- 1
Apply
Gather 3 months of bank statements and other records. For faster approval, grant us secure access to your bank account’s transactional data.
- 2
Choose Funding
A Funding Advisor will reach out to you within 1 hour (during regular business hours) to complete your application & discuss your funding options.
- 3
Get Funded
Once you and your Funding Advisor determine what funding option works for your business, your funds can be approved and deposited within 24 hours.
- 4
Set Repayment
Payments will be automatically deducted from your business’s daily or weekly debit and credit card sales. Payment amounts will be based on your sales.
How to Use a Merchant Cash Advance
There are no restrictions on how a merchant cash advance can be used. MCAs are typically best used to support growth strategies that will help increase your revenue, such as:
- Taking advantage of time sensitive opportunities to grow
- Expanding your marketing strategy
- Purchasing inventory or raw materials in bulk
- Upgrading equipment or technology
- Hiring new staff
- Investing in training and continuing education
Merchant Cash Advance Requirements
Traditional bank and SBA loans are typically only given to wealthy business owners with property and extremely strong credit scores. Greenbox Capital has more flexible approval requirements that focus on the overall health of your business, not just your credit score. Your business must accept credit and debit card payments to qualify and no collateral is required.
Here are some factors we consider:
- Business revenue
- Cash flow
- Vendor payment history
- Years in business
- Public records
Merchant Cash Advance Q&A
Can I get a merchant cash advance with bad credit?
Yes, you may be able to get a merchant cash advance with bad credit if your business has strong cash flow. Alternative lenders like Greenbox Capital have lower credit score requirements, typically starting around 550. Merchant cash advances, invoice factoring, and other alternative small business funding are ideal options for businesses with low credit scores.
Can I get a merchant cash advance with no bank statements?
Some alternative lenders may approve a merchant cash advance with no bank statements, but you can expect much higher rates. Greenbox Capital requires three months of bank statements and other financial records.
What type of business qualifies for an MCA?
Any business that accepts credit and debit card payments may benefit from a merchant cash advance, regardless of industry. Our team of knowledgeable Funding Advisors will work with you to assess your eligibility.
How do I qualify for a merchant cash advance?
Every business is unique. It’s always best to speak with one of our Funding Advisors to review your circumstances and assess your eligibility. In general, we look for consistent revenue with minimum monthly receipts of $7,500 or more, and 6+ months in business. We know that credit scores don’t tell the whole story, so we also consider the overall growth potential of your business.
Are there restrictions for how the funding is used?
We do not restrict how you can use your merchant cash advance funding. We believe small business owners understand best what they need to do to grow their businesses, so while our team may provide some coaching, the final decision is yours.
What is the interest rate on a merchant cash advance?
A merchant cash advance does not have an interest rate because it is not technically a loan. An MCA is an advance against future sales. The cost of the advance is called a “factor rate”, and it varies based on each business.
Where To Get Merchant Cash Advances In Canada
- Edmonton
- Calgary
- Red Deer
- Lethbridge
- Victoria
- Vancouver
- Abbotsford
- Surrey
- Richmond
Manitoba
- Winnipeg
Northwest Territories
- Yellowknife
Yukon
- Whitehorse
- Toronto
- Ottawa
- Mississauga
- Hamilton
- Kingston
- London
- Thunder Bay
- Windsor
- Kitchener
- Brampton
- Markham
- Peterborough
- Cambridge
- Oshawa
- Vaughan
- Caledon
- Halton Hills
- Milton
- Burlington
- Oakville
- Richmond Hill
- Stouffville
- East Gwillimbury
- Georgina
- Uxbridge
- Pickering
- Ajax
- Whitby
- Clarington
- North York
- Etobicoke
- Barrie
- Scarborough
- Innisfil
- Newmarket
- Aurora
Nunavut
- Iqaluit
- Halifax
Quebec
- Quebec City
- Montreal
New Brunswick
- Fredericton
- Moncton
Newfoundland and Labrador
- St. John’s
- Regina
- Saskatoon
Prince Edward Island
- Charlottetown
