FAQs

Am I eligible for a business loan?

To be eligible for a Beyond Merchant Capital Loan, business owners will need to have:

  • An ABN or ACN
  • Been in operation for more than 6 months
  • Have a minimum monthly average turnover of $5,000
How much can I borrow?

Our credit analysis team will assess your borrowing capacity using details taken from your application as well as information from your bank statements and credit history to give you a customised offer.  Typically, this is equates to approximately one month’s turnover.  One of our Lending Specialists will walk you through your options so that you can decide what best suits your business.   Loans can be up to $500,000.

How can I used the funds?

Funds can be used for any business purpose including stock or equipment purchases, marketing expenses and expansion.

How long are the loan terms?

The term of your facility is calculated based on an assessment of your business including factors such as affordability for your business, your personal preference and a business risk assessment.  Terms are typically between 9 and 12 months but if you opt for a variable repayment structure then the term adjusts based on your turnover using an agreed percentage of your sales.  We consider the seasonality of your business when calculating your term.

What does the loan cost?

Following our assessment, we can tailor a loan to suit the needs of your business.  Usually you can choose either a fixed or variable repayment structure, an upfront fee with a lower rate or even choose to pay your origination fee across a period of time with your repayments.  Each loan attracts a fixed factor fee which is repaid as part of your daily scheduled payments.  We don’t charge any additional fees – there are no direct debit costs, discharge costs or any other hidden fees.

How do you compare against other financial providers?

At Beyond Merchant Capital we can customise a loan to suit you and your business.  Our transparent pricing and variable repayment structure means that we can offer a loan that suits your business – you will always know exactly how much your loan is going to cost you. Payments can be tailored to suit your fluctuating turnover based on an agreed fixed percentage of your turnover.  If you use a First Data terminal to collect your merchant turnover, we can even offer you split processing to collect an agreed percentage of your daily turnover when you settle your terminal at the end of the day.

How long does the application take?

Our simple, convenient online application takes about 10 minutes to complete. Once we have received your application, photo identification, bank statements and any requested additional documentation we will usually give you a response within 24-48 hours.  Once approved and all the documentation is complete, we will deposit the funds into your account within 24 hours.

How is Beyond Merchant Capital different from a bank?

At Beyond Merchant Capital, we understand small business.  We have removed hidden fees and charges and minimised paperwork to give you a fast response time. Linking your transactional data to us allows us to approve your loan quickly and efficiently and you will receive your funds within a day or two.

Do you check my profile with a credit agency?

We believe in responsible lending and part of that includes performing a credit check on both your business and for each director. 

What is required to apply?
  • Photo identification for the owner(s) of the business
  • You must have been operating an Australian business for more than 6 months
  • Minimum turnover of at least $5,000 per month
I am not eligible, can I reapply?

Absolutely! Once you have met the minimum requirements, we would love to hear from you again.

FEES AND PAYMENTS

Do I incur any fees for receiving funds?

We can tailor a loan to suit your business which usually means that you pay a single loan origination fee and then a fixed “factor fee” based on the loan amount. There are no hidden fees for receiving funds.  

What is the interest rate?

We don’t charge an interest rate.  We apply a fixed “factor fee” based on the loan amount.  This will be included in your contract and will be discussed with you before you take out the loan so that you understand exactly how much the loan will cost you.

Do you charge any ongoing monthly charges?

There are no ongoing monthly charges or hidden fees.

What if I want to pay off the loan faster?

There are no penalties or charges for paying off your loan early.  Just give one of our friendly staff a call and we will arrange for you to pay out your loan.

Is the loan unsecured?

Beyond Merchant Capital provides unsecured loans and cash advances.

SECURITY AND PRIVACY

How is my personal data kept private?

The security of your personal information is important to us. We take all reasonable measures, including electronic and physical security measures, to ensure that your personal information is stored safely to protect it from interference, misuse, loss, unauthorised access, modification or disclosure.

Why should I trust Beyond Merchant Capital with my Xero business data?

Sometimes we may need more detailed financial information in order to assess your business.  This may include information such as a balance sheet and a profit & loss statement.  By providing us once off, read-only access to your Xero account, we can securely gather the relevant information with minimal effort from you.  Be assured that your data is encrypted and we will not have access to any information regarding your inventory, customers or individual employees.

 

Is it safe to provide my online bank account login details when applying for a loan?

Beyond Merchant Capital is required by law to review your bank statements before providing a loan. To protect your data we use Proviso:

  • Market leading security
  • A service that is independently tested and audited by external security experts
  • Your data is encrypted with bank level 256-bit encryption, secured by 2048-bit keys
  • Data stays in Australia

Proviso securely handles your login details and data export, providing us with read-only access to your bank account transaction history for a period of up to 6 months depending on your financial institution.

 

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Call us on 1300 142 035 or Chat Live with Our Customer Service Team.

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