Funding is one of the most important steps for an Amazon store. And, for beginners and veterans alike, it can also be quite challenging. To give you some help, here are the top 6 funding platforms for Amazon stores.
Amazon Lending
Why overcomplicate things? If you’re selling on Amazon, you may as well look to Amazon as your source of funding as well. Although the company won’t finance your business for free, they do offer loans to sellers that work on their platform through the Amazon Lending program. While you likely won’t secure a massive amount of funding, you can still get cash for your business quickly without too much effort.
Merchant Cash Advances
New sellers have been using Merchant Cash Advances (or MCAs) for a long time to help get their businesses off the ground. It’s a tried-and-true way of finding funding, and we recommend it for anyone that needs a leg up. The applications are completely online, and most loans are given out fast… sometimes in only hours.
Payability
Payability is a funding platform that advertises the possibility of getting as much as $250,000 in only 24 hours. It sounds too good to be true, yet it is real! Payability generally decides on who to give loans to by the health of their business, so make sure that yours is in good shape before applying for the best success.
Credit Cards
While this method is controversial among some sellers due to the possibility of high interest rates, credit cards are still commonly used to fund Amazon businesses. If you do decide to go this route, we recommend shopping around to try and find the cards with the best deals. It also never hurts to do some good ol’ fashioned negotiating with card companies.
Peer-to-Peer Loans
Some people don’t like the idea of going through a company to get funding; they prefer to just find investors that believe in their business. That’s what peer-to-peer loans are for. There are lots of great sites out there where you can post about your Amazon shop for investors to decide whether or not to support you. This is a good option for those who don’t want to solely rely on their credit score for funding.
Kabbage by American Express
Kabbage is a division of American Express that was solely created to help small businesses grow. It’s been used by lots of Amazon sellers before, and it works well for those that are just starting out. They’ll look at both your credit score and your business data to determine what kind of loan you get.
