Merchant Cash Advance Insights- Interview With Ali Habib Mayar
Ali Habib Mayar is the founder and CEO of Platinum Rapid Funding Group, a company based in Long Island, New York that helps small business owners access the capital they need when they need it through merchant cash advances. Mayar has a passion for business and loves learning about how different people approach it in his spare time.
Between his job working with small businesses and a hobby that blends into his work, Mayar is a leading authority in the alternative finance industry. We recently sat down with him to learn more about his exciting work.
How Did You Get Started in the Merchant Cash Advance Industry?
Honestly, I got into it because I was looking for a new challenge. I was working in corporate security and enjoyed what I was doing, but the job exposed me to a broad range of alternative finance solutions. I decided that entering that space might be more thrilling than sticking with what I was already comfortable with, so I launched Platinum Rapid Funding and never looked back!
What Exactly is a Merchant Cash Advance?
Great question! A merchant cash advance is an alternative financing solution where businesses secure a lump sum of money now in exchange for a small percentage of their credit card-based receivables over a fixed period.
There are no restrictions on how you can use the money, making it a great way to expand, open a new location, or just meet payroll during a slow period. It's also much easier to qualify and apply for than a traditional loan from a bank.
What is Your Favorite Thing About Your Industry?
The best part of any day is when I see how revenues generated through a merchant cash advance from Platinum Rapid Funding help a small business grow. My company has helped countless businesses since we started doing this, and I'm proud to say that we have many success stories to our credit.
What is One Piece of Advice You Give to Clients Coming to You for Funding?
Ideas are great, and you obviously need capital to bring them to fruition. However, the ultimate success of any business owner is determined by the type of people they surround themselves with. If you hire hard-working people with the skills you need, you will find a way to succeed. If you fail to do so, your company is in trouble no matter how good your underlying ideas may be.
Once you have the right people in place, you're still not done. I make it a point to make sure every member of my team is motivated to deliver the best possible experience to Platinum Rapid Funding clients every day. I also try to lead by example because my team will see my passion and react accordingly.
I learned the importance of a strong, dedicated team in the merchant cash advance industry, but the lesson is universal. The above advice is pertinent to every business owner in every industry.
What is One Thing You Think Makes Businesses Successful?
A strong work ethic is essential to the success of any business. This applies to team members as well, but ultimately it must start with the owner. I truly believe that the owner sets the corporate culture of their business through their own behavior. Employees are reacting to the standard already in place rather than dictating a corporate culture on their own.
If you're interested in learning more about Ali Habib Mayar's business insights or the Merchant Cash Advance industry, you can check out is Merchant Cash Advance blog at AliHabibMayar.com.
