Are Cash Advances from Ondeck Going Away
The world of business can be a wonderful, scary, complicated, and mysterious place. Any business, no matter how big or small today, can fail and go away tomorrow. Even financial companies are not immune. For example, you may have heard that cash advances from Ondeck might be going away.
Sometimes, business troubles develop slowly, like the Colorado River carving out the Grand Canyon. Other times, problems come at you fast and force you to find it and fix it quickly or face failure. Still, a third category occurs when a series of unfortunately events and bad choices cause you to close your doors. This may be the reason why cash advances from Ondeck could become a thing of the past.
What’s Really Going on at Ondeck?
The truth is that Ondeck has been experiencing quite a few troubles over the past year. It is questionable whether Ondeck will continue to be in business.
Although it was the largest alternative financing company in the U.S., its stock price has plummeted into the single digits. The word on the street is that the company is closing its doors and will therefore not be issuing cash advances anymore.
Ondeck was one of the first companies to get in the alternative financing cash advance business. However, they have made so many poor decisions about their business that their investors are not giving Ondeck any more funding.
As a larger company, Ondeck has to balance risk management, growth and partner relationships. This is not an easy task and the company has not been succeeding in these areas, itself and its customers with an uncertain future.
Is There an Alternative to Cash Advances from Ondeck
If you have been relying on cash advances from Ondeck, thankfully you do have other options. Companies like Financing Solutions (www.financingsolutionsnow.com) continue to perform well. This is because of its solid lines of credit and consolidated cash advances products.
In addition, Financing Solutions deals directly with business owners. Other alternative lenders, like Ondeck, go through brokers.
Another advance is that this company is run by two serial entrepreneurs. They understand the unique challenges and stresses of the small business owner. As a result, businesses turn to them again and again for the short term business financing necessary to handle issues like uneven cash flow and making payroll.
Why Some Companies Turn Business Away
When you own a small business, competition is fierce. This often leads you to accept any client at any cost. However, it’s important to learn when you should (and should not) turn business away.
It might be beneficial to turn away a prospect when you know you cannot make them happy. If you know upfront that you can’t meet their demands, say so. Continuing with the relationship will leave both sides unsatisfied and ruin your reputation and brand.
You should also turn down business that doesn’t fit your niche. Instead of being an everything-for-everyone kind of company, find the few things that you do really well and capitalize on them. For instance, if you own a photography company, you might want to focus only on portraits or just weddings.
The one time you should not turn business away is simply because you don’t have enough cash. When you need extra inventory or supplies, get immediate business financing from Financing Solutions.