We all know how exigent it can be to get commercial financing especially if your micro-company has just kicked off and you need additional funds to get things going. Worldpay plans to ease the access of finances for UK small businesses.
The company said it would stretch its Business Finance Scheme in a move to help more than 30,000 small firms in the UK get their hands on alternative financing. Worldpay’s Business Finance scheme enables company owners to obtain a ‘cash advanced’ based on their future debit and credit card sales.
The news follows a study that featured over 1,000 micro-business owners in the United Kingdom. It was sponsored by the company and conducted by YouGov. One of the findings revealed that 1 in every 3 micro-business owners who seek funding had reported challenges in obtaining financing from banks.
Worldpay’s scheme, which traces its roots to 2015 joined the market in association with Liberis and has to date granted approximately £50m to businesses in the United Kingdom. With the scheme, your small company can receive funding in as little as 48 to 72 hours, just like with web-based lenders, e.g., BPP.
This research also disclosed that businesses under five years of age suffer most. They are more likely to go with alternative finance options because banks often rebuff them. Banks want to be sure a business stay around, at least until it pays off its debts— and one way they do so is checking how long they’ve been running operations.
Though Worldpay has gained grounds in the market over the past few years, business cash advances remain the least favorite form of financing with only 2 percent of business promising to use this form of funding this year.
Steve Newton, the vice president of Worldpay UK and Europe, revealed the company’s ambitions to ease the access to funds for UK small businesses.
“The Worldpay Business Finance platform was established specifically to meet the unique needs and structure of micro-businesses—it is flexible and fast. In the coming year, we’ll simplify the process of accessing the scheme by boosting online support through their worldpay uk reviews platform and call center to enable U.K small businesses to grow.”
The bottom line
Nothing would inspire UK small entrepreneurs knowing they have an alternative financial backup plan to count on when they want additional funds to support their companies.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of worldpay UK reviews has helped thousands of business owners save money and time.