A business cash advance is designed to give flexible funding for small businesses. It’s funding based on your business’ card transactions and potential. It includes just one fixed cost agreed up front, so you know exactly how much you will pay from the offset. The advance is paid for via an agreed percentage taken from your customer card transactions. It happens automatically mirroring your cash flow – ideal for seasonal businesses.
Funding can be used for many business purposes including; refurbishment, hiring staff, purchasing stock, expanding premises, equipment upgrades – whatever it is your business needs.
We’ve chosen to partner with Liberis as they are one of the leading providers of Business Cash Advances in the UK. Liberis is a leading small business finance provider offering simple, flexible and transparent funding to help UK businesses achieve their ambitions. Established in 2007, in a space where traditional banking and loan models were unable to meet the needs of UK small businesses, Liberis provides finance based on business potential, not just credit history. Through its Business Cash Advance, an innovative form of funding, Liberis links payments directly to cash flow so businesses only pay when their customers pay them. Liberis are backed by British Business Bank Investments, the state-owned economic development bank established by the UK government.
You can either apply online or call our expert funding team at Liberis who will talk you through your options.
Liberis will then agree a percentage split that will be taken from your customer card payments processed. This percentage will be taken from your daily batched card transactions and will go to Liberis to pay the advance, the remaining balance will go to you. E.g. a split of 10% would see 10% of your daily card transactions go to Liberis and the remaining 90% to you.
A pre-agreed percentage of your daily card transactions will be diverted so that they are automatically paid to Liberis: that means every time you take a card payment we will automatically be sent that percentage of each transaction to pay your advance - it‘s that easy, you don’t need to do anything. There is no minimum you can pay on any given day so when you aren’t that busy, you just pay less.
If you are an Elavon customer who takes at least 10 credit and debit card transactions totaling £2,500 on average per month, you are eligible to apply. Ideally, your business will have been trading with Elavon for over 4 months. However, if you have switched to Elavon from another provider and can provide evidence of at least 12 months’ card takings, Liberis can look at your business and discuss with you whether you could be eligible for a Business Cash Advance.
Liberis can provide eligible customers with funding. The amount they fund will depend on your business. They’ll look at your monthly card transactions and provide a funding amount for your business.
Absolutely. You can choose the amount of funding you would like, and the percentage of your customer card transactions you would like to pay towards the advance. This determines the funding fee and ultimately the overall amount you will pay. Liberis work closely with businesses to find the funding that’s just right for them.
When you submit a full application, Liberis will use a number of sources of information to help understand your business, including 3rd party credit bureau checks. They carry out both company and consumer credit bureau searches, which will leave a record of the search on both credit files, visible to other finance providers. Your credit score won’t be affected when applying but taking out a cash advance could affect your credit score.
Liberis consider applications based on business potential and your business performance by way of card transactions through Elavon - not just your credit history. However, Liberis are committed to ensuring they act responsibly so, just as Liberis do, you should think carefully about financial products for your business and seek appropriate advice when making decisions.
A Business Cash Advance is an unsecured way of accessing finance and is not a loan. This means your home is not at risk. Liberis will ask you for Personal Guarantees if you are applying as a limited company or limited liability partnership.
Your payments to Liberis Finance are linked to the way you are trading which means there is no set period to pay off, although Liberis do estimate approximately how long it will take you to pay in your quotation. The payments will mirror your cashflow, so the time taken depends on your business sales.
Running a business is stressful enough as it is without having to chase up any financial payments - we get it! That’s why Liberis not only provide you with a clear monthly statement of how your payments are going, but also offer you the use of MyLiberis, an online customer portal where you can keep up to date with your payments and balance anytime, anywhere.
If you change your mind and no longer require funding, provided that you pay the funding in full to Liberis within 14 days of receiving your advance, there will be no early payment fees and you will not need to pay the fixed fee. If you want to pay the balance of your advance in full at any time after 14 days of receiving the advance, you will be required to pay the agreed fixed fee plus the balance of your advance.
Liberis just charge you the agreed fixed 'cost of finance' which is added to the amount you are advanced. You pay the fee, alongside the advance as a percentage of your card takings.
You can use your Business Cash Advance for many different business needs, whether it’s purchasing stock or equipment, refurbishment or repairs, or simply bridging a dip in cashflow.
(Sole trader, or partnership with 3 or less partners)
(All other customers)
(Opayo gateway only)