Payment service

Moula Pay is a strategic evolution of its business lending portfolio as a way for merchants to offer affordable payment terms to business customers while still getting paid upfront.

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The platform will allow merchants to provide pre-approved businesses the ability to purchase up to $250,000 worth of goods and services and remove the hassle of chasing debtors.

Merchants will get paid upfront by Moula with business customers benefiting from improved cashflow by having 12 months to repay, with the first three interest and repayment free.

Each quarter 500 business owners across Australia revealed that more than 40 per cent of them take longer than 30 days to pay, reinforcing the need for extended payment terms.

At the same time, business owners in the merchant category are struggling to administer extended payment terms in-house due to cashflow concerns.

Chief executive of Moula Aris Allegos said that Moula Pay would address the gaps in the SME to SME payment relationship dynamic.

“We know how hard it is for Australian businesses to access funding to support day-to-day operations and there’s opportunity on both sides of the merchant and business customer relationship with Moula Pay,” he said.

“Merchants are able to outsource their credit management functions more cost-effectively than typically administering payment terms in-house. They’ve also opened the door to the significant pool of SMEs seeking to spend more on business purchases if they had additional funds and longer to repay.”

Moula Pay is only available to businesses with an active ABN or AACN, and that has spent over six months in business with $5000 in monthly sales.

“We’ve evolved our data-driven business lending expertise creating Moula Pay to address SME payments pain points, effectively doubling support for good Aussie businesses by backing merchants and simultaneously getting behind their good business customers as well,” said Mr Allegos.

Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist on the wealth titles at Momentum Media.

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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