Last updated on June 13th, 2022 at 10:13 am
UK Businesses that have a SumUp card reader, could apply for Merchant Cash Advance finance. A cash advance is a type of finance that allows you to borrow money for your business.
SumUp is a fast growing merchant service provider, with over 3 Million merchants using their services.
If your business uses a SumUp card reader, then you could apply for a “Cash Advance”.
SumUp Cash Advance Finance
We work with a number of providers that offer a SumUp Cash Advance.
A Merchant Cash Advance is a type of business finance 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 6 months and could still be accepted with poor credit.
Borrow up to 200% of average monthly SumUp sales, via one of our trusted lending partners.
Most business sector covered and funds can be used for any legitimate business purpose.
Average Monthly Card Sales: £15,000
Amount of Finance: £15,000
Factor Rate: 1.26
Total Repayment: £18,900
Repayment Sweep: 10%
So in this example you borrow £15,000 and then repay 10% of your future card takings until you repay £18,900. Could be subject to minimum payments.
Apply For A SumUp Merchant Cash Advance
As an independent business finance brokers, we help businesses who have a SumUp card reader to source finance. Even if you have been declined by another lender.
Get in touch by filling in the form below or submit a full application form.
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