When entrepreneurs need funding to launch their idea into a new business, they usually think they need to go to the bank for financing. However, companies in the alternative finance sector provide another option that may be a better fit for small businesses.
Platinum Rapid Funding Group, a company based in Long Island, New York, has quickly become a market leader in providing alternative financing solutions to businesses throughout the United States. CEO Ali Mayar combines years of financial experience with a passion for helping small businesses succeed, making him the perfect leader to find a funding solution for nearly any business.
Merchant Cash Advances in a Nutshell
A merchant cash advance, or MCA, is an arrangement where a small business sells an agreed upon percentage of their future receivables over a set period in exchange for a lump sum of capital. This means that businesses can utilize some of tomorrow’s revenues to grow their operations today!
This model offers several advantages over traditional financing. For example, traditional loans demand a set monthly payment without regard for the financial health of your company. This can make it a challenge to effectively manage your cash flow, potentially damaging your company’s viability.
By contrast, an MCA is automatically paid through ACH, or Automated Electronic Debits. This means that repayment is done automatically whenever the company processes a credit or debit card transaction, removing all the paperwork from the repayment process. Better yet, your payments are tied to your daily revenues. If you have a great day, you can afford a large payment. If it was slow, you aren’t required to pay money you don’t have.
Platinum Rapid Funding Group also offers a simple, transparent application process. While traditional banks rely on personal credit scores to make a funding decision, merchant cash advances consider only the revenues your business is generating. This makes it easier and faster (many applications are processed and funded in a manner of days) than other options, ensuring that you get the capital you need before it is too late.
Ways To Grow Your Business with Merchant Cash Advances
Unlike business loans, merchant cash advances provide the flexibility to use the money to grow your business in any manner you wish. Many businesses use it to upgrade their equipment, ensuring that they can remain competitive in the modern marketplace. Others use it to hire additional employees, giving them the staffing required to maximize their revenues during an anticipated busy season.
The money may also be used for day to day needs, such as stocking popular inventory or simply keeping the lights on while business is slow. Finally, the money may be put into marketing to help potential customers find you when they are ready to make a purchase.
Most of the companies benefiting from merchant cash advances deal directly with their customer base, allowing them to process a lot of credit card transactions and make ACH repayment easy. However, nearly any industry can benefit from the expertise Platinum Rapid Funding Group can offer. Their expert team excels at finding creative funding solutions, so don’t assume that they can’t help you before investigating it.
Connect with Platinum Rapid Funding
If you’re interested in discovering more about the merchant cash advances offered by Platinum Rapid Funding Group and how they may be able to help your business, visit the company online at PlatinumRapidFunding.com. You can also follow the company on Facebook and/or LinkedIn to keep informed of all of their latest updates.
