How do I get business funding through Easy Advance?
How do I get business funding through Easy Advance?
Easy Advance is a new business funding service that’s available to Payfast merchants in partnership with Retail Capital. If your business is pre-approved for funding, a real-time offer will be accessible via your Payfast Dashboard when you log in to your Payfast account. If you take up the offer, you will be taken through a simple sign up process and the funds will be transferred into your bank account that’s linked to your Payfast account within 24 hours.
To qualify for Easy Advance business funding you will need to meet the following criteria:
Have been with Payfast for at least 3 months
A monthly turnover of more than R5,000 per month, for the last 3 months
Please note: Offers will be extended based on transactional frequency and behaviour, in-line with Retail Capital's credit risk framework.
I think I qualify, but I still don’t see an Easy Advance offer on my dashboard?
We are rolling out offers to more and more merchants over time
If you don’t see an offer, chances are you might see one next month
Re-check the qualification criteria, each of the criteria need to be met
How is Easy Advance different from a loan?
It's quick and there's basically no paperwork, you get your funding within 24 hours
Easy Advance funding can be used for any purpose, you don’t need to share what you intend to use the money for
Your Easy Advance is not a loan or any other type of debt instrument, it's financing of your future sales
There’s no constant interest like a traditional loan
What is turnover % withheld?
This is the % of each transaction that is deducted for payment of your Easy Advance. The % stays the same, but on busier days the amount in rands will be more than quieter days. This makes it less likely to affect your cash flow, and happens automatically so you don’t need to do anything.
Can I get an Easy Advance top-up?
Yes, you can through a new feature called Easy Top-up. This is a pre-approved funding offer based on the payment behaviour of your original Easy Advance and will be consolidated to the current Easy Advance as one new advance. These Easy Top-Up offers will appear on your Payfast Dashboard; so keep an eye out for these!
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