South African Buy Now Pay Later (BNPL) provider PayJustNow has teamed up with trusted alternative lender Merchant Capital to introduce a new cash advance offer, PayJustNow Advance.
Craig Newborn, CEO at PayJustNow,
Craig Newborn, CEO at PayJustNow, explains, “The retail sector is facing challenging times with economic pressures causing a decline in sales as consumers tighten their spending. Access to the right funding can allow South African retailers to grow and succeed.”
Having readily available working capital can significantly benefit business owners, particularly retailers who need to adapt quickly to customer needs and market trends. Today, retailers are using funding to reinvest in their businesses, plan for expansion, and improve daily operations.
Newborn emphasizes, “Partnering with an entrepreneur-led business that understands the challenges of South African businesses was crucial. The current market conditions underscore the importance of supporting retailers’ growth through innovative payment and funding solutions.”
Merchant Capital‘s cash advance offering has become a preferred choice for business owners looking to scale up. With fast access to funds within 24 hours and competitive repayment rates, merchants can invest in seasonal stock, marketing activities, online ventures, or enhancing the in-store shopping experience.
Ryan Cohen, Co-Founder and Chief Relationship Officer at Merchant Capital, notes, “Retailers seek a lender who comprehends the complexities of running a business and offers tailored solutions to meet their unique needs, guiding them through the journey.”
Driven by entrepreneurs themselves, the partnership between PayJustNow and Merchant Capital aims to empower small and medium-sized businesses to innovate and expand, contributing to economic growth and job creation.
“We’ve already assisted over 45,000 businesses in their growth journey, with more than 75% returning for new opportunities. We’re excited about the potential to support PayJustNow’s growing merchant base,” adds Cohen.
PayJustNow merchants will receive personalized funding offers based on their cash flow and affordability. “Our extensive data insights enable us to understand our merchants deeply, ensuring that funding contributes to their growth without impacting their cash flow negatively. Retailers can apply for a PayJustNow Advance whenever it suits them best,” concludes Newborn.The post PayJustNow & Merchant Capital: Boosting South Africa Retail first appeared on IT News Africa | Business Technology, Telecoms and Startup News.