Payflex,a South African fintech startup and Merchant Capital have partnered to launch a new cash advance solution called FlexiAdvance for SMEs and retail sector.
FlexiAdvance is powered by Merchant Capital and it enables 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 of paperwork and documentation. Payflex will also have access to Merchant Capital’s alternative lending solutions which it can offer to its businesses.
co-founder and chief relationship officer at Merchant Capital, Ryan Cohen, said in a statement. “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.
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.