post by:
Michael Goldstein
Funding is necessary if you plan on growing your Amazon store. Where do you find it, you ask? There are several funding platforms that are waiting for you to reach out. We’ll discuss the best ones, so you can move forward with your financial goals with confidence.
Are you an Amazon store? Are you struggling to find eCommerce funding? You’re not alone. There are numerous companies and loans to choose from. It can be difficult to know which one to reach out to, let alone decide on the one that will benefit you the most. Which type of loan is right for you? From cash advances to lines of credit to inventory loans, we’ll discuss the different companies that offer both long-term and short-term loans. Let’s get started on your store’s financial journey.
What Is Amazon?
Amazon stores have access to millions of customers via their store’s account. They can integrate it from an original setup or make a brand new one on Amazon. Amazon supplies all the tools a seller could need to launch, such as customization tools, sales insights, and advertising opportunities. With this said, if you have an Amazon store, then you most likely need funding to keep up with demand. Let’s go over the best funding platforms.
1. Amazon Lending
Amazon offers its own funding. This can be extremely helpful when it comes to application approval and speed. It is invite-only, so you may not get the cash you need when you need it, but it’s definitely worth checking out your eligibility at Seller Central.
This is a great opportunity for Amazon businesses that can’t get traditional banks to approve them. They have flexible standards, and all the data they need from you is already in their system, such as sales reports. They offer term loans and lines of credit options to choose from, however, their lending can be used exclusively on inventory funding. Another important factor to consider is fixed repayments, which Amazon will pull from your account regardless of your volume of sales.
2. Wayflyer
Wayflyer doesn’t just give you fast funding, it also gives you insights about your marketing performance. They can provide you with a merchant cash advance, so you pay them back with future sales. Sound like a great option? It is!
Amazon sellers benefit from strong marketing campaigns, which is an area Wayflyer specializes in. They help you scale smartly, so you don’t rush or miss opportunities. They’re a good place to work with, simply because of their expertise.
3. 8Fig
8fig offers a great option to scale your Amazon business. From inventory to marketing, they provide you with funding that’s personalized to your needs so that you can scale without fear. With an 8fig Growth Plan, you get all the tools and funding you need to plan, manage, and fund your business.
Like most alternative lenders, you can prequalify directly on their website with no effect on your credit score. 8fig stands out from the competition, however, with funding that is both continuous and flexible. This means that instead of one lump-sum, 8fig infuses capital into your business continuously according to your supply chain needs, and that you can change your payments and remittances in real time.
4. Payability
Payability offers great options to those who are in need of fast cash. There’s “instant access” and “instant advance.” If you’re looking to increase inventory and marketing campaigns, then this is the place to go. There’s not even credit checks, so you don’t have to worry about your poor business history.
Amazon sellers will benefit from their quick process and high loan limits. They determine your eligibility with sales history and performance. Funding is revenue-based, too. No debt for you! Overall, a transparent and easygoing company.
5. SellersFunding
SellersFunding offers options to those who are growing swiftly and want funding that can keep up. If you sell internationally, this platform will help you navigate. Plus, the application and financing process is fast. Amazon sellers that want to develop can rely on this platform. They keep up with the shifting times and offer funding exclusively to eCommerce stores. In short, this is the place to go when you want to make drastic changes.
How Do You Decide Which Funding Platform To Use?
There are numerous funding platforms to choose from. The tricky part is finding the one that will help you the most. Each company offers plans that are exclusive to them. If you find two companies that both offer cash advances, their application and interest rates will be different from one another. Some funding platforms only want businesses who are looking to grow and won’t work with startups. With this said, it just takes some research to find the one you’re looking for. So, get out there and get that funding for your eCommerce store!