South African Buy Now Pay Later (BNPL) provider PayJustNow has partnered with alternative lender Merchant Capital to expand access to working capital for retailers with a new cash advance offer, PayJustNow Advance.
Craig Newborn, CEO of PayJustNow, says: “The retail sector is experiencing a challenging trading period with economic headwinds leading to declines in retail sales as cash-strapped consumers tighten the purse strings. With quick access to the right funding, we believe South African retailers have a better opportunity to leverage opportunities to grow and thrive.”
Readily-available working capital can make all the difference to business owners, especially retailers who need to remain responsive to customer needs and trends. Today, retailers are accessing funding to reinvest in their businesses, plan for growth and enhance their day-to-day operations.
“It was important for us to partner with an entrepreneur-led business that understands the challenges facing South African businesses,” says Newborn. “The current market conditions heighten the need to keep fuelling the growth of retailers through innovative payment and funding solutions.”
Merchant Capital’s cash advance offering gives business owners access to funding in 24 hours, with affordable repayment rates.
“Retailers want a lender who understands what it takes to start and run a business, with an offering that’s tailored to suit their business’s unique needs, and who will walk the journey with them,” says Ryan Cohen, co-founder and chief relationship officer at Merchant Capital.