Worldpay has launched a new and alternative funding scheme which will help small businesses gain access to finance. In partnership with London-based financial institution Liberis, Worldpay has devised an initiative that will allow small businesses to receive an unsecured cash advance based on future credit and debit card sales.
Through Worldpay Business Finance, small businesses’ payments are staggered according to a pre-arranged percentage of business card transactions. This ensures businesses owners are only repaying while they are earning.
Other accommodating measures include an absence of a fixed term, no interest charges, and no fines for late payment.
“We’ve been concerned that the lack of affordable funding available to Britain’s small businesses is stopping great businesses from growing and thriving” says Dave Hobday, managing director WorldPay UK. “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 at Liberis UK, voiced his enthusiasm for the scheme: “ We’re excited to be partnering with Wordplay to expand flexible funding to even more small businesses across the UK”. He added: “We understand how hard small businesses work an how important a fairly-priced and flexible credit solution is to help companies grow”.