According to BizCommunity, Traditional lenders have neglected finance for small businesses due to the high costs associated with onboarding and assessing these customers, as well as managing their credit risk. In addition, small businesses do not meet the onerous credit requirements of banks and other specialised firms especially with respect to international trade finance.
Payabill was established in 2017 and has been providing trade finance to SMEs by settling clients’ suppliers directly and allowing clients to select their own extended payment terms. Reportedly, the company had constant requests from SMEs for support to finance imports. The company collaborated with its equity partner’s Sasfin Forex division to develop a bespoke credit offering.
The solution allows SMEs to access vital funding to provide international working capital solutions to grow their businesses. The offering is 100% digital, fas,t and compliant. Clients choose how often they wish to make payments and over what time so that they don’t take on any additional strain, says Payabill’s CEO.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now