The initiative allows SME retailers using the NEO PAY platform to access financing directly through their payment processing system.
In essence, through this service, merchants can obtain funding based on their sales data without undergoing traditional credit checks or lengthy approval processes. The solution is designed to help businesses manage cash flow, finance inventory, invest in marketing, and support expansion efforts without waiting for conventional loan approvals.
Officials from NEO PAY highlighted that the PoS lending service offers a streamlined way for SMEs to secure financing, enabling them to stabilise cash flow and enhance sales. They noted that the initiative aligns with NEO PAY’s objective of equipping businesses with tools to remain competitive in a challenging market.
In turn, the Head of Business Banking and NEO BIZ at Mashreq emphasised that the collaboration builds on the bank’s long-standing efforts to support SMEs in the UAE. He explained that the PoS lending model provides merchants with flexible borrowing options tied to their sales performance, allowing them to scale financing in line with business growth.
By integrating PoS lending into their services, Mashreq and NEO PAY aim to strengthen financial access for SMEs, ensuring they have the necessary resources to expand and navigate market fluctuations.
In October 2024, Mashreq NEO PAY announced a partnership with UAE fintech start-up, Qlub, aimed at streamlining bill payments for customers in hospitality venues across the country.
This collaboration allowed customers to pay, split bills, and add tips using NEO PAY terminals, which are fully integrated with the restaurant’s Point of Sale (POS) systems. The integration was designed to provide convenience to merchants while enhancing the overall customer experience.
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