Merchant funding is a loan opportunity that may not be for everyone, but it can help out some business owners. Nobody knows the advantages of this type of funding better than Platinum Rapid Funding Group. This is just one of the ways they help business owners come up with the funds necessary to make their company thrive.
How hard is it to get approved for merchant funding? It’s fairly easy, as long as business owners meet a few minimal requirements.
Credit score
The first thing that platinum rapid funding group, as well as other companies, look for is a basic understanding of who they are working with. While the company considers an owner’s credit score, business history and revenue over the last few months, none of this has to be perfect.
A huge reason why so many people use merchant funding is that the requirements or not as hard to meet. Credit score might be looked at, but it by no means has to be great. This is more of a check to make sure that a business owner is not completely reckless.
Monthly credit card transactions
The repayment process for merchant funding relies on a company making money through credit card transactions every single month. It doesn’t need to be much in the beginning, but there does need to be signs of progress.
Unlike banks that need 4 to 5 years of history as a business, it doesn’t take nearly that much time to show that you are worthy of a merchant cash advance.
The best part about this type of repayment plan is that the monthly payment is never going to be overwhelmingly high. Since it goes off of money made, a certain percentage is always taken out.
Attention to the details
As long as business owners put together a strong plan, there is a good chance of having success with the approval process. This goes for any merchant cash advance company. This means filling out the initial form correctly, presenting a solid outline when talking to a customer service representative, and more.
Most people do end up getting approved but treat it like a job interview. Don’t give them a reason to not approve you for funding. Remember that these are companies that need to be smart themselves to work with quality individuals. If they give money away to just anyone, they could be in some trouble.
Willingness to be flexible
Finally, people should always be willing to be a little flexible with the amount of money they are asking for. Maybe a business owner is asking for a little too much, and the company comes back with a counteroffer. After crunching the numbers, they may feel this is a smarter amount of money to work with.
There is always the opportunity to turn down the offer, but there is no guarantee another company is going to provide more funding. Asking for just a little more than the amount needed will allow some wiggle room.
