Vodacom Financial Services launches Business Cash Advance to help SMEs
VOdacom financial services announces its latest loan product, VodaLend | Commercial cash advance, which provides finance to unregistered small businesses in need of quick access to short-term cash advances. Provide funding between R3000 and R350,000 to customers using VodaPay point of sale (POS), Business Cash Advance complements VodaLend’s lending product line for the SME sector.
Vodacom Financial and Digital Services, Managing Director Mariam Cassim, says Business Cash Advance will further strengthen the financial security of SME partners.
“It often happens that a small business has cash flow issues during the month. While the business is liquid over the long term, it is sometimes unable to meet short-term cash flow needs. This is where our Business Cash Advance product comes in.
Business Cash Advance provides funding to PMEM partners who trade using VodaPay point-of-sale devices, including VodaPay Max, E-Commerce Switch, and VodaPay Chop-Chop QR code. Funding is offered to SMME on the basis of its monthly turnover and, if accepted, is paid to the company within 24 hours.
“Reimbursements 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 in operation, no reimbursement is required, ”adds Cassim.
To qualify, users of VodaPay’s point-of-sale devices must have traded 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 trading). ‘acceptance) and complete 10 payment transactions per month. on defined payment rails. No business registration or VAT number is required. Businesses looking for funding should apply through Vodacom’s SMME portal and from there merchants can view the funding options on offer. Once the funding is approved, they can use it whenever needed.
Ineligible VodaPay customers can also access the SMME portal, where they receive a dashboard showing what they need to do to be eligible. Once qualified, acceptance can be completed in less than two minutes.
Start-ups and SMEs are the backbone of the economy and providing them with access to agile finance is essential to their success. In keeping with Vodacom’s commitment to being a goal-driven business, VodaLend and the Business Cash Advance offering serve and strengthen the small business sector where it matters most.
Cassim concludes: “This is another small step for Vodacom Financial Services to further strengthen and stabilize the SME sector – a key element in the long-term growth of our economy. This sector is also vital for job creation in an environment where unemployment is unacceptably high.