FoodByUs – Beyond Merchant Capital joint partnership to bring Fintech business loans to the food and hospitality industry
Beyond Merchant Capital, the Brisbane-based business fintech lender (backed by Capricorn Capital Group and RMI Holdings Ltd) 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.”