Payment solution Paycorp has announced the launch of its embedded funding platform in the UK for the first time to help small and medium-sized enterprises (SMEs).
Launching in order to meet growing UK demand, Paycorp has launched its embedded funding offering in the UK as Recap Global – serving SMEs across sectors including wholesale and retail trade, restaurants and pubs, hotels, mechanics, and taxi firms.
Recap Global leverages transaction data from various payment partners’ ATMs, point-of-sale and e-commerce platforms to generate pre-approved funding in real-time. By leveraging line-by-line transaction data, Recap’s credit risk engine can assess a merchant and return a funding offer in under two minutes without any underwriting requirements such as a credit check.
Jonathan Field, Managing Director of Recap Global, commented: “We’re delighted to partner with payment platforms to enhance their merchant offering and increase loyalty with turnover-based business funding.
“Eligible customers can get truly pre-approved, frictionless funding at the click of a button, eliminating rejection anxiety and empowering businesses to capitalise on growth opportunities even in challenging economic circumstances.”
Merchants receive a customised and secure offer URL when using Recap Global which prompts them to follow a four-step process, receiving pre-approved funding in two hours – eliminating lengthy application processes.
Fees are transparent and determined upfront, with repayments made as a percentage of daily sales to ensure flexible payment terms. This means that during slower business periods, repayments are lower, providing much needed flexibility in a turbulent and often uncertain economic environment.
Steven Kark, Co-Founder and CEO of Paycorp, said: “Expanding our embedded business funding offering to the UK is a significant milestone for Paycorp. It will enable us to accelerate our global growth while providing a service that British businesses and their payment providers can all benefit from.
“We have evolved from a South African ATM business into an international payments provider offering everything from cash management to crypto, and I’m proud that we are continuing to shape the future of payments with embedded business funding.”
SMEs account for 61% of all employment in the UK, and it is critical they have access to the support and funding that they need to grow. According to the British Business Bank, nearly half (48%) of all UK SMEs with employees sought external finance in 2023.
Since March 2023, Paycorp’s Capital Express brand has provided business funding to ATM clients across South Africa in partnership with Retail Capital, a division of TymeBank.
