So, you have decided to strut into the stimulating world of eCommerce. It’s a commendable decision, perhaps even a risky decision. But, as American aviator Charles A. Lindbergh once said, “A life without risks is not worth living.” But, before your small business can fly high like Mr Lindbergh, you are going to need a full tank of fuel. We know how tough that may seem to you, but fear no more because getting funding for small businesses is actually much easier than your eCommerce buddies might be claiming. So, who can you turn to for help?
Well, fortune smiles on you because Payflex and Merchant Capital have partnered up to create a financial foundation that will fill up your eCommerce tank and get you ready to fly high. So let’s dive in.
Different Types Of Funding For Small Businesses
Personal Investment
With that way of our economy, it is often financially unviable to provide capital from your own pocket. However, a small amount of cash or collateral on your assets can prove to potential investors that you are ready to take calculated risks and are strapped into the long-term commitment of running a small business.
The Bank Loan
Bank
loans
are
the
most
common
source
of
funding
for
small
businesses.
Keep
in
mind
that
all
banks
offer
different
perks,
such
as
personalized
service
and
individual
repayments.
We
encourage
you
to
do
some
research
and
find
a
bank
that
fits
your
specific
needs.
In
general,
bankers
know
to
look
for
companies
with
solid
track
records
and
good
credit
ratings
.
Good
ideas
are
not
enough
.
You
need
to
back
it
up
with
a
solid
business
plan.
Startup
loans
usually
also
require
a
personal
guarantee
from
the
entrepreneur
.
Revolving Credit
Lines of credit are a very effective and popular form of funding for small businesses, especially for eCommerce stores. Lines of credit, sometimes called alternative bank overdrafts or revolving credits, provide funds that you can access when you need them.
A line of credit allows you to access the funds you need to take advantage of rebates and pay them back when you sell some or all of your shares. As you repay, you replenish the cash you can withdraw from your line of credit, just like you would with a credit card.
Angel Investors
These people may not have wings, but they sure can make you fly. If you are lucky enough to meet one of these heavenly beings, you could get a serious headstart. Angels contribute not only generous portions of investment but also contacts in their related field and management oversight – as they are often former company executives.
Hence, in return, they like to reserve the right to monitor the company’s management practices. Specifically, board participation and assurance of transparency are often required.
Stopgap Funding – Your Solution For Quick, Easy Business Funding
The abovementioned list of funding options is a great place to start if you are looking for a quick way in. But do you really want to rush? The way we see it is that growing a successful business is a long and time-worthy process. Sometimes splashing out on a quick bank loan can lead to some detrimental downfalls. It’s kind of like building a house without a foundation.
If you relate to that, the flexiadvance from Payflex and Merchant Capital might be the go-ahead stopgap for you. Just hop online and follow this fully digital, no documentation, fixed-cost process:
- Apply through the Payflex portal .
- Receive a kind greeting from flexiadvance in your inbox.
- Tailor the product to your business needs.
- Digitally sign the contract.
- Receive your funding within 24 hours.
That’s the bulk of it. No hard-sell sales pitches to uber-critical investors. Just rock-solid funding for small businesses of any kind. For more details, have a look at Payflex and Merchant Capital .
Conclusion
It seems this blog is taking the shape of a Christmas wishlist, but the adulthood version! Anyways, funding for small businesses will never come raining down chimneys, but with a little bit of effort and teamwork, your small business can attain all the help it needs. At Payflex, we’d be honoured to hop into your business boat and help you get the sails up with our one-of-a-kind funding solution. Let’s reach a new horizon together.
