Leading buy now pay later (BNPL) company Zip.Co, has today launched the next iteration of its small business accounts: Zip Business Trade Plus. With the aim of helping small business owners level-up and access the capital they need to manage cash flow, pay for day-to-day essentials and grow their business, Zip Business Trade Plus offers a line of interest free credit between $3,000 and $150,000.
The news comes as small businesses rally following the end of JobKeeper and predictions that up to 150,000 Australians could stand to lose their jobs in the wake.
There are over two million small businesses in Australia and 70 percent of those outline cash flow as a key issue. Approved within 24 hours, Zip Business Trade Plus extends a generous and transparent line of credit to those businesses, providing a fast alternative to credit cards, bank loans and overdrafts.
Once approved, small businesses can use their Zip Business Trade Plus account online or in-store by selecting Zip at checkout. The funds can also be used to pay any domestic invoices or bills using BPAY.
Geof Alexander, General Manager of Zip Business said, “JobKeeper was a vital lifeline for small businesses throughout COVID, but now that the program has ended, small businesses will need to turn somewhere else for financial support. That’s where we come in.
“Cash flow, additional equipment, staffing costs, or simply getting a bit of extra capital to support your ambition are all small business needs that Zip Business can help with. We know this pandemic has been hard, but resourceful people thrive in hard times – and Aussies small business owners are nothing if not resourceful. Now is the time to harness that entrepreneurial spirit with Zip there to help you.”
In order to be eligible for a Zip Business Trade Plus account, businesses must have an active ABN or ACN, have been in business for six months and generate at least $5,000 in sales per month. Small business owners can apply for a Zip Business Trade Plus account here. Zip’s lending criteria applies.