Episode 13: How to Fund Your eCommerce Business

I talk with Ty Crandall, CEO of Credit Suite, about how to use debt to fund your eCommerce business Links from the show: Ty Crandall Credit Suite Credit Suite LinkedIn Sponsored by Spark Shipping - Automation for eCommerce Transcription Charles:                        In this episode of the Business of eCommerce, I talk with Ty Crandall about using business lines of credit to grow eCommerce business. This is the Business of eCommerce, episode 13. Welcome to the business of eCommerce, the podcast that helps eCommerce retailers start, launch, and grow their business. I'm your host, Charles Palleschi. I'm here today with Ty Crandall. Ty is a business credit expert. With over 16 years of financial experience, Ty's recognized as an authority in business credit building, business credit scoring, business credit repair. So, Ty, I wanted to bring you on the show today to talk to you a little bit about using lines of credit in eCommerce. How you doing today? Ty Crandall:                  Yeah. Good man. I'm excited to be here. Thanks for having me on. Charles:                        Yeah, great to have you. Wanted to kinda jump right in and see kind of ... Talk about some ways on first, what is business credit, and second, how we can kinda use it to help grow and finance a growing eCommerce business. Ty Crandall:                  Sure, absolutely. There's a couple things. When I talk about getting financing, or I refer to it as capital, basically any kind of money you can get as a business. There's a couple different avenues you really wanna focus on. You know, one is the business credit, the corporate credit side, which really has to do with credit cards. Visa cards, Master cards, American Express, Dell, Apple, etc. A lot of these credit cards don't require manual reviews, or manual underwriting, it's just one of those, 'if you meet the requirements,' you get automated approvals for 20, 30, 40, 50 thousand dollar plus individual credit cards and lines. Then I look at the other side of it as the business financing. Every thing that's left. These are loans and these are credit lines that are through alternative lenders and SPA, etc. There's a couple different avenues you can go. The problem is that loans, and lines, and those, a lot of people know the difficulties, especially eCommerce of getting approved with a lot of those because a lot of the industries that we're in with eCommerce, even where I am, financial services, is considered to be high risk. We face more scrutiny, we have more difficulty accessing capital, etc. the first thing to know, is being a business credit, you don't have that scrutiny. There's not industry restrictions. You're not going to not be able to get approved because you're an eCommerce business. It's the same as we're not getting approved because we're in financial services. Anybody can get this, even if you're just starting the business, even if you're just gonna be starting the business after you listen to the show tomorrow. You still can get involved and access capital, you don't have to provide tax returns and bank statements so it's no doc. You don't collateral that's required for SPA loans. You don't need to have good credit that's required for a lot of term loans, etc., that's out there. With business credit, as long as you have a business, you can start obtaining credit pretty quickly and then you can use a lot of that credit to fuel and fund the business and get quite a bit of it within even the matter of a few months. Charles:                        Okay, so when you say business credit, you're talking about specifically not assigning your particular social to it, to put it under the businesses name and to make it a business ... Ty Crandall:                  Yeah. Charles, you hit the nail on the head. You're familiar with consumer credit, right. You have a social security number, you give somebody your social, they pull your credit.