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South African fintechs alternative lender Merchant Capital and buy-now-pay-later (BNPL) specialist Payflex, have launched a cash advance solution that will address some of the issues facing the country’s growing small and mid-sized retail sector.
The product is called FlexiAdvance powered by Merchant Capital and offers flexible repayments that are linked to monthly turnover, backed by technology to allow access to funding within 24 hours of application.
Merchants are achieving up to 30 percent higher average order values when offering BNPL as a payment option
“FlexiAdvance is a significant value-add for our merchants, who can now access flexible funding through the Payflex platform,” explains Payflex CEO Paul Behrmann. He also shared that Payflex’s online merchants are achieving up to 30 percent higher average order values, larger purchases and significant revenue increases when offering BNPL as a payment option.
FlexiAdvance will leverage Merchant’s Capital’s funding technology and the Payflex’s payment technology to bring Payflex merchants a working capital solution. Those merchants will also have access to both Merchant Capital’s alternative lending to fund their businesses, and the existing BNPL solution to drive increased sales.
“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,” said Ryan Cohen, the Co-Founder and Chief Relationship Officer at Merchant Capital.
“This sentiment bodes well for 2022 with a greater sense of predictability and optimism in the economy,” he continues, linking this partnership to the small retail sector pandemic recovery that sees many SMEs undertaking projects that had been delayed due to the uncertainty caused by Covid-19.
Read more: Learn the new rules of business funding
Featured image supplied by Payflex