Lightspeed, a provider of cloud-based commerce solutions, has expanded its Lightspeed Capital merchant cash advance program to the United Kingdom, Australia, New Zealand, and Quebec. The program is designed to provide small businesses access to working capital without needing a traditional loan.
Lightspeed Capital works by purchasing a portion of a merchant’s future credit card sales. The merchant then repays the advance over time as a percentage of their daily sales. Based on the merchant’s historical sales data, the program is available to Lightspeed Retail and Lightspeed Restaurant users.
The expansion of Lightspeed Capital to these four new markets is a significant development for the company. It marks the first time the program has been made available outside the United States. The expansion is also a sign of the growing demand for alternative forms of business funding.
Here are some of the critical features of the Lightspeed Capital merchant cash advance program:
- Easy application process: Merchants can apply for a Lightspeed Capital advance online in just a few minutes.
- Quick funding: Once approved, merchants can receive their advance within 24 hours.
- Predictable payments: Merchants repay their advances as a percentage of their daily sales.
- No personal guarantees: Merchants do not need to provide personal guarantees to qualify for a Lightspeed Capital advance.
Small businesses can benefit from the Lightspeed Capital merchant cash advance program as it provides a valuable source of working capital. However, it is essential to note that merchant cash advances can be expensive. Merchants should carefully consider the terms of the passage before applying.
Here are some of the pros and cons of merchant cash advances:
Pros:
- Quick funding
- No personal guarantees
- Based on historical sales data
Cons:
- Can be expensive
- Repayment is based on sales, so if sales slow down, you may have to repay more quickly
- Can impact your credit score
If you are considering getting a merchant cash advance, it is essential to compare different offers and read the terms and conditions before applying carefully.
Here are some additional details about the expansion of Lightspeed Capital:
- The program is available to Lightspeed Retail and Lightspeed Restaurant users in these four new markets.
- Merchants can apply for an advance of up to $100,000.
- The repayment period is typically 12 months.
- The interest rate on a Lightspeed Capital advance generally is 15-20%.
Suppose you are a small business owner in the United Kingdom, Australia, New Zealand, or Quebec looking for a source of working capital. In that case, consider applying for a Lightspeed Capital merchant cash advance. However, it is essential to carefully consider the advanced terms before applying.
About the Lightspeed
Lightspeed’s commerce platform empowers businesses that are the foundation of the global economy. It simplifies, scales, and innovates its operations to enhance customer experiences. Our cloud commerce solutions transform and integrate online and physical processes, multichannel sales, expansion into new locations, global payments, financial solutions and connectivity with supplier networks.
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