Following this announcement, the initiative will provide small businesses with the possibility to access a suite of flexible, secure, and convenient solutions through the use of the Rapid Access Prepaid Mastercard Program. SMBs owners will also be enabled to accelerate their development process by managing their cash flow more efficiently, as well as capitalising on emerging market opportunities.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The product was developed through the partnership between Rapid Finance and Galileo Financial Technologies in order to offer small business clients access to quick and flexible access to their Business LOC funds. The card is set to provide SMEs with the possibility to benefit from more convince when accessing their LOC funds, as well as enabling them to maintain operations and seize growth opportunities. Existing and new customers who meet the eligibility requirements may qualify for the Rapid Access Card as well.
At the same time, the solution can be leveraged in order for users to make purchases whether Mastercard is accepted, while cardholders will fund the card with a draw from their LOC accounts. Eligible new customers will automatically receive their card within 5-7 business days after the process of opening their Line of Credit is done, while the clients with business lines of credit funded before the 25th of October 2024 will have the option to order a card as well.
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