As Canada’s number one merchant funding company, Synergy Merchant Services sees it as a duty to provide small to mid-sized business owners in the country with assistance. A merchant cash advance is the alternative to a bank loan, so as banks continue to deny these business owners money, we do our best to ensure that there is always a way for them to get extra working capital.

This is not to say that just anyone may be approved. But we do offer a quick and easy way for a business owner to discover if a merchant cash advance is available to him or her. It our hope, of course, that we will continue to help grow the economy in Canada through providing a service that allow entrepreneurs to take their businesses to the next level.

In the wake of the recession, making one’s business dreams come true is a tough task. At least, this is how many small and medium-sized business owners in Canada feel, according to a Canadian Federation of Independent Business survey that was released yesterday.

As the QMI Agency reports, entrepreneurs are losing faith as a result of uncertain market conditions. For the the third straight month, says the report, business owners are revealing a lack of confidence in the nation’s rate of economic growth. Writes QMI: “The CFIB’s business barometer index fell to 64.9 last month, down from 65.7 in July and well below the March peak of 69.9.”

They go on to explain that “an index reading higher than 50 means business owners who expect stronger performance in the next year outnumber those who expect weaker performance.” According to CFIB’s vice-president and chief economist Ted Mallett: “The current barometer reading suggests the economy is only growing at a modest 2%.”

Seven out of the ten provinces reported significant drops in optimism, with a heavy concentration in Western Canada. Quebec and Ontario stood out as two provinces where overall sentiments actually improved. As well, the CFIB survey found that eight out of 13 industries are experiencing a confidence decline.

Among them are such sectors as construction, manufacturing, wholesaling and financial services. The findings were based on 919 responses through a web survey. QMI notes that an alternative survey concluded that although business owners are cautious, hiring practices are still expected to increase.

As always, Synergy will work diligently to help small to mid-sized business owners in Canada gain confidence in the national economy. We know that with extra working capital, many objectives may be realized. We’re looking forward to future surveys revealing an upward trend in optimism throughout the country.

For nearly three years, the Synergy Merchant Services Blog has done its best in figuratively keeping its hand on the pulse of the financial world. Especially in Canada, where we do business, it is important to be up on the nation’s economic situation and how it impacts the population.

Over the past year or so, the global economy has met with major crisis and has bounced back by working diligently on the recovery process. Proudly, Canada is a world leader in overcoming the impact of the recent recession. Yesterday, the QMI Agency released further proof of this fact by outlining the results of a recent Manpower study.

A survey of 1,900 companies concluded that Canadian businesses are looking to increase their hiring policies in the final quarter of 2010. The manufacturing sector, in fact, is likely to add the most jobs as it appears to be growing at its fastest pace in ten years. In addition, QMI reveals that nearly 21 per cent of respondents will be increasing payrolls while 7 per cent expect cutbacks.

As the article explains, “Seasonally-adjusted, that gives a net employment outlook of 15%, a four-percentage-point increase from the previous quarter.” The mining industry also appears very strong, showing a net employment outlook of 25 per cent. As hoped, job growth in Canada continues to increase, making 2011 a promising year for career seekers.

According to Byrne Luft, the vice-president of staffing operations for Manpower Canada: “This quarter’s Net Employment Outlook indicates that the hiring climate will remain steady for the fourth quarter of 2010. Employers are telling us that they plan to continue to increase their payrolls at a similar pace for the rest of the year.”

As previous studies have indicated, Canada has now recouped the majority of jobs that were lost during the recession. And although economists predict that the hiring pace will slow down shortly, the numbers have already revealed the nation’s great ability to turn things around.

In fact, QMI notes that “Statistics Canada will release employment figures for August on Friday, with an increase of 30,000 jobs expected.” The only negative aspect of yesterday’s report was that there are signs that Canadian companies feel that talented staff is limited.

In a separate poll conducted by Towers Watson, it was discovered that “about 61% of Canadian companies reported problems recruiting ‘critical-skill’ employees…and 57% have problems hiring top-performing, talented workers.” It looks like it’s time to brush up on your skills Canada, there are jobs out there waiting for you!

What is truly the difference between a bank loan and a merchant cash advance? This is a question our licensed funding specialists hear often. And, of course, it is one that they are all too happy to answer. The truth is, there are several differences between bank loans and merchant cash advances.

We must first begin with the approval process. As many small to medium-sized business owners all across Canada are very well aware, securing a bank loan can be a long and arduous process. Most often, they are requested to put their homes, businesses or other properties up for collateral.

Of course, this puts the business owner at major risk of losing the property if a problem arises in paying back the loan. That is, obviously, if they even get the loan. A credit check is necessary, inevitably knocking down that entrepreneur’s credit rating just for the check itself. Don’t forget that a detailed business plan to outline the use of the bank’s money will also be needed.

All in all, the process generally takes somewhere in the neighborhood of 2 to 4 weeks. The process of getting approved for a merchant cash advance, on the other hand, is generally handled within any given business day. It’s as simple as reviewing a merchant’s monthly statements that summarize their credit and debit transactions.

After a monthly volume of credit and debit sales is determined, a licensed funding specialist can then provide the merchant with a free quote. This quote will entail how much money the merchant is approved for, what it will cost the merchant and what percentage of future credit and debit sales will be used to pay back the advance.

This, of course, reveals another major difference between bank loans and cash advances. An advance is not borrowed money. It represents the purchase of future credit and debit sales. By purchasing sales that haven’t yet happened, and giving it to the merchant in advance, we ensure that there is no fixed schedule within which the money must be paid back.

We consider this to be the best part about our program. With no fixed repayment schedule, the merchant is never in danger of being “late”. Of course, with no collateral on the line, nothing is at risk of being lost. As mentioned earlier, the advance is paid back through a small percentage of the merchant’s future credit and debit sales.

Those future sales we purchased are provided to Synergy through an automated process. It may take six months, it may take twelve to pay back. It may be quicker than that, and then again it may take even longer. Regardless, the merchant knows exactly how much he or she will pay back and that the amount will not change.

Naturally, there is a charge for the money, but there is no accruing interest rate. Here, we have yet another difference between loans and advances. So stop putting yourself through the trouble of securing a loan and putting your business at risk. Call Synergy for your free cash advance quote today.

Last Friday, we blogged about a recent Monster.ca study that showed that the majority of Canadians would give up some of their pay for a better work-life balance. Evidently, finding enough hours in the day to complete personal tasks is quite difficult for most of those who hold down full-time jobs.

Undoubtedly, workers are especially happy for long weekends like this one, that include days like today. Today, is Labour Day, and while the majority of the nation enjoys an extra day of off work, there are still many others who wish they had somewhere to go to work tomorrow.

Last week, business reporter for The Toronto Star, Emily Mathieu wrote about this situation by outlining some of the trends that have been taking place in the Ontario workforce since the end of “bitter” recession. As she says, “Some of the figures are encouraging and some discouraging, depending on what you want to do for a living.”

“But, after many months of deep job cuts and uncertain economic forecasts,” she continues, “Ontario and Canada seem to be on the mend.” Among the bright spots in the country, she notes, is the construction sector. In spite of massive cuts during the recession, construction has enjoyed a “nice bounce” back.

According to Doug Porter, the deputy chief economist with BMO, construction workers in Ontario have increased by 10.5 per cent since last year. This is higher than the national average increase of 8.6 per cent. Ontario has also seen its average salary increase as well. Mathieu notes that this Labour Day, workers in Ontario make $23.10 an hour on average, compared to the national average of $22.44.

Ontario also boast the nation’s highest minimum wage at $10.25 an hour. She goes on to reveal that about half of workers in the province feel that their jobs are secure, although the national average is nearly 60 per cent. However, this is an improvement compared to 40 per cent of those polled a year ago at this time.

Porter adds that those who identify themselves as self-employed “took a 1.5 per cent dip between July 2009 and the same month this year. That reflects more people returning to salaried jobs as the recession ended. At the same time, jobs in the private sector were up 3.2 per cent, after heavy losses during the recession. Public sector jobs increased by 2.6 per cent.”

Finally, recent studies show that Ontarians are working shorter weeks. Writes Mathieu: “In July 2010 Canadians worked an average of 33.24 hours a week, compared to 34.69 in 2000, according to the Martin Prosperity Institute at the Rotman School of Business.”

Labour Day weekend is nearly upon us. This weekend, Canadians will be able to enjoy another long weekend as they say farewell to what is recognized as the real summer season and welcome (for some, we suppose) the beginning of the fall. With school about to start and the weather about to dip a few degrees, Canadians know that things are about to change.

And we don’t just mean the colour of the leaves! That being said, many will simply take this long weekend to relax. Others will be out enjoying some of the final warm days of the summer. But just how relaxed are Canadians this time of year? Yesterday, the QMI Agency released a report the revealed some pretty eyebrow-raising findings.

A recent Monster.ca report discovered that more than 80 per cent of Canadians would agree to taking a pay cut if they could experience a greater work-life balance. In other words, perhaps more long weekends are in order! In addition, 57 per cent of those polled said that they feel they have better job security now than one year ago.

Thankfully, this shows a greater confidence in the growing economy and strengthening of the workforce. In last year’s poll, says the report, just 46 per cent of respondents felt that they were safe in their current job positions. Says QMI: “Workers in the Prairie provinces feel most secure while those in Ontario reported the biggest year-over-year improvement.”

Perhaps, these findings are not so surprising after all. For many, creating a good work-life balance is a difficult task. Between going to work, finding time for personal activities and household responsibilities, it often feels as if there simply isn’t enough time in the day. Those with families are especially stressed with what they feel is a major time crunch brought on by long hours at work.

The stress is only exacerbated by the fear that another recession could potentially fall upon us in the near future. According to the findings of the Monster.ca study, “Canadians appear split down the middle with half concerned a double-dip is imminent and the rest more hopeful.”

However, 34 per cent of Canadians feel that work-life balance is the most important feature of their jobs. It is continually a top priority among workers in the country. Evidently, it isn’t easy having to work nights and weekends. The study shows, however, that employees aged 18-24 are generally the ones working these shifts.

Reports QMI : “Harris/Decima surveyed 1,008 working and non-working Canadians for Monster.ca between Aug. 5 and Aug. 9. The results are considered accurate /- 3.1%, 19 times out of 20.”

Remember the good old days when people would simply pick up a phone and give you a call when they wanted to talk to you? Well, we here at Synergy Merchant Services still enjoy doing that. We like to hear the voices of our friends, family members and of course, our clients. We feel that the over-the-phone voice offers that personal touch that is the next best thing to being in person.

But these aren’t the good old days. And as much as we still all use phones…mainly cells and now “smartphones”, there are many other ways of communicating that are becoming more popular. Although it is nothing new, e-mail is apparently the most addictive of communication methods today.

A QMI Agency report, released earlier today, reveals the findings of a new study conducted by technology firm, Xnobi and Harris Interactive. The study found that two-thirds of Brits and Americans are addicted to e-mail. Feeling compelled to consistently check and return e-mails, many people are finding that this practice is taking up the time of individuals at both their homes and the workplace.

In fact, “27% of Americans and 20% of Brits check their e-mail outside of office hours because they feel expected to provide quick responses to less-than-urgent questions. Business professionals have become so overwhelmed with e-mail that they are bringing e-mail to the bedroom.”

But who checks e-mails more often, women or men? The male population is seemingly guilty of being even more addicted to the popular online communication service than their female counterparts. In addition, the younger you are, the more likely you are to be someone who spends time e-mailing even when you’re in bed!

Perhaps, the craziest finding of the Xnobi and Harris Interactive study is the fact that e-mailing is so addictive, most people don’t even take a vacation from it. Literally! 86 per cent of Brits who were polled admitted to checking their e-mails even when on holiday. Says QMI: “The survey polled 2,200 adults between Aug. 5 and Aug. 9 in a voluntary online poll.”

Has the way of the phone call gone astray? Do people not like hanging out anymore? Surely, these methods of communication are not yet extinct, but the fact that e-mail is so addictive is potentially alarming. It is obviously a great way to keep in touch, especially with those who live far distances away. But how much is too much?

In addition, we are also well aware that it is a good business tool. Sending attachments through e-mail is a lot more convenient than having to chuck something in the mail. As a result, it seems that people can’t do without it. So maybe these findings were to be expected. We will keep our eyes open for a Canadian study of the same ilk.

In yesterday’s blog, we provided a number of tips for post-secondary students on how to budget for the back-to-school season. With everything from tuition to residence fees, those going to college and university have some of the largest expenditures of just about anyone this time of the year.

With the help of business reporter Madhavi Acharya-Tom Yew of The Toronto Star, we looked at some ways that students can stretch their dollars as far as possible. Acharya-Tom Yew, herself, got some advice from a number of sources including Lawrence Engel, the Vice President of Personal Lending at TD Canada Trust and Alan Kaplan, the associate professor at the Ted Rogers School of Business Management at Ryerson University.

In her report published last week, Acharya-Tom Yew reveals that “the average cost of a four-year undergrad education for students living away from home is now estimated at about $80,000.” According to Engel, “The numbers continue to creep up and up and up. The amount of savings that either the child or parent is important but there’s often a shortfall.”

Kaplan advises that to properly budget for such major costs, students must prioritize. Clearly, tuition, living accommodations and books should be at the top of the priority list. Those staying on campus will have more to save for than if they are able to remain living at home while going to school.

A few ways to help out with proper budgeting include checking out the federal government’s Education Cost Calculator or speaking to a student financial officer or advisor at the school. Any help is good help, of course. But getting advice from professional sources is the best kind of help.

What if university is still a few years away? Of course, it is makes sense to begin saving for your post-secondary education before the time comes to go to college or university. But high-schoolers and saving money are not generally two things that make a common match. Acharya-Tom Yew notes that “Registered Education Savings Plans are a popular choice for parents of young children. Investments can grow tax-free and the government pitches in, too.”

Kaplan adds that school children need to start young when it comes to financial planning. During their high school years, students should be encouraged to find part time jobs to teach them both responsibility and the concept of saving money and budgeting for important expenses.

Says Kaplan: “I’m a big believer that if we can encourage young people to take ownership of their own finances and some pride in achieving goals, they will be able to do that through their lives.”