Payments provider eWAY has launched a new online small business loan program which it says provides retailers with up to $100,000 in finance in just 7 minutes.
The new app – eWAYCapital – is powered by Perth-based online small business lender Kikka.
The partnership sees Kikka connect with eWAY’s 20,000+ merchants, providing access to loans of $1,000 to $100,000 to grow their business online and boost revenue.
Matt Bullock, eWAY Founder & CEO, said the launch of eWAY Capital with Kikka is the boost that Australia’s online retail sector needs to grow to the next level.
“Our merchants have been telling us it is difficult to find quick cash injections required to scale online businesses. Cash flow is king for online retailers experiencing growth, but quick affordable finance has been hard to obtain until now. eWAY Capital will allow our merchants to quickly scale anything from expanding their product range, getting a new logo, or growing their social media presence and online marketing.
“We are really happy to be partnering with a trusted lender like Kikka. Kikka’s simple, end-to-end online platform will help eWAY Capital create an entirely new approach to financing. It’s quick, simple and integrated and I believe it will have a significant impact in bolstering Australian eCommerce.”
David Brennan, Kikka’s Founder & CEO, said the new partnership with eWAY will provide working capital solution that is specifically designed for online retailers who are underserved locally.
“We use real-time business performance information and a frictionless 3-step process to provide online retailers the capital they need, simply and fast. We are empowering online retailers to use the strength of their own data to take advantage of better financing options.
Bullock says the launch of eWAY Capital marks a new milestone for the company as it continues to broaden its offering beyond online payments, noting that in July this year eWAY moved into the omni-channel retail space with the launch of eWAY SmartPOS, a mobile payments device, and recently launched the eWAY app for Apple Watch, which allows merchants to accept payments from their wrists.