This partnership marks a milestone in the financial landscape, promising support and opportunities for businesses across various sectors.
The newly introduced merchant cash advance loan product addresses the way merchants navigate financial hurdles, providing them with the essential capital they need to expand their businesses.
The merchant cash advance product is a quick and flexible short-term capital injection that allows merchants to seize opportunities when they present themselves – whether it is buying stock, upgrading equipment or exploring new ventures.
This product has been specifically tailored to meet the unique needs and challenges faced by owner-managed businesses and is a testament to the partners' dedication to understanding and addressing the intricacies of business ownership in Africa.
“We are excited to bring our expertise in technology driven SME finance to Absa merchants. This product will provide significant value to existing and prospecting Absa merchants.” Michael du Plooy – Group COO Preference Capital.
Clients can apply via the Absa Merchant Access Online portal or by speaking to their business banker and enquiring about the Merchant Cash Advance product.
Application is quick and easy through the Cash Flow Capital (A division of Preference Capital) online portal and loan amounts are based on the client’s average monthly card turnover. Terms range between 4 to 12 months and funding is supplied within 24 hours of submitting your application.
The collaboration between Absa Bank and Preference Capital signifies more than just a transactional relationship—it embodies a shared vision of empowerment and prosperity.
By combining Absa Bank's robust infrastructure and extensive reach with Preference Capital's specialised knowledge and financial acumen, this partnership represents a positive and inclusive change in the African business landscape.
“Supporting our customers in this current difficult operating environment is a priority for us. In telling our story, Absa is constantly looking for ways to deliver practical solutions that meet the unique needs of our customers,” says Vish Chetty, executive for payments acceptance at Absa Relationship Banking. “Through this partnership, and in addition to the payment acceptance services we provide, we are extending alternative working capital solutions for merchants, helping them weather the economic pressures currently being faced.”
Preference Capital is a multi-award-winning local provider of SME finance solutions boasting over 150 years of collective experience in the financial industry. Preference Capital aims on becoming the preferred funder for owner-managed businesses by building sustainable lending solutions that leverage technology to provide a customer-centric experience.
For any enquiries regarding this press release, please contact Preference Capital:
Call: 010 745 0830
Email: az.oc.pacferp@ofni
