Sage Pay, a payment processing firm for small businesses, has stepped into alternative lending.
The company announced the launch of Sage Pay Business Finance this week, the result of a new collaboration with alternative lender Liberis. SMEs can receive a cash advance equivalent to up to one month’s worth of card takings, the company said, with a fixed fee. Liberis, whose operations are backed by British Business Bank investments, will facilitate the financing.
“Sage Pay Business Finance, provided by our trusted partner Liberis, offers flexible finance solutions. This is a great new service and one we think will be popular with our customers, which allows them to choose the right finance to fit their business model,” said Sage Executive Vice President of Global Payments and Banking Seamus Smith in a statement, who added that the launch of the financing operations is part of the company’s “movement of money strategy.”
“We are proud to work with Sage Pay, providing access to finance that some U.K. business owners may feel doesn’t currently exist for them with fast approval times,” said Liberis CEO Rob Straathof in another statement. “Our customers love the way our product mirrors their card takings, working with them to help them realize their plans without the stress of fixed repayments.”
Sage has taken to partnerships as a way to expand offerings to SME customers. Last year the firm linked with Beanworks to facilitate accounts payable automation, a move Sage said at the time helped SMEs migrate to digital AP, invoicing and B2B payments capabilities.
Sage Pay parent company Sage Group recently announced plans to divest its U.S. payments businesses, Sage Payment Solutions.