-Technology specialist gets behind hospitality start ups and growing providers with new offer-
Market research indicates that since the Brexit vote UK tourism is likely to benefit. In response to the hospitality sector’s continued growth, Lolly, the Point of Sale (PoS) specialist, has launched merchant cash advance – helping to support its customers to increase capacity and to meet demand.
Merchant cash advances, repaid as a pre-agreed percentage of future sales, are becoming increasingly popular due to their flexible nature and the fact that the repayment plan accounts for seasonal income variations. It provides businesses, that take credit and debit card payments, with a low risk cash advance. This financing has a much lower impact on their cash flow because repayment is based on their day-to-day trading levels.
Peter Moore, CEO at Lolly, said: “We specialise in supporting small businesses across the UK’s hospitality industry. And we want to help our customers to expand, refurbish and restock, which is why we have chosen to launch merchant cash advance finance. I believe it is becoming the smarter, low risk way to finance their business.
“We understand the difficulties that seasonal and fledging hospitality providers face. For many, it makes sense to have the flexibility to receive funding during quieter months – when it’s most needed – knowing that payback will happen in mid to high season.”
The service is offered in conjunction with Liquid Finance Partners Limited. Eligible businesses include those which have been trading for 12 months or more, and who take between £3,500 and £250,000 per month through credit and debit card payments.
Unlike a loan, merchant cash advances are unsecured and processed faster than a typical loan and give quick access to capital when needed.
How much and how long a provider repays fluctuates with sales volumes – giving greater flexibility to manage cash flow.
Notes to editors
Lolly is a Point of Sale (PoS) specialist serving small businesses across the UK in the hospitality industry; from coffee shops, pubs and night clubs, to mobile catering, pop ups and corporate caterers.
The company offers a complete point of sale package where customers can use its EPoS software on tills and PoS tablets. Lolly then networks these to card payment machines, to speed up service and provides a cloud-based back office, supplying real-time business analytics. The tills and software are designed to help businesses with their bottom line.
In February 2017, Lolly launched LollyPoS – the first Windows-based downloadable EPoS with integrated payment processing. The solution is designed to provide a simple, efficient and dependable point of sale solution anytime, anywhere.
Lolly provides enterprise level EPoS to hospitality and retail SMEs at an affordable price. Today, it is the only UK business of its kind that can truly scale from a downloadable product to a fully connected real-time network of tills, powered by an enterprise-level inventory reporting management system.
About Liquid Finance
Liquid Finance Partners Limited provides unsecured cash advances to businesses that take credit and debit cards. Liquid Finance applies a one-off “fee” to the advance and then chases an agreed daily percentage of the business’s future card receivables until the advance plus fee is repaid. In this way, payback runs along with the business’s revenue. Pricing is bespoke to match the business’s needs. Application is simple and straightforward and there are no hidden fees or extras.
Liquid Finance Partners Limited are authorised and regulated by the Financial Conduct Authority. www.liquidfinance.co.uk
For further information please contact
Katrina Suppiah, Publicité
+ 44 (0)20 8543 6582; [email protected]