Capital Float partners with POS vendors to give SMEs easy loan access

In a bid to provide quick and easy loans to merchants, Capital Float has partnered with Point of scale card machine vendors. The move will enable vendors to repay loans as a nominal percentage of their daily card settlements.

With Capital Float’s product of Merchant Cash Advance, SMEs are offered up to 200% finance on sales from card machines. To realise this, Capital Float has partnered with POS vendors like Mswipe, Petpooja, ICICI Merchant Services, MRL Postnet, Bijlipay and Pine Labs.

The product, Merchant Cash Advance is aimed at merchants who accept payments through card. These borrowers’ monthly card sales are underwritten and Capital Float offers loans up to twice the amount of their average monthly card sales. With the increased usage of cards, post the demonetisation drive, more merchants will qualify for this and could avail of larger loan amounts, compared to previous years.

“We currently cater to customers from across industries, disbursing over 100 loans for our Merchant Cash Advance Product,” said Sashank Rishyasringa, Co-Founder, Capital Float. He further added that, “Offline retailers are extending and encouraging consumers to use digital payment alternatives, in order to counter the short-term loss in consumption emerging from lack of liquidity in the economy.”

Speaking of the Government’s move towards a cashless future, Gaurav Hinduja, Co-Founder, Capital Float said, “In addition to encouraging more people to join the mainstream economy, it has also opened up avenues for Fintech players like us who are crusading for the shift to a digital economy that offers high levels of transparency.”