LONDON, Sept. 24, 2020 / — Epos Now, a global software and payments technology company supporting over 30,000 retail and hospitality locations across 71 countries has launched Epos Now Capital, a business financing service which provides small and medium-sized enterprises (SMEs) with business cash advances, up to £300,000.
Epos Now Capital can help SMEs move beyond restrictive forms of traditional lending. Customers will benefit from business cash advances with fixed pre-agreed costs and monthly payments based on their historic business performance. Customers will not be required to produce a business plan, the cash advances can be used for a range of business purposes and can be available in as little as 48 hours. Epos Now Capital financing can be used for refurbishment, stock purchasing or simply to manage cash flow concerns.
The announcement comes as small businesses are increasingly struggling to gain access to sufficient financing – a situation only made worse by the COVID-19 pandemic.
To be eligible for an Epos Now Capital business cash advance, a business must have processed at least £2,500 per month via card and digital payments for a minimum of 4 months. Suitable businesses for Epos Now Capital include pubs, restaurants, hotels, retailers & hundreds of other verticals.
The service will launch today in the United Kingdom, with plans to bring the service to the USA, Canada, Australia, New Zealand, South America and finally into Europe.
Epos Now’s Chief Growth Officer, Barbara Staruk, said: “Epos Now has a longstanding track record of supporting SMEs with the latest cloud POS technology. Using data analytics we are well-positioned to offer a more accurate funding picture based on our customers trading history and business performance rather than just an arbitrary credit report. The COVID-19 pandemic has reinforced the reality that thousands of businesses are struggling to gain access to much-needed working capital to meet the demands of a new type of customer and that’s precisely why we’ve worked hard to develop a solution capable of providing small businesses with rapid, no-strings access to financing.”