Business Funding With PayFast
Do you wish to start or scale up a business but lack the funds to do this. You will be glad to learn that Retail Capital has partnered with PayFast to provide collateral free business funding for business start-ups that use PayFast to receive funds. These business loans are known as Easy Advance. To qualify for this funding, you will need to have been a merchant with PayFast for at least 3 months and turning over a minimum of R5000 per month. There is no paperwork required for these loans and the funds are typically paid to your bank account in 24hrs after you request the funding.
Their repayment model is not too hectic in the sense that you don’t have to pay a fixed amount every month. They withhold a percentage of your turnover each time your business receives funds.
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, Managing Director and Founder of PayFast.
Easy Advance is a great way to start and finance a business in South Africa today. For more information about how to have access to business finance please visit PayFast.co.za for more information on how you can get funding.