To help merchants struggling with lockdown and to grow their business, PayFast has partnered with Retail Capital to launch Easy Advance. The new business funding service is available to active PayFast merchants who can use the funding for anything they may need, including cash-flow assistance, purchasing stock, working capital and more.
What makes Easy Advance stand out from traditional funding models is that hardly any paperwork is required to get going and the funds can be accessed within 24 hours. In addition, there are no monthly services fees or hidden costs, no constant interest and you can literally use the money for anything – you don’t need to provide a reason when accepting the business funding.
Pre-approved funding from your PayFast dashboard
If your business is eligible for Easy Advance funding you will see a notification on your PayFast dashboard when you log in. This pre-approved funding amount is a real-time offer that’s specific to you; the amount is based on your real-time trading data on the PayFast engine, and is determined against a percentage of future sales to ensure that your business can still meet its monthly expenses. When accepting the business funding you can select a payment option that suits your trade and cash flow, ranging from 3 to 12 months.
To access the Easy Advance business funding, simply follow the instructions shown in the video below.
Easy Advance eligibility
In order to qualify for Easy Advance business funding you will need to be a registered PayFast merchant and meet the following criteria:
- Have been with PayFast for at least 3 months
- A monthly turnover of more than R5,000 per month
- Have had at least 20 transactions over the last month
- Have at least 7 trade days per month for the last 3 months
- Have traded in the last 8 days
You can find out more about Easy Advance by reading this ‘How do I get business funding through Easy Advance?’ knowledge base article.