Partner Article

Inspire Partnership delivers £1.5m in ‘flexible funding’ to UK SMEs

Inspire Payments’ partnership with YouLend has seen the payment solutions provider support around 180 small businesses with flexible cash advance funding loans surpassing £1.5m of lending.

Inspire Payments provides a range of payment terminals for small and medium-sized enterprises throughout the UK and this new partnership offers new and existing customers access to a simple flexible funding business loan.

Inspire Payments’ partnership with YouLend, one of the UK’s leading alternative finance providers, offers business owners access to funding of up to £1,000,000 to grow their business and pay back when they make money.

Sean Kelly, Sales Director at Inspire Payments comments: “We are in a privileged position of having an existing financial relationship with our customers through our merchant services and can verify operating revenue which fast-tracks them as a suitable candidate for borrowing through the YouLend scheme.”

“We have found that our customers have realised the many benefits of this short-term cash injection into their business - around 50 per cent have renewed their loans or taken out another one.”

Qualification is based on average earnings from card payments. This information is taken from latest merchant statements and a minimum monthly card turnover threshold of £3,000per month is required, based on a minimum of 3 months’ worth of trading.

An advance payment is made as a lump sum, which is then repaid as an agreed percentage of future card transactions. This percentage can vary from 5% to 20% of daily takings.

Jack Stokes Partnerships Manager, at YouLend adds: “The partnership between YouLend and Inspire Payments has allowed over 180 customers access over £1.5m in business funding to support their business. Different to a bank loan and repaid via card transactions through Inspire Payments’ terminals, the partnership is a natural fit and value-add for both Inspire Payments, YouLend and our customers.”

YouLend has been working with the Inspire Payments team since 2018 and over that time the business funding product has enabled Inspire Payments customers to be financially flexible in their decision-making and aide in their business growth.

Typically, business owners can access an advance at 100-110% of their monthly card turnover e.g., a monthly card turnover of £15,000 will equal around a £15,000-£16,500 advance.

This was posted in Bdaily's Members' News section by Sara Mak .