{"id":14459,"date":"2023-07-07T17:24:51","date_gmt":"2023-07-07T14:24:51","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=14459"},"modified":"2023-07-23T13:14:01","modified_gmt":"2023-07-23T10:14:01","slug":"e-commerce-funding","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/e-commerce-funding\/","title":{"rendered":"E-Commerce Funding: Business Financing for Online Sellers"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">E-commerce was always on a predictable upward trend, but Coronavirus has accelerated that growth exponentially. It\u2019s predicted that <\/span><a href=\"https:\/\/www.forbes.com\/sites\/johnkoetsier\/2020\/06\/12\/covid-19-accelerated-e-commerce-growth-4-to-6-years\/#41d5c23600fa\"><span style=\"font-weight: 400;\">e-commerce growth has been accelerated by 4 &#8211; 6 years<\/span><\/a><span style=\"font-weight: 400;\"> due to COVID-19. According to an <\/span><a href=\"https:\/\/theblog.adobe.com\/online-shopping-during-covid-19-exceeds-2019-holiday-season-levels\/\"><span style=\"font-weight: 400;\">Adobe report<\/span><\/a><span style=\"font-weight: 400;\">, the total online spending during the month of May totaled $82.5 billion, a dramatic 77% year-over-year increase.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To keep up with this unforeseen increased demand, online sellers need e-commerce funding to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Hold sufficient stock<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Launch new products<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ensure systems and processes are fast, secure and efficient<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Increase online marketing to stay competitive<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">Many online sellers simply don\u2019t have cash on hand to fund these expenses, and this is where e-commerce funding comes into play.\u00a0<\/span><\/p>\n\n<h2><b>Funding an online retail business<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are many types of business loans out there but which is the <a href=\"https:\/\/www.become.co\/ecommerce-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">best loan for e-commerce business<\/a>? It\u2019s not a one-shoe-fits-all approach &#8211; online businesses have unique characteristics and challenges and require specialized funding solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">E-commerce businesses tend to suffer from cash flow shortages yet struggle to secure the funding they need as alternative lenders and banks typically don\u2019t cater to their unique characteristics. Their underwriting processes generally don\u2019t take all pertinent, relevant data points into account, such as online ad performance, resulting in lower approval rates and small loan amounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While e-commerce platforms do offer tailored e-commerce financing to this market, they only provide funding to a small portion of online sellers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Online sellers can benefit from e-commerce funding to cover operational costs as well as expenses relating to business growth, particularly relevant now during COVID-19 increased demand.<\/span><\/p>\n\n<h2><b>What can e-commerce loans do for your business?<\/b><\/h2>\n<p><strong>E-commerce business loans can be used for any business purpose including to:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fund marketing campaigns to increase traffic &#8211; e.g. Facebook ads<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Purchase stock to increase both merchandise width and depth<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Develop technology, systems and processes such as improving security, payments, and speed<\/span><\/li>\n<\/ul>\n\n<p><strong>The main benefits of e-commerce loans are:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Quick approvals and funding<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Customized specifically for e-commerce businesses &#8211; better terms and rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Often no collateral required to secure the loan<\/span><\/li>\n<\/ul>\n\n<h2><b>Best e-commerce funding option for online sellers<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are many different types of e-commerce business loans for online sellers, but the most flexible, cost-effective loan type is a line of credit.<\/span><\/p>\n\n<h3><b>E-commerce line of credit<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A<a href=\"https:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0business line of credit<\/a> is a flexible funding product that enables businesses to draw on funds as and when needed. It&#8217;s typically used for immediate expenses as opposed to long-term investments. It\u2019s a good option for e-commerce businesses that need short-term cash to cover expenses, for example, online ad costs and new inventory.<\/span><\/p>\n<p><b>Pros:<\/b><span style=\"font-weight: 400;\"> Pay interest only on the amount used, easy to qualify, funds automatically replenish<\/span><\/p>\n<p><b>Cons:<\/b><span style=\"font-weight: 400;\"> Smaller loan amounts than term loans, costly penalty for late repayments, risk of overspending.<\/span><\/p>\n\n<h2><b>Alternative funding options for online sellers<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Online sellers that aren\u2019t eligible for a\u00a0 business loan have other funding for e-commerce business options available to them, including:<\/span><\/p>\n\n<h3><b>Crowdfunding\u00a0<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Business crowdfunding entails raising financing through a large group of individuals including family, friends, investors, customers and acquaintances. Crowdfunding is based on a social sharing model and there are a number of types such as donation-based, rewards-based, peer-to-peer and equity-based.<\/span><\/p>\n<p><b>Pros: <\/b><span style=\"font-weight: 400;\">Ability to reach large audience and achieve multiple contributions<\/span><\/p>\n<p><b>Cons:<\/b><span style=\"font-weight: 400;\"> Limited funding amount, long turnaround time for funding, intellectual property risk<\/span><\/p>\n\n<h3><b>Angel Investors<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Angel investors are wealthy individuals who generally invest in startups or small businesses using their personal funds, in exchange for ownership equity or convertible debt.<\/span><\/p>\n<p><b>Pros: <\/b><span style=\"font-weight: 400;\">Attractive amounts (typically up to $500K), flexible contractual agreements<\/span><\/p>\n<p><b>Cons:<\/b><span style=\"font-weight: 400;\"> Requires relinquishment of a share of the business, sometimes costly, often investors get actively involved in the business<\/span><\/p>\n\n<h3><b>Venture Capitalists<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Like angel investors, venture capitalists provide capital to startups or small businesses, however, they are typically corporations instead of private individuals.<\/span><\/p>\n<p><b>Pros: <\/b><span style=\"font-weight: 400;\">Provide larger capital amounts, investment repaid with company profits<\/span><\/p>\n<p><b>Cons:<\/b><span style=\"font-weight: 400;\"> Inflexible contractual agreements, loss of full control, delayed decision-making, loss of equity and profit margins<\/span><\/p>\n\n<h2><b>Are you eligible for e-commerce funding?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Obviously the precise criteria vary from lender to lender but here is an example of some typical qualification criteria:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Operating for over 12 months in business<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Average monthly revenue of at least $5,000<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">3 month\u2019s worth of business bank statements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Active ad account and e-commerce platform &#8211; varies from business to business<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">Other financial criteria may apply depending on the lender.<\/span><\/p>\n\n<h2><b>How to apply for e-commerce funding?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are lenders that specialize in e-commerce business funding and an online seller can apply through Become\u2019s e-commerce funding platform to get matched with the best e-commerce loan for their business. Here\u2019s how it works:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.become.co\/ecommerce-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to apply for <strong>up to $100,000 <\/strong>&#8211; won\u2019t affect your credit score<\/span><\/li>\n<li>Enter your business information in the <strong>2-minute questionnaire<\/strong><\/li>\n<li>Securely connect your online accounts (bank, ad and e-commerce platform) for <strong>view-only access<\/strong><\/li>\n<li>If you qualify, <a href=\"http:\/\/www.become.co\" target=\"_blank\" rel=\"noopener noreferrer\">Become<\/a> will provide preliminary offers from lenders, including terms and rates<\/li>\n<li><span style=\"font-weight: 400;\">Pick your best loan offer\/s and the lender will be in touch directly to complete the process<\/span><span style=\"font-weight: 400;\"><br \/><\/span><\/li>\n<\/ol>\n\n<p><a href=\"http:\/\/www.become.co\/ecommerce-loans\/?k=blogbanner\"><img decoding=\"async\" class=\"aligncenter wp-image-14514 size-full\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/07\/Ecommerce-banner-min-scaled.jpg\" alt=\"Apply for e-commerce funding\" width=\"1024\" height=\"341\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/07\/Ecommerce-banner-min-scaled.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/07\/Ecommerce-banner-min-300x100.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/07\/Ecommerce-banner-min-768x256.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/07\/Ecommerce-banner-min-604x201.jpg 604w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n\n<h2><span style=\"font-weight: 400;\">Frequently asked questions about e-commerce funding<\/span><\/h2>\n<p>To get all the answers to your e-commerce questions, visit our comprehensive <a href=\"https:\/\/www.become.co\/blog\/ecommerce-faq\/\" target=\"_blank\" rel=\"noopener noreferrer\">E-Commerce Q&amp;A<\/a> page. Here are the top questions asked by e-commerce business owners:<\/p>\n\n<div class=\"wpsm_panel-heading acc-a\" role=\"tab\">\n<h3 class=\"wpsm_panel-title\"><a href=\"https:\/\/www.become.co\/blog\/ecommerce-faq\/#Q86\/#ac_14560_collapse1\" target=\"_blank\" rel=\"noopener noreferrer\" data-toggle=\"collapse\" data-parent=\"#wpsm_accordion_14560 \" aria-expanded=\"true\"><span class=\"ac_title_class\">Why do e-commerce companies need funding?<\/span><\/a><\/h3>\n<\/div>\n<div id=\"ac_14560_collapse1\" class=\"wpsm_panel-collapse collapse_14560 collapse in\" aria-expanded=\"true\">\n<div class=\"wpsm_panel-body\">\n<p>Many online retailers apply for e-commerce funding to cover these expenses:<\/p>\n<ul>\n<li>Inventory\/stock<\/li>\n<li>Shipping of goods<\/li>\n<li>Storage costs<\/li>\n<li>Marketing<\/li>\n<li>Employees wages<\/li>\n<li>Technology and operations<\/li>\n<\/ul>\n\n<p>Since e-commerce companies generally don&#8217;t have enough cash to cover their expenses before their revenue comes in, e-commerce funding is vital.<\/p>\n\n<\/div>\n<\/div>\n<div class=\"wpsm_panel-heading acc-a\" role=\"tab\">\n<h3 class=\"wpsm_panel-title\"><a href=\"https:\/\/www.become.co\/blog\/ecommerce-faq\/#Q89\/#ac_14560_collapse4\" target=\"_blank\" rel=\"noopener noreferrer\" data-toggle=\"collapse\" data-parent=\"#wpsm_accordion_14560 \" aria-expanded=\"true\"><span class=\"ac_title_class\">What can I do to grow my e-commerce business?<\/span><\/a><\/h3>\n<\/div>\n<div id=\"ac_14560_collapse4\" class=\"wpsm_panel-collapse collapse_14560 collapse in\" aria-expanded=\"true\">\n<div class=\"wpsm_panel-body\">\n<p>Growing an e-commerce business is two-fold: to increase number of quality site visitors or traffic, and to increase the conversion rate from visitor to customer.<\/p>\n<p><strong>To increase your quality traffic:<\/strong><\/p>\n<p>1.Search Engine Optimization (SEO) which means to <a href=\"https:\/\/www.become.co\/blog\/how-improve-website-seo-ranking\/\" target=\"_blank\" rel=\"noopener noreferrer\">improve your ranking in Google<\/a>.\u00a0<\/p>\n<p>2. Content marketing\u00a0<\/p>\n<p>3. Email marketing campaigns<\/p>\n<p>4. Online advertising &#8211; Facebook and Google<\/p>\n<p>5. Online retail marketplaces<\/p>\n<p>6. Affiliate marketing<\/p>\n<\/div>\n<blockquote>\n<p><strong>Top tip:<\/strong> keep track of all your profit and expenses each month to optimize your bottom line! Shopify users can use <a href=\"https:\/\/www.become.co\/shopify\/landing\/?utm_source=blog&amp;utm_medium=article&amp;utm_campaign=e-commerce-funding\" target=\"_blank\" rel=\"noopener noreferrer\">BeProfit &#8211; Profit Tracker<\/a> for easy monitoring of their finances.<\/p>\n<p>BeProfit is a Shopify profit calculator that gives a full breakdown of all of your expenses including marketing, shipping, production, and more. It&#8217;s the profit margin calculator that takes business analytics to new heights.<\/p>\n<p>Try BeProfit, the ultimate Shopify calculator, <a href=\"https:\/\/www.become.co\/shopify\/landing\/?utm_source=blog&amp;utm_medium=article&amp;utm_campaign=e-commerce-funding\">here<\/a>.<\/p>\n<\/blockquote>\n<div class=\"wpsm_panel-body\">\n<p><strong>To improve your conversion rate:<\/strong><\/p>\n<p>1. Live chat customer support<\/p>\n<p>2. Facebook Messenger Bot<\/p>\n<p>3. Routine website A\/B testing\u00a0<\/p>\n<p>4. Customer reward or loyalty program<\/p>\n<p>5. Free shipping options<\/p>\n<p>6. Easy returns<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>E-commerce was always on a predictable upward trend, but Coronavirus has accelerated that growth exponentially. It\u2019s predicted that e-commerce growth has been accelerated by 4 &#8211; 6 years due to COVID-19. According to an Adobe report, the total online spending during the month of May totaled $82.5 billion, a dramatic 77% year-over-year increase.\u00a0 To keep [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[79,446,12],"tags":[75,440,442,441],"class_list":["post-14459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-guides","category-e-commerce","category-us-resources","tag-business-financing","tag-e-commerce","tag-e-commerce-funding","tag-online-sellers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>E-Commerce Funding: Business Financing for Online Sellers - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/e-commerce-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-Commerce Funding: Business Financing for Online Sellers - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"E-commerce was always on a predictable upward trend, but Coronavirus has accelerated that growth exponentially. It\u2019s predicted that e-commerce growth has been accelerated by 4 &#8211; 6 years due to COVID-19. 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