Feb 11, 2021
Online payment gateway, PayFast has launched a new merchant-financing service in partnership with local fintech lender, Retail Capital, called Easy Advance.
The service is designed to help merchants leverage short-term working capital to grow their business, without compromising their cash flow.
“Small businesses are generally more agile and quick to adopt creative strategies. Throughout 2020, many found new ways to earn revenue, promote their offerings and acquire new customers – despite the pandemic. We want to encourage our merchants to continue growing their businesses, without the limitations of traditional financing,” says Jonathan Smit, MD and founder of PayFast.
Taking daily online transactions into account, Easy Advance offers flexible, pre-approved funding to merchants based on their real-time trading data on the PayFast engine. The amount of the cash advance is determined against a percentage of future sales to ensure that merchants can still meet their monthly expenses, while growing their business.