Business owners all around the world are always in need of funds in order to operate or to finance growth. Nobody knows that better than Ali Mayar, the CEO of Platinum Rapid Funding Group. He has been leading the company for just about seven years now, offering merchant cash advances for businesses across the USA for a variety of different industries.
With such an interesting life and with his team working with business owners all over, Ali has plenty of stories to share. No two clients are exactly the same, giving him a unique view on how business owners act and think overall.
What is the biggest change with your company since launching into 2012?
There are a lot of people in 2019 who really feel like they can trust a company like us online because the world has shifted online and more particularly through mobile platforms.
It was definitely more difficult in the beginning to build up that trust, because people were still a little bit skeptical about going online and trying to obtain a lot of money for their business, especially from a company who may be located far from their local area.
I will always continue to suggest that people do research on any company or business they work with online beforehand. That not only goes for working with company like us, but on our end we need to make sure that business owners are reputable as well.
What do you look out for when funding a business?
We do our best to vet business owners and really get to know them before providing funds. It’s important to us that we look into their business and make sure that they have an actual plan in mind. Providing a merchant cash advance that does not go towards anything in particular is not going to be beneficial for us, or the business owner who made the request. There needs to be an application for the funds in order for the deal to make sense for all parties.
If the business owner has an idea in their head and they’re working towards trying to achieve success after proving success in the past, they are more likely to be approved. After being approved, the relationship can elevate toward a working partnership.
In terms of funds, how much can a business owner expect to receive when applying for working capital?
We have a wide array of solutions for business owners depending on their unique situations. Some people are only going to need a few thousand dollars to really make ends meet and get the ball rolling again if they hit a rough patch. Others might need over $1 million in order to finance growth, float purchase orders, expand payroll during holiday or peak revenue periods, or to obtain new equipment or machinery necessary to growing or satisfying the current needs of the business. It just really depends on each individual business and their situation.
We always try to advise clients to utilize a realistic amount of funds while being in a position to anticipate needs in the future.
How fast are you guys able to operate when it comes to depositing funds in a client’s account?
One of our biggest advantages is that we operate much faster than most traditional institutions. It can take weeks or even months to get a full approval from them, making the underwriting process painful and time consuming.
With us, from beginning to end it only takes days, not weeks or months. It saves business owners a lot of time and energy so that they can get back to what they need to focus on like serving their clients and employees with their full attention.
What is one big tip you would give to any applicants out there?
Our whole business is about believing in other business owners. We understand that in order to make money, funds are going to be needed from time to time. We try to make the solution as easy as possible, so as long as you have the right mindset, everything should work out fine. We believe in our clients so they can believe in themselves.