Retail and hospitality industries have been struggling since the implications of the pandemic began to emerge in March 2020. Lockdowns, social distancing, quarantining, and curfews have stretched businesses to breaking point. And many businesses have complained that the government-backed funding and various support schemes just aren’t enough.
What is EPOS Now Capital?
EPOS Now – a popular point of sale provider – has released a new financial product in partnership with Liberis – a company that specialises in business cash advances. An alternative to bank loans, EPOS Now Capital is an unsecured cash advance service for small businesses.
Originally due to be released in April 2021, EPOS Now made the choice to kickstart EPOS Now Capital early to assist businesses that may be struggling because of the pandemic – although it emphasises that businesses should seek the help of government-backed loans and grants first.
Unlike bank loans, EPOS Now Capital doesn’t require you to submit a detailed business plan, nor does it require you to pay back the money within a specific time period. There’s also no need to put down an asset such as your house for collateral.
Instead, businesses must show robust financials, and take at least £5,000 a month in debit card transactions to qualify for the aid. This is because EPOS Now Capital takes an agreed percentage of each card transaction you take as repayment.
The percentage that EPOS Now Capital reclaims per card transaction is based on how many card payments you take a day, and you’ll also be expected to pay an initial fixed amount upfront. However, the good thing is that you only pay back your loan when you’re earning.
You have to be an EPOS Now customer to qualify
The downside to the service is that you have to be an EPOS Now customer to qualify for the cash advance. But if you are thinking of upgrading your EPOS system, EPOS Now offers an award-winning point of sale system at a pretty good price.
The EPOS Now POS system will give you all the tools you need to further pandemic-proof your business, including the means to encourage customer loyalty, market your products, and move your business online with ecommerce and delivery app integration.
Check out our EPOS Now review for more information.
If you don’t fancy upgrading your POS system or changing your provider, there are other loans and grants that you may not know about that you can apply for.
Startups.co.uk has lots of advice on business finance, with sections of the site dedicated to small business grants and small business loans. So make sure you read up on all of your options before you commit yourself to any kind of financial funding contract!
