Fintech collaboration introduces finance options for Sage customers
24 May 2017 | 2490 views | 0
Sage Pay has teamed up with alternative business finance provider Liberis to give its customers access to flexible financing for the first time.
This new fin-tech collaboration, known as Sage Pay Business Finance, will provide access to additional financial support for small businesses to fund their growth in the form of a cash advance.
The service will be delivered by Liberis, a company that has helped more than 5,000 small UK businesses obtain over £150 million of funding since 2007, and is backed by the UK Government-owned British Business Bank Investments.
Business owners will be able to advance up to one month’s card takings as capital to use for stock, refurbishment, cashflow or other business needs.
This partnership allows Sage Pay customers access to this cash-flow solution with no interest, APR, or hidden costs - just one fixed fee, tailored to the business and agreed upon upfront.
Seamus Smith, EVP of Global Payments and Banking, Sage, said: “In support of our movement of money strategy, we’re delighted to extend the range of value-added payments & banking related services we provide to businesses that can help them grow,” said Smith.
“Sage Pay Business Finance, provided by our trusted partner Liberis, offers flexible finance solutions. This is a great new service and one we think will be popular with our customers, which allows them to choose the right finance to fit their business model.”
Liberis utilises repayment technology for their customers that is simple to set up and automatically diverts a small, pre-agreed percentage of their daily card takings. This means that instead of a fixed amount every month, repayments are proportional to the revenue of the business.
Rob Straathof, CEO, Liberis, said: “We are proud to work with Sage Pay, providing access to finance that some UK business owners may feel doesn’t currently exist for them with fast approval times. Our customers love the way our product mirrors their card takings, working with them to help them realise their plans without the stress of fixed repayments.”