Preference Capital launches Merchant Cash Advance loan product
Specialist owner-managed businesses financial services firm Preference Capital, under its Cash Flow Capital brand, has launched the Merchant Cash Advance loan product, which offers a quick and flexible short-term capital injection.
The product allows merchants to seize opportunities when they present themselves; whether to buy stock, upgrade equipment or explore new ventures.
The loan product, offered in partnership with financial services firm Absa, is tailored exclusively to merchants with Absa card machines.
This product has been specifically tailored to meet the needs and challenges faced by owner-managed businesses, and help to address the intricacies of business ownership in Africa, Preference Capital says.
“We are excited to bring our expertise in technology-driven small and medium-sized enterprise finance to Absa merchants. This product will provide significant value to existing and prospective Absa merchants,” says Preference Capital Group COO Michael du Plooy.
The partnership combines Absa's robust infrastructure and extensive reach with Preference Capital's specialised knowledge, he adds.
“Through this partnership, and in addition to the payment acceptance services we provide, we are extending alternative working capital solutions for merchants, helping them weather the economic pressures currently being faced,” says Absa Relationship Banking Payments Acceptance executive Vish Chetty.
Merchants can quickly and easily apply for the product through the Cash Flow Capital online portal. Loan amounts are based on the client’s average monthly card turnover. Terms range between 4 and 12 months and funding is provided within 24 hours if the application is successful.
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