How can Retail Capital help my business?
Retail Capital provides an innovative way of obtaining working capital for South African small and medium companies, as an alternative to traditional bank lending. We purchase an asset you may not realize you have, your business' future credit and debit card sales, and advance cash upfront to grow your business.
How easy is it to get approved and funded by Retail Capital?
More than 80% of the applicants who meet our basic requirements get approved.
What are the basic qualifications for a Business Advance?
Your business must have been operating for longer than 6 months and must process at least R30,000 per month in credit or debit card transactions.
How soon can I receive the funds?
We aim to give you an in principle decision within days and the advance paid out within 10 days of documentation completion.
Is a Business Advance from Retail Capital the same as a traditional business loan from a bank?
No, a Business Advance is not a loan. You sell us your future card sales at a discount. Each day when your card transactions are settled, an agreed percentage will be deducted towards the repayment of the advance. This process is repeated until the advance is repaid in full.
How much can my business qualify for?
We can advance up to 100% of your average monthly credit and debit card sales. Minimum R30,000.
Can I renew / receive additional funds later on?
Yes, if your account is in good standing, and you have repaid 60% of your original advance, then you can apply for a re-advance.
Will I get monthly statements from Retail Capital?
Yes, we will provide you with monthly statements.
What is the interest rate?
Since a Business Advance is not a loan, it is not an interest-based product. However the cost will be explained fully in your approval documentation.
What documentation do I need to provide to apply?
The application process is quick and easy. We require 3 months bank statements, 6 months merchant statements, copy of lease or proof of premises ownership, copies of director/member ID's.
Can I repay the advance early and are there any penalty fees or charges?
Yes, you can choose to repay the advance in full at any time without any penalty or charges being levied.
Is there any collateral or security required?
No, Retail Capital does not require personal security or collateral. However there are certain warranty provisions to ensure that you do not make material changes to your credit / debit card acquirer or ability to accept credit / debit cards.
Will I have to change credit / debit card acquirers?
No. The payover process is by means of a daily debit order - so settlement for each day's card transactions takes place into your bank account as normal and a debit order for the agreed payover percentage goes through each day. Payover percentage is typically around 10-20% depending on your business affordability however this will be calculated specifically for your business during the application process.
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