Alternative Financing Succeeds Because It Combines Human Connection With Artificial Intelligence

Your most unhappy customers are your greatest source of learning. Bill Gates

I think some bank employees heard this quote and created the alternative financing industry! Because it seems to me that the alt-fin sector solves all the problems that plagued small business financing for decades under the strictly controlled traditional banking sector.

Almost all alternative lending companies offer 3 main benefits – speed, flexibility, and accessibility.

Speed – Alt-lending companies with their automated systems and fast processing times guarantee quick funding to its customers. Gone are the days of long-drawn-out and complicated paperwork and weeks of waiting for approvals. Now funding offers like Mantis Funding’s Cash advance come through in less than 24 hours!

Flexibility – According to my observations, most small businesses don’t have extensive needs. While many are, of course, also looking for large or long term amounts for expansion, most need less than $10K. Banks, unfortunately, only offered a few fixed financing offers, which keep them stuck in a long-term debt they don’t really need. Alt lenders like Mantis Funding provide cash advances that range from $2K to $200K and offer customization in terms of repayment costs and timelines.

Accessibility – the tyranny of credit scores finally comes to an end with alt-fin. No longer must we be judged by one-dimensional credit scores as alternative lenders take a more holistic approach to judge the creditworthiness of businesses.

The 3 main advantages mentioned above are well known and quite well advertised by all alt-fin companies. They are the reason why so many small and mid-sized businesses are flocking to the alt-lending industry.

But in the long run, I feel they have an even better differentiator in their pockets – the industry has cultivated a unique customer-centric approach and matched that with the latest AI-backed fintech. Banks are now integrating technology and flexibility in their process as well and might soon be able to match some of the advantages of alt-fin. But their large, unwieldy structures are permeated with a corporate culture that puts risk management first! The bank’s profits and safety come before the customer; the approach is completely different in alt-lending companies like Mantis Funding, where complaints regarding customer care are unheard of!

The most successful companies in the alternative lending landscape are the ones who can harness artificial intelligence algorithms to reduce time and risk, but the heart of their operations are based on deep human connections. For example, I found that at Mantis Funding, even though the application process is completely online, the team members reached out to every single customer personally and took the time to find out about their business and their reasons for seeking funding. Customer stories mattered and in many cases, decisions were influenced by the client’s situation or personality.

My personal experience with them was eye-opening, the manager assigned to me handheld and mentored me throughout the process. I was given ALL the information, and there were no hidden charges or fees or anything underhanded at all. I admit I was a bit wary when I first started the process, but now with my deal fully repaid, I can truthfully say that Mantis Funding cash advance saved my business!

If you are a business owner, looking for that little cash boost, then my advice would be to explore alternative financing. Scout the market, talk to different companies, and find the one that treats you the best!