Sage Pay has teamed up with alternative business finance provider, Liberis,to give Sage customers access to flexible financing for the first time.
This new collaboration, known as Sage Pay Business Finance, will provide access to cash advances for small businesses to fund their growth. Business owners will be able to borrow up to one month’s card takings as capital to use for stock, refurbishment, cashflow or other business needs. According to the Sage website, over 800,000 UK companies use Sage, which still makes it the dominant player in SME accounting, despite the rapid growth of competitors like Xero.
Rob Straathof, CEO, Liberis, said: “We are proud to work with Sage Pay, providing access to finance that some UK business owners may feel doesn’t currently exist for them, with fast approval times. Our customers love the way our product mirrors their card takings, working with them to help them realise their plans without the stress of fixed repayments.”
Seamus Smith, EVP of Global Payments and Banking, Sage, said: “In support of our movement of money strategy, we’re delighted to extend the range of value-added payments & banking related services we provide to businesses that can help them grow. Sage Pay Business Finance is a great new service and one we think will be popular with our customers.”
Liberis utilises repayment technology that automatically diverts a small, pre-agreed percentage of its customers' daily card takings. This means that instead of a fixed repayment amount every month, repayments are proportional to the revenue of the business.
Liberis has helped more than 5,000 small UK businesses obtain over £150 million of funding since 2007 and is backed by the British Business Bank.