The solutions are targeting small and mid-size enterprises (SMEs) looking to expand their business or address any unplanned cash flow needs.
Payment-related data for participating SME merchants is available from NETS to local banks, allowing the loan application to be more efficient.
Approval time can also be shortened whilst allowing banks to have more insight to offer relevant financing solutions to NETS’ SME merchants.
During the pilot phase, the data and feedback gathered from participating merchants will be used to gauge the market response as well as to refine the product.
When officially launched, NETS will work on enabling hassle-free payments with participating banks, whereby a part of the SME merchants’ daily takings will be used to pay for the loan instalments via NETS’ POS terminals.
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