Cashflows Advance has launched. It is a new service that enables eligible merchants to access funding without the fixed monthly repayments of traditional funding. With 36% of SMEs using external finance in 2022, Cashflows Advance is changing business funding to enable merchants to grow without the risk of repayments becoming overwhelming. The service, created in partnership with Recap, offers merchants a pre-approved cash advance based on historical sales data. This eliminates lengthy application processes and delivers funding to merchants when they need it most.
A fixed percentage of a merchant’s daily sales is taken as repayment. This means that during slower business periods, repayments are lower. In the current turbulent economic environment, Cashflows Advance provides financing to businesses in a way that works for them.
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Cashflows Advance comes with no interest charged
Hannah Fitzsimons, CEO of Cashflows, said: “Businesses must be able to access the funding they need when they need it, but inflexible repayment plans leave many unable to invest in their own growth. By giving our customers the opportunity to access funding and make repayments directly aligned to their sales figures, we are once again demonstrating our commitment to the growth of small and medium enterprises.
“At Cashflows, we understand how difficult the current economic landscape is and want to do everything in our power to help merchants continue to thrive. That’s why we have partnered with Recap to launch Cashflows Advance, and why we will continue to launch innovative new products that leverage our payments expertise to help British businesses grow.”
Cashflows Advance offers eligible merchants pre-approved funding of up to £150,000 to fuel the growth of their business. There is no interest charged. Instead, there is a transparent one-off fee is charged on top of the advance amount. The amount owed is paid back by deducting an agreed % from daily settlements.
Jonathan Field, Managing Director of Recap, commented: “We are delighted to unveil our partnership with Cashflows, offering eligible customers truly pre-approved funding at the click of a button. Cashflows Advance removes funding rejection anxiety for merchants and empowers businesses to capitalise on growth opportunities with real-time offers, even when they are presented with a challenging economic environment.
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By GlobalData“For Recap, the partnership marks a significant milestone as we continue our expansion in the UK market. We look forward to strengthening our partnership with Cashflows as we collaborate for the good of British business.”
