Beyond Merchant Capital has partnered with FoodByUs, the B2B marketplace for the foodservice industry, in a move that will allow the food and hospitality operators to access quick Pay-As-You-Trade unsecured business loans.
Beyond Merchant Capital offers businesses an alternative to bank financing: For SMEs that have been operating for more than 6 months with a minimum monthly turnover of $10 000, business owners are able to access up to $500,000 in as little as 24 hours – far quicker than traditional lending methods which can take several weeks or more. Says Larry Prosser, CEO of Beyond Merchant Capital, “FoodByUs have a wide and loyal customer – base of cafés, restaurants, hotels and other foodservice merchants who could all benefit from easy access to Pay-As-You-Trade funding, in a lendscape that has been traditionally prohibitive for these types of merchants.”
The key to the unique Pay-As-You-Trade merchant finance model is that repayments are made by withholding a small agreed percentage of the business’s daily turnover via the retailers’ credit, debit or EFTPOS card terminals until the loan is fully paid off. Essentially, this offers merchants a transparent repayment fee as opposed to an interest rate, as well as flexibility that allows for slower trade. Says Mr Prosser, “Now food and hospitality merchants can get a tailored lending solution that works in line with their turnover. This will allow them to improve their establishments in ways they see fit (i.e. purchasing more equipment, renovating, opening new locations or acquiring more inventory etc.) without putting unnecessary pressure on their cash flow.”
With this in mind, FoodByUs will be embarking on an extensive marketing campaign promoting Beyond Merchant Capital’s Pay-As-You-Trade funding to their customer base. Commenting on the partnership Ben Lipschitz, Managing Director of FoodByUs says “Beyond Merchant Capital and FoodByUs are a natural fit as both companies strive to empower small business via innovation and customer service.” Ben continues, “Like Beyond Merchant Capital, FoodByUs is a tech-based marketplace providing uncomplicated product acquisition, customized solutions and top-notch service and we look forward to an exciting collaboration with this fintech leader.”
FoodByUs is a B2B marketplace for buyers (cafes, restaurants, hotels and other foodservice businesses) to place orders directly with local foodservice suppliers of all sizes. For buyers, FoodByUs offers a ‘one stop shop’ to purchase from several categories offering competitive prices and simple online or app-based ordering. For suppliers, FoodByUs offers a channel to market via innovative online platforms, backed by a dedicated sales and support team. Positioned as a marketplace to service a wide range of vendors, FoodByUs provides flexible payment options, reporting tools, a network of drivers with sophisticated tools for route optimisation and other direct-to-customer marketing opportunities. For more information, visit www.foodbyus.com.au
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