iwoca to Expand Merchant Cash Advance Product to All Card-Accepting UK SMEs

iwoca to Expand Merchant Cash Advance Product to All Card-Accepting UK SMEs

This product expansion comes following a successful integration with FundingXchange, launched in September, which offered revenue-based finance loans between £1,000 – £50,000 to online sellers on eBay. The decision to expand comes as the majority of small business owners (87%) using loan products suggest that a revenue-based loan, such as iwoca’s merchant cash advance, would be better or the same as using a term loan. The ability to change payments depending on business performance is a key benefit, with over half (55%) of SME owners surveyed by iwoca saying that a finance provider’s flexibility in traditional overdraft facilities presents a challenge. Flexible loan to benefit businesses with seasonal fluctuations The merchant cash advance is a flexible loan that enables businesses who experience volatile swings in demand to stay in control of their finances and will be particularly beneficial for those businesses operating in retail, hospitality and e-commerce. This product comes at the perfect time as many businesses experience significant swings in sales over Christmas and the New Year. The merchant cash advance also offers flexibility to businesses affected by continued economic uncertainty, with supply chain and staffing issues making it difficult for businesses to plan. In addition, the revenue-based loan