If you are a UK businesses that takes payments using MyPOS, then you could apply for Merchant Cash Advance finance or a Merchant loan. A cash advance is a type of business finance that allows you to borrow money for your business.
MyPOS started in 2014 and offers a range of in store and online card payment solutions for UK businesses.
If your business takes credit/debit card payments via MyPOS online or in store, then you could apply for a “Cash Advance”.
Disclaimer: We are not affiliated with MyPOS
MyPOS Cash Advance Funding
We work with a number of independent providers that offer a Merchant Cash Advance on MyPOS card payment revenue.
A Merchant Cash Advance is a type of business finance, similar to a business loan, where the lender purchases” a percentage of your future card takings. This is usually for a fixed cost and is repaid as a percentage (10-20%) of future card takings from your merchant sales.
You can apply once you have been trading for 3 months and could still be accepted with poor credit.
Borrow up to 200% of average monthly MyPOS card revenue, via one of our trusted lending partners.
Most business sectors covered and funds can be used for any legitimate business purpose.
Minimum card turnover of £3000/m is required.
Average Monthly Card Sales: £37,000
Amount of Finance: £40,000
Factor Rate: 1.20
Total Repayment: £48,000
Repayment Sweep: 15%
So in this example you borrow £40,000 and then repay 15% of your future card takings until you repay £48,000. Could be subject to minimum payments.
MyPOS Business Loans
If you are a MyPOS merchant, there may also be business loan options from our panel of lenders.
Apply For a MyPOS Cash Advance or Business Loan
As an independent business finance brokers, we help businesses who accept payments via MyPOS to source finance. Even if you have been declined by another lender.
Fill in the form below to start your application.