Worldpay launches alternative small business financing scheme
Scheme allows business owners to take out a cash advance against future credit and debit card sales
A new alternative finance scheme allowing small businesses to take an unsecured cash advance based on future credit and debit card sales has today been announced by Worldpay, in partnership with Liberis.
Using Worldpay Business Finance, the customer’s payments are made on the basis of a pre-agreed percentage of the business’ card transactions, meaning business owners only pay when they are earning.
Additionally, the advance includes no fixed term, does not gain interest and there are no fines for failing to make a payment.
Dave Hobday, UK managing director Worldpay, said: “We’ve been concerned that the lack of affordable funding available to Britain’s small businesses is stopping great businesses from growing and thriving.
“Unlike traditional loans, the flexibility of Worldpay Business Finance means that payments can be structured in a way that better suits the models of small businesses.”
Rob Straathof, managing director Liberis UK, commented: “We’re excited to be partnering with Worldpay to expand flexible funding to even more small businesses across the UK. We understand how hard small businesses work and how important a fairly-priced and flexible credit solution is to help companies grow.”