A Sydney-based online lender is pioneering a new form of fintech lending in Australia – offering loans based on small business EFTPOS machine totals.
Apickle announced an interest-free loan to help SMEs with cash flow problems, introducing a style of financing that has already been used overseas but is still in its infancy in Australia.
“Our competitive advantage is that we are agile and can get things done relatively quickly,” said Peter Wyszenko, CEO of Apickle. “It’s an unsecured loan. EFTPOS funding is relatively new to Australia, although it has been established internationally for some time. So that we can be part of it – we are delighted to be able to offer it. “
“It’s just about being able to ask people what they’ve been up to in the past six months and see what their EFTPOS terminal has been up to, then loan them the average. This is done without using any security or anything like that, which speeds up the process and gives businesses the working capital they need. “
“Our competitive advantage also lies in the fact that this is interest-free corporate financing and not traditional corporate financing: it is based on card sales, and the more sales you make. cards, the more you pay back and vice versa. If you haven’t made any sales today, we don’t charge. It’s irrelevant and it’s done on their terms.
For Wyszenko, the market is ready for a product like Apickle to offer options to SMEs.
“Now that JobKeeper is gone, there has never been a more important moment,” he said. “Companies must be able to find alternatives. If there is no alternative, then there will be a lot of private lenders who will have to pay higher interest rates, there will be credit cards, and that’s not really an intrinsic way of doing it. start a business. It is very long term.
“A lot of companies can pay off that higher interest rate and it’s certainly a good alternative, but at the same time, due to what’s happened in the last couple of years, it’s going to be difficult.