Two local fintech firms have joined forces to launch a new cash advance solution the pair believe will help inject life into the local SME retail sector.
The two firms are Merchant Capital and Payflex. Together the pair have launched FlexiAdvance which is powered by Merchant Capital. The solution gives applicants access to funds within 24 hours of application and offers flexible payment terms based on the turnover of the business.
The FlexiAdvance solution can be accessed via Payflex’s portal which means there is no need to be burden by paperwork and documentation. The upshot to this is that Payflex will also have access to Merchant Capital’s alternative lending solutions which it can offer to its businesses.
“We’re extremely excited about the collaboration with Payflex, as we share the same founding principle of offering innovative and agile fintech products to the South African market,” co-founder and chief relationship officer at Merchant Capital, Ryan Cohen, said in a statement.
According to Payflex chief executive officer Paul Behrmann, merchants see the value of orders climb 30 percent higher when offering the firm’s Buy Now Pay Later payment option.
Cohen says the small retail sector was bouncing back well from the effects of the pandemic, with many SMEs undertaking projects that had been delayed due to the uncertainty caused by the ongoing pandemic.
“This sentiment bodes well for 2022 with a greater sense of predictability and optimism in the economy,” the Merchant Capital co-founder concluded.
