PayJustNow, Merchant Capital partner to fuel SA retail growth

Johannesburg - Leading South African Buy Now Pay Later (BNPL) provider PayJustNow has partnered with trusted alternative lender Merchant Capital to expand access to working capital for retailers with a new cash advance offer, PayJustNow Advance.

Craig Newborn, CEO at PayJustNow says, "The retail sector is experiencing a challenging trading period with economic headwinds leading to declines in retail sales as cash-strapped consumers tighten the purse strings. With quick access to the right funding, we believe South African retailers have a better opportunity to leverage opportunities to grow and thrive.”

Readily available working capital can make all the difference to business owners, especially retailers who need to remain responsive to customer needs and trends. Today, retailers are accessing funding to reinvest in their businesses, plan for growth and enhance their day-to-day operations.

“It was important for us to partner with an entrepreneur-led business that understands the challenges facing South African businesses,” says Newborn. “The current market conditions heighten the need to keep fuelling the growth of retailers through innovative payment and funding solutions.”

Merchant Capital’s cash advance offering has been top of mind for business owners who are looking to scale their business. With fast access to funding in 24 hours and affordable repayment rates, merchants are empowered to purchase seasonal stock, embark on marketing activities, launch an online offering, or improve the instore shopping experience in line with customer demand.

“Retailers want a lender who understands what it takes to start and run a business, with an offering that’s tailored to suit their business’s unique needs, and who will walk the journey with them.” Says Ryan Cohen, Co-Founder and Chief Relationship Officer at Merchant Capital.

Led by entrepreneurs themselves, the partnership between PayJustNow and Merchant Capital will enable small and medium size businesses to innovate and scale their operations to further contribute to economic growth and job creation.

"To date, we’ve enabled over 45 000 businesses to grow with over 75% returning to use our services for new growth prospects. We are excited about the potential to support PayJustNow’s growing merchant base,” says Cohen. 

PayJustNow merchants will receive a personalised funding offer directly to their inbox based on cash flow and affordability data. “Our rich data gives us a deep understanding of our merchants, ensuring that the funding contributes to their growth, rather than to the detriment of their cash flow. Retailers can apply for a PayJustNow Advance immediately or when the time is right for them,” says Newborn.