Worldpay typically processes more than 31 million transactions globally every day in the online, mobile, and in-store space. That’s about 400 transactions every second. We support more than 400,000 merchants in 146 countries and more than 300 payment methods 2 .
Liberis is a financing provider with more than a decade of experience. They’ve helped thousands of companies’ access more than $300 3 million in small business funding. They partnered with Worldpay in 2015 same day payday loans Hicksville with the shared vision to create a quick and simple business funding source.
For eligible Worldpay customers, that means fast access to advances against future credit card sales that can be used for a variety of business needs.
Benefits of Worldpay Business Finance
Worldpay Business Finance has a lot of benefits. Funding times are often quicker than traditional financing methods, and can be used for almost any legitimate business purpose. There may also be less risk to your personal assets because the advance is not secured against collateral like a family home or other personal property.
- One fixed funding fee, agreed upfront
- Advance made against sale of future card takings
- Quick application time (
- Quick funding (as fast as 48 hours from completion of application)
- Up to ?300,000 advance for eligible customers
A port in stormy weather
Perhaps one of the biggest benefits of a business cash advance is flexibility. When sales are down, so is your payment, because you don’t make a monthly repayment like you do with run-of-the-mill business loans. You’ll never face a large invoice you can’t afford.
How does Worldpay Business Finance work?
When you take out a Worldpay Business Finance cash advance, the financing organisation (in this case Liberis) advances you ?1,000 to ?300,000. The amount is tailored to you, depending on your needs and your card takings history. You use the money in any way that fits your legitimate business purposes 4 .
It is a simple solution to business funding, advancing you funds by purchasing your future customer credit and debit card payments.
You pay the advance back from a portion of each future credit card or debit card transaction. You agree a percentage you’re comfortable with, with Liberis when you take out the advance. For example, you may choose 10% of debit and credit card takings, 15%, 20%, or something else.
Then, your payments provider, Worldpay, arranges for payments to be made automatically from the debit and credit card sales transactions it processes for you until you’ve paid back the advance, plus the funding fee.
Business cash advance example
Let’s say you run a cupcake shop. You need a ?10,000 cash advance for renovations on your building. You fill out a 10-minute application and could get the funding as soon as 48 hours from successful application. You complete your renovations and you’re back in business three days after that.
How you pay the money back
Let’s say you’ve chosen to pay back 20% of each card transaction. Twenty pence in every pound of cupcake sales goes toward paying back your cash advance and funding fee. As other customers roll in, the same percentage of the takings chips away at your balance.
If your card takings average ?10,000 per month, you’ll pay back ?2,000 every month. That means your total advance is paid back in about five months. You pay back the ?10,000, plus a ?2,000 funding fee for a total of ?12,000. Here’s how it looks in a nutshell:
- Get a ?10,000 business cash advance.