Merchant Business
An innovative new source of funding for your business compared to a traditional bank loan – Flexible finance when you need it most!
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Are you looking to expand, renovate or buy stock for your business or website, and finding it hard to raise the capital required? Merchant Business funding may be the answer.
PaymentPlus can provide funding based on the monthly average card takings from your card payment terminal. The funding plus a fixed fee is paid back using an agreed percentage of daily credit/debit card takings until repayment is made in full. This provides your business with maximum flexibility as repayments follow your cashflow. The cost of the funding never changes so provides your business with peace of mind.
How Much Funding Do I Qualify For?
PaymentPlus can fund between €1,000 and €1,000,000 per facility. The amount funded is typically 1 month’s average card taking, so if you average €15,000 of card takings per month, we could provide funding of up to €15,000.
Business Funding v’s Bank Loan
Business Funding is an innovative source of funding for business compared to a traditional bank loan:
- Fast access to funding – applications approved in days
- No business plans required
- No need to change providers or bank
- Flexible repayments – payback as you earn
- Access to a new line of credit
- No collateral required
Some eligibility criteria can apply:
- Currently trading with a minimum 3 months of trading
- Minimum monthly card/online revenue required
- Some sectors excluded
What Can You Use The Business Funding For?
Most businesses require additional funding at some stage of their development. The funding can be used in any way you like to grow and improve your business. Common uses are as follows:
- Renovation
- Expansion
- Inventory/stock
- Equipment upgrade
- Website development
- Opportunity funding
- Emergency funding
- Marketing/Training
- Trade Shows
Frequently asked Questions
What can merchants use funding for?
Merchants can use funding for any purpose, including cash flow, stock purchase, new equipment, hire staff, refurbishment, tax bills, etc.
What are the benefits of this type of funding?
1. Flexible repayments in line with cash flow
2. Fast decisions (<24hrs if all required info provided)
3. High approval rate. (>90%)
What do I need to qualify for funding?
You must be a business currently trading and have been trading for a minimum of 3 months. Your business must accept card payments through your card machine and / or via an online eComm website.
How much will I get funded?
If you know your monthly card payment turnover, this will give you an estimate to the size of funding you could receive. Typically, you can get funding that is equivalent to 100% of your monthly card turnover e.g. a monthly card turnover of €10,000 will equal €10,000 funding.
How are repayments made?
On receipt of your Business funding, the repayment process begins automatically. From this point on, whenever one of your customers pays you on card, a small percentage of that sale will go towards paying off your funding.
The flat percentage value is agreed before the point of funding and will stay the same regardless of the transaction value.
For example, if it’s 5%, it will be 5% of a €10 sale or a €1,000 sale. The repayment value flexes to the size of the transaction. This process will repeat until the funding is fully repaid.
When can merchants have a decision?
It can be as quick as within 24 hours of YouLend receiving a complete application
When will merchant receive funds?
Typically within 2-14 working days of merchant signing contracts dependant on the acquiring bank
What is the cost of funding?
Fixed fees from 3%, unique pricing per merchant – your precise quote will be offered on completion of application
What if a merchant already has a cash advance in place?
We are able to offer a buy out of advances from other MCA providers, merchant must be eligible for 2x their outstanding balance with current provider.
The ability to do this can be discussed during the application process.
How Long Does Business Funding Take To Pay?
Business Funding will typically take an average of 9 months to repay, but this may vary depending on the size of your funding and the frequency & value of card transactions being paid to your business.
How To Get Started?
1. Complete Online Application – details will be submitted to our fund partner YouLend
2. Review & Approve – most applications are reviewed and approved within a few days
3. Receive payment
It’s Simple.
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