If you have aspirations of developing your small, medium and micro enterprise (SMME) then you might be thrilled to discover that a new opportunity to access funding has arising in light of Vodacom Financial Services looking to drive the initiative of eradicating financial exclusion.
VodaLend Business Cash Advance will provide finance to smaller unregistered businesses in need of quick access to short-term cash advances in the range of R3,000 and R350,000 to customers using VodaPay point of sale (POS) devices. Business Cash Advance provides funding for partner SMMEs that trade using VodaPay’s POS devices, including VodaPay Max, E-Commerce Switch and VodaPay Chop-Chop QR code. Funding is offered to the SMME based on its monthly turnover and, if accepted, is paid to the company within 24 hours.
Business Cash Advance from Vodacom – What’s the relevance?
Business Cash Advance will further underpin the financial security of partner SMMEs. A common occurrence is that a small business has intra-month cash flow challenges and while the business is liquid over the long-term, occasionally it finds itself unable to meet short-term cash requirements. This is where our Business Cash Advance product comes into play as it provides funding for partner SMMEs that trade using VodaPay’s POS devices, including VodaPay Max, E-Commerce Switch and VodaPay Chop-Chop QR code.
Vodacom business loans – How it works…
To qualify, users of VodaPay’s POS devices need to have been trading for four months or more, have a monthly turn-over of at least R3,000 (collected through the merchant’s wallet, regardless of the acceptance mechanism) as well as doing 10 payment transactions per month on the defined payment rails. Funding is offered to the SMME based on its monthly turnover and, if accepted, is paid to the company within 24 hours.
Repayments are specifically designed to assist partner SMMEs by being linked to the amount of money the company earns every day. When the company is not trading, no repayments are required.
How to apply for Vodacom fundinG
In order to access this option there is no need for a company registration or VAT number. Businesses seeking finance must apply via Vodacom’s SMME portal and from there, merchants can view the financing options on offer. Once the finance is approved, you have the freedom to select as to how much money you’d like to access. Furthermore, non-qualifying VodaPay customers can also go to the SMME portal, where they are given a dashboard showing what they need to do in order to qualify. Once qualified, acceptance can be done in under two minutes.