Vodacom Financial Services introduces business cash advance to help SMEs
Vodacom financial services announces its latest loan product, VodaLend | business cash advance, which provides financing to unregistered small businesses that need quick access to short-term cash advances. Offer financing between R3000 and R350,000 to customers using VodaPay point of sale (POS), Business Cash Advance complements VodaLend’s range of loan products for the SME sector.
Vodacom Financial and Digital Services, Managing Director Mariam Cassimclaims that Business Cash Advance will further strengthen the financial security of SME partners.
“It often happens that a small business has intra-month cash flow problems. Although the business is liquid in the long term, it sometimes finds itself unable to meet its short-term cash flow needs. This is where our Business Cash Advance product comes into play.â
Business Cash Advance provides financing to SME partners who trade using VodaPay POS devices including VodaPay Max, E-Commerce Switch and VodaPay Chop-Chop QR Code. Financing is offered to the SME on the basis of its monthly turnover and, if accepted, is paid to the company within 24 hours.
âRefunds are specifically designed to help SME partners by being tied to the amount of money the business earns each day. When the business is not trading, no refunds are required,â adds Cassim.
To be eligible, users of VodaPay’s POS devices must have been trading for four months or more, have a monthly turnover of at least R3,000 (collected through the merchant’s wallet, regardless of the mechanism of acceptance) and have made 10 payment transactions per month. on the defined payment tracks. No business registration or VAT number is required. Companies seeking funding should apply through Vodacom SMME Portal and from there, merchants can view the funding options on offer. Once funding is approved, they can take it back whenever needed.
Non-eligible VodaPay customers can also access the SMME portal, where they receive a dashboard showing what they need to do to qualify. Once qualified, acceptance can be done in less than two minutes.
Startups and SMEs are the backbone of the economy and enabling them to access agile funding is essential to their success. In line with Vodacom’s commitment to being a purpose-driven company, VodaLend and the Business Cash Advance offering serve and strengthen the small business sector where it matters most.
Cassim concludes: âThis is another small step by Vodacom Financial Services to further develop and stabilize the SME sector â a key element in the long-term growth of our economy. This sector is also vital for job creation in an environment where the unemployment rate is unacceptable.