My name is Ali Habib Mayar, and I am the Founder and CEO of Platinum Rapid Funding Group. Platinum Rapid Funding is an alternative lender based in Long Island, New York specializing in accessible merchant cash advances that help small businesses and startups acquire the money they need to thrive.
I love helping entrepreneurs make their dreams a reality, so I started a company to help startups get off the ground when traditional lenders either cannot or will not. This allows me to leverage my considerable financial experience to help our clients fulfill their visions.
One of the biggest reasons for the success of Platinum Rapid Funding is our transparency and willingness to work with the needs of each individual client, so I provided some information below to help you determine if a merchant cash advance is right for you!
Merchant Cash Advance 101
Before we go any further, it’s important to note exactly what a merchant cash advance is. A merchant cash advance is immediate capital provided to a small business in exchange for a percentage of their future receivables. Put another way, it’s a method of leveraging tomorrow’s revenues to achieve growth today.
This arrangement offers many advantages over a more traditional bank loan. For example, traditional loans are set in stone. You are required to pay X amount per month, regardless of how your business performed. By contrast, a merchant cash advance is paid back daily based on how much revenue taken in that day. If you have a slow day, your payment will be minuscule. If you have a fantastic day, you can afford to apply more to your outstanding balance. This ensures that you can effectively manage your cash flow and help your business thrive.
Payments are processed automatically, removing some of the paperwork from the busy lives led by entrepreneurs. The application process for a merchant cash advance is also simpler than a traditional loan. While traditional banks may leave you hanging for weeks before approving or denying your loan application, we can approve and fund most loans in a matter of days. This ensures that you can access the capital you need when you need it most.
There are also no restrictions on how you use the money, giving you the freedom to manage your company however you want to.
Merchant cash advances are most often utilized by businesses dealing directly with customers, such as retail stores and restaurants. These types of businesses often do a lot of credit card-based transactions, making a merchant cash advance easy to process. However, nearly any type of business may be able to benefit from the services we offer.
How Merchant Cash Advances Help Startups
Startups are a unique category of business that may benefit from a merchant cash advance. Since you don’t have business financials to consider yet, traditional loans often base their decision on your personal credit score. It seems ridiculous to deny your business funding based on a personal mistake made years ago, but it happens all the time. We never consider credit scores when evaluating an application, allowing anyone with a great idea to get the funding they need to make it a reality.
We also require no collateral to secure our funds, making it just a little bit easier to take the plunge and go into business for yourself. Any startup has some risk of failure, but merchant cash advances help protect your personal assets from any liability should something go awry.
Interest rates on a merchant cash advance are generally higher than those associated with a traditional loan, a fact that we freely share with all prospective clients. The most important thing is your ability to make a strong decision on behalf of your business, and we’ll never interfere with it.
Get More Financing Advice
I post all my best financing tips on my personal blog, AliHabibMayar.com. Be sure to check it regularly to keep up to date on the latest financial solutions available to startups and small businesses.