Pointers to Get the Most Out of Alternate Funding Solutions

Getting a cash advance to help your business function effectively can be quite a simple process these days. Companies such as Mantis Funding LLC offer alternate funding solutions for small and mid-sized firms through an easy application process with a quick turnaround time. However, how do you get the best outcome when applying for funding through non-traditional channels? Below are some points that will help you avoid common mistakes and make the best choice to benefit your business. 

Compare Different Funding Options

 

There are numerous options available for you as a business owner to get working capital for your business. You could apply to banks or money lenders for short-term finance that is specifically designed for small businesses. This is the traditional way of accessing funds. The alternate method is to opt for a merchant cash advance.  Mantis Funding LLC uses a cash advance model that works differently from bank financing. Here, the lending company offers the small business funds it requires as a one -time payment. The business owner repays a percentage based on the volume of sale until the amount has been repaid. The terms of repayment may vary depending on the contract agreed upon between the lender and the business owner. Different options may be viable at various phases of your growing business based on what you need the funds for. There is no right or wrong option. Always remember to compare the options and choose a solution that works best for your particular situation. Reading reviews online can help you narrow down your choices. Mantis Funding reviews confirm that they are amongst the best when it comes to alternate funding solutions. 

 

Decide on the Cash Advance Amount Required

 

As a small business, it is wise to analyze your need and decide on the exact amount of cash advance required. MCA lenders do not evaluate clients based on their credit score. They just require some proof of past and current business transactions and revenue to qualify an application to receive funding. The simplicity of the process and the flexibility of the repayment options may entice small business owners to apply for more funding than they require. This may lead to a situation where the business may not be able to repay the funds according to the agreed terms since it is typically done through future receivables. To ensure that this does not happen, it is wise to analyze the amount of funds required and the purpose for which it is going to be used. Having extra funds in hand may tempt a business owner to make hasty investments that are not necessary for the growth of the business. 

 

Keep Business Documentation Ready

 

Mantis Funding advisors are highly efficient and ensure that applications are processed quickly. However, for approvals to come through, certain documentation is required from the business owner. It is advisable for the business owner to have all supporting documents in place to ensure a quick turnaround time regarding the application. Financial statements and business plans may need to be submitted. Documentation will showcase that businesses have been getting consistent revenue and making profits in the past and at the time of applying for funds. Once the application is approved, Mantis Funding ensures that the funds are transferred to the applicant within three working days. 

 

Mantis Funding’s services include customized funding solutions for clients, and the application process is free. Read Mantis Funding reviews to find out what other customers have to say about their expert team of advisors and professional services. 

Things to know about Mantis Funding’s Cash Advances

How many times has it happened that you went to a traditional channel for funding, and they rejected you solely on the basis of your credit score? Has it ever occurred to you that their regulations don’t allow them to provide you with any kind of help despite knowing that you are an SME owner? 

Well, congratulations, you know it now! Ever since the Great Recession hit an unprepared market, the traditional channels were the ones who suffered its impact the most. So, it seems pretty obvious to see that they were bound to introduce water-tight funding regulations.

However, one is bound to wonder what loss these tight regulations did to a small and medium business owner. Everyone knows that while trying to maintain smooth cash flow, SME owners tend to suffer from poor credit scores. And, given their need for quick funds, they need a helping hand that can safeguard their financial needs. 

This is where alt-financing options like that of Mantis Funding Cash Advance come handy for SME owners. Alt-fin firms ensure that they help the businessman in whatever capacity they can. 

What’s the best scenario for such a service?

Before I spill any beans, let me tell you that I approached Mantis 3 years ago for my retail store. My regular earning is based on daily card swipes. When I visited them, they checked my revenue stream, how I generated my store’s earnings, expense patterns, future revenue, and social media behavior. Luckily everything fell into place. After digging into their various options, I decided to go with Mantis Funding Cash Advance. The repayment option was flexible. So, my experience with them has been satisfying. 

When you approach them, there are two things they look for: your revenue stream, and the source of your income. Having a daily card swipe as a source of earning gives you an edge in these matters.

The repayment structure is extremely flexible. It is absolutely the business owner’s choice whether he wants to repay on a daily, weekly, or monthly basis, and the same is agreed in the contract with the alt-finance company.

Not only that, but also they make sure that we are their top-most priority. They have provided a platform in the form of Mantis Funding Complaints where their team constantly works to assure that your doubts and queries are sorted out in a short period. 

Processing

Again, this is one thing that has created a lot of noise in the market. Application processing and then funding takes a lot of time, but this is a thing of the past. Since the arrival of MantisFunding, things have shaped for good. Firstly, they have made it hassle-free. Secondly, they have made it efficient. And thirdly, they have removed the tedious paperwork. Besides, they have made the entire process online, which is very convenient and simple.  

Once you are done with the application process, a professional advisor, after reviewing your application, will get in touch with you. The advisor will ask you different questions regarding your business model, its requirements, the risks involved, and many more like that. These questions help them to have a better understanding of your businesses. Hence, they are able to design a tailor-made fresh deal for you. If everything works out well, they start their work to provide you funds as quickly as possible. Besides, as per your urgent requirement, they can even process it within 24 hours of approval. 

The Attributes That Make Alternative Financing Successful

Alternative financing is the future of the finance industry. You must be wondering why such a statement, don’t you? Well, the reason why alternative funding is succeeding is because of the technology it uses. This industry has combined its human connection with artificial intelligence.

Moreover, as per the conclusions that were drawn after seeing the latest trend, the alt-fin sector is solving all the problems that a small businessman might encounter during the venture’s run.

Apart from removing the roadblocks, a small businessman once encountered, here are a few benefits alt-financing firms are offering:

● Faster is better: The introduction of automated systems has resulted in faster processing, thus, offering quick funding to small businessmen. Further, these systems have removed the tedious procedure of complicated paperwork and weeks for waiting for approvals. Besides, services like Mantis Funding’s cash advance is designed to provide businessmen with money within 24-72 hours of approval!

● Flexible as per situations: The cash requirement varies from business to business. However, the strict policies of traditional funders only offer very little financing offers to the businessmen. This leaves them with long-term pending debts, thus, denying them a chance to make any profit.

Nevertheless, alt-financiers such as Mantis Funding’s cash advance services range from $2K to $200K along with customization in repayment costs and timelines as per businessmen’s situation.

● Easily Accessible: The saga of maintaining a credit score is finally coming to an end! The arrival of alt-financiers has made sure that the businessman will not suffer because of their one-dimensional credit scores. This industry has designed a holistic approach to judge the creditworthiness of business to provide funds.

Customer-centric approach backed by AI

Keeping the aforementioned benefits on one side, the biggest thing that this industry has changed is the way they approach its customers. It has cultivated a unique customer-centric model that is matched with the latest AI-based finance technology.

Further, this is a different approach adopted by alt-fin services. Unlike banks, alt-financiers totally focus on the well-being of their customers. This is the reason why complaints on pages like that of Mantis Funding complaints are unheard of!

Even the most successful alternative funding companies in the market are the ones who are harnessing algorithms based on artificial intelligence so that they can further reduce time and risk by keeping deep human connections at the heart of their operations.

Apart from this, the experiences of many small businessmen who were introduced to this was an eye-opening one. They felt that they were handheld and were nicely mentored throughout the process. Furthermore, they were impressed by the fact that they were given complete information regarding the funding process, and there were no was hidden charges or fees or anything underhanded. Moreover, alt-financiers like Mantis Funding cash advance service has been a business saver for many of them.

If you are looking for a cash boost and growth of your business, then it would be wise for you to explore the options in the alt-financer industry. Do your research, scout the funders you want yourself to be associated with, and deal with the one who treats you the best!