Small business cash advances
Cashflow is the lifeblood of all businesses, that’s why at Inspire Payments we partner with YouLend, one of the UK’s leading alternative finance providers, to offer businesses like yours access to simple, flexible funding. Access funding up to £1,000,000 to grow your business and pay back when you make money
What is cash advance?
An advance payment made to your business as a lump sum, which is then repaid as an agreed percentage of your future card transactions. This percentage can vary from 5% to 30% of your daily takings.
This is not like a traditional bank loan; you don’t need any collateral to secure a Loan Advance. Qualification is based on your average earnings from card payments. This information is taken from your latest merchant statements.
Do I qualify?
There is some basic criteria we need to establish before we can put forward a customer for merchant cash advance funding:
• Have been in business for at least 12 months.
• Accept card payments from your customers via a card machine or secure e-commerce gateway
• A minimum monthly card turnover threshold of £1,000 per month, based on a minimum of 6 months’ worth of trading.
What funding is available?
If you know your monthly card turnover, this will give you an estimate to the size of advance you could receive. (this can be found on your recent merchant statement)
Typically, you can get an advance at 100-110% of your monthly card turnover e.g. a monthly card turnover of £15,000 will equal around a £15,000-£16,500 advance.
This isn’t like a traditional bank loan.
A Traditional Bank Loan
- Up to 75 days to extend new loan
- Fixed monthly repayments
- Administrative fees for an application, as well as early repayment fees
- Assets at risk if you default
Merchant Cash Advance
- Decision in as low as 60 minutes
- Funding in 1-4 days
- Your assets will remain safe
- Funding is unsecured
- Pay back proportionately as you earn
- No hidden fees, all costs agreed upfront
Did you know over 83% of customers renew their advance with the average customer renewing 3 times over the period of their agreement to continue to fund the growth of their business.
Get paid wherever you are
Every business is different and we have a range of devices available to ensure you get what you need. Whether you take payments in one place or you need the flexibility to move around the business or even the country then we have a solution for you.
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