Epos Now Launches New Financing Solution for SMEs, up to £300,000 - PRNewswire

Epos Now Launches New Financing Solution for SMEs, up to £300,000 - PRNewswire


Epos Now Launches New Financing Solution for SMEs, up to £300,000 - PRNewswire

Posted: 24 Sep 2020 07:47 AM PDT

LONDON, Sept. 24, 2020 /PRNewswire/ -- Epos Now, a global software and payments technology company supporting over 30,000 retail and hospitality locations across 71 countries has launched Epos Now Capital, a business financing service which provides small and medium-sized enterprises (SMEs) with business cash advances, up to £300,000. 

Epos Now Capital can help SMEs move beyond restrictive forms of traditional lending. Customers will benefit from business cash advances with fixed pre-agreed costs and monthly payments based on their historic business performance. Customers will not be required to produce a business plan, the cash advances can be used for a range of business purposes and can be available in as little as 48 hours. Epos Now Capital financing can be used for refurbishment, stock purchasing or simply to manage cash flow concerns.

The announcement comes as small businesses are increasingly struggling to gain access to sufficient financing - a situation only made worse by the COVID-19 pandemic.

To be eligible for an Epos Now Capital business cash advance, a business must have processed at least £2,500 per month via card and digital payments for a minimum of 4 months. Suitable businesses for Epos Now Capital include pubs, restaurants, hotels, retailers & hundreds of other verticals.

The service will launch today in the United Kingdom, with plans to bring the service to the USA, Canada, Australia, New Zealand, South America and finally into Europe.

Epos Now's Chief Growth Officer, Barbara Staruk, said: "Epos Now has a longstanding track record of supporting SMEs with the latest cloud POS technology. Using data analytics we are well-positioned to offer a more accurate funding picture based on our customers trading history and business performance rather than just an arbitrary credit report. The COVID-19 pandemic has reinforced the reality that thousands of businesses are struggling to gain access to much-needed working capital to meet the demands of a new type of customer and that's precisely why we've worked hard to develop a solution capable of providing small businesses with rapid, no-strings access to financing."

Notes to editor:  

Epos Now Capital is powered by Liberis, a leader in alternative finance solutions.

About Epos Now

Epos Now is a global payment and technology provider focused on small and medium businesses in the retail, hospitality, and personal care sectors. Founded in 2011, its mission is to help a worldwide community of over 30,000 retail and hospitality locations across 71 countries harness the power of cloud technology to compete with giants.

With Epos Now, businesses can control every element of their operation from any location, and on any device. Its cloud systems include payments, smart inventory control, custom reporting, staff & customer management as well as supporting businesses transition to meet a new type of merchant with robust ecommerce, delivery, and collection functionality.

About Liberis:

Liberis is one of the UK's leading alternative finance providers. Founded in 2007, it has since helped 15,000 small businesses with more than £400 million in funding. Liberis is supported by the UK Government-owned British Business Investments.

SOURCE Epos Now

Manifesting Retail’s Week Of Revolution - pymnts.com

Posted: 24 Sep 2020 08:01 AM PDT

Retail, for all intents and purposes, has always been an interdependent system. Supply depends on demand; demand depends on supply; supply depends on the supply chain. Pricing depends on supply and demand. Pricing also depends on more intangible factors such as sales, operations and marketing. And all retailers depend on the one constant that separates any business from a hobby: the customer.

This week, retail has seen the manifestation of several changes to this interdependency that were already in the works before the pandemic, and have been accelerated by shoppers' fear and/or loathing of visiting physical stores. We've seen Ralph Lauren come close to economic trouble, arguably because the department stores and boutiques that have not been open for a good part of Q2 have either underperformed or have not performed at all. We've seen the CEO of Saks pen an insightful piece for Fast Company that basically admits how broken the department store model is. We've seen Walmart throw down the gauntlet on eCommerce, going public with its plans to hire Amazon-like numbers for its fulfillment centers. And we've seen Nike take a victory lap to celebrate its unadulterated bet on the brave new world of digital-first retailing.

These may seem to be unrelated happenings, but they're not. What's happening right now is nothing less than a sea change in the interdependency of retail. To demonstrate this, it's best to start with the industry's problem child: department stores.

Department stores are in some ways victims of dependency. Take a look at how they operated before the pandemic. First, they depended on an inventory mix that could be counted on to keep shoppers in the confines of the store for a long period of time. Then, they depended on good relationships with designers and consumers' attraction to their seasonal merchandise. They also required a supply chain that included factories in faraway countries. Then there was the dependency on shipping, and warehouses, and related reliability issues – and the mall owner who took the time and capital to drive foot traffic.

Think that's a tough way to do business? Check out what Saks CEO Marc Metrick had to say in Fast Company: "We know customers want to buy things as they need them, but the industry has not kept that basic concept in mind. Instead, department stores have been hindered by a severe disconnect between product availability and demand, which hurts retailers, designers and customers alike. Delivery cycles, all born iteratively through the 20th century, simply never evolved to meet the consumer's on-demand lifestyle."

But they have evolved enough to send consumers happily to eCommerce sites. Online sales platforms lack dependencies for consumers, and that's become crystal-clear this week. For physical department stores, the store needs to be open, the salesperson needs to be polite and knowledgeable, and the price needs to be right. Return policies need to be liberal enough to allow for mistakes. In the digital-first economy, all of these requirements go away. The store is always open, the salesperson is in the mirror, prices are easily compared and returns are almost always free.

In many ways, reducing interdependency is what Amazon does. It's up to the seller, not Amazon, to organize and optimize the supply chain. And if Amazon can't depend on the seller (whether it's a small shop out of Maine or L.L.Bean out of Maine), it simply suspends them. It depends on less infrastructure to open the doors, and has instead been able to build a world-class delivery system. Amazon doesn't even want to depend on normal delivery services: It didn't like FedEx or UPS, so it built its own.

It's also key to Nike's new strategy. It's hard to overstate what Nike is in the process of doing: It is revolutionizing the process of tribrid retail, comprised of:

1) Direct-to-consumer (D2C)

2) Owned retail outlets

3) Third-party retail partnerships

It's clear that Nike doesn't want to depend on third-party retail, as it is moving away from it. It's also clear that it doesn't want to depend on brick-and-mortar retail in general, because it is moving toward making it a local platform for its team sports and local athletes.

Nike wants to depend on Nike – and it wants its consumers to do the same. Its digital-first platform can adjust inventory, optimize communications and understand customer behavior in a way that no brick-and-mortar retailer ever could. It will become a "clean" model without obstructions, full of customer value and ripe with pure consumer connections.

"Our organizational restructuring will simplify the way we work, eliminate duplication and redundancy, and realign our resources to focus on our biggest growth opportunities," said Nike CEO John Donahoe on this week's earnings call. "This restructuring will also create a similar level of recurring annual cost savings that will help fuel the acceleration of our digital transformation. In this moment, the pandemic has allowed us to accelerate where and how we will invest. Ultimately, we will drive deeper consumer connections and continue to amplify our brand strength using technology to operate more efficiently and at greater scale."

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LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

MineralTree Raises $50M, Buys Two Companies - pymnts.com

Posted: 24 Sep 2020 04:00 AM PDT

MineralTree Inc., the Massachusetts-based accounts payable (AP) automation software provider, announced a $50 million Series D investment round and the purchase of two companies Thursday (Sept. 24).

The funding initiative is being led by existing investors Great Hill Partners LP, the Boston-based private equity firm, Eight Roads Ventures, the global venture capital firm based in China and .406 Ventures, the Boston venture capital fund.

In addition, MineralTree acquired Inspyrus, a Silicon Valley FinTech that specializes in AP, and Regal Software, the Atlanta-based provider of B2B disbursement software.

Terms of the deals were not disclosed.

MineralTree said the new cash and acquisitions are expected to bolster its capabilities for customers and bank partners. It will also allow the company to expand partnerships and product capabilities and to provide AP and payment automation to middle-market companies.

These actions come at a time when the demand for AP solutions is rising as businesses focus on work-from-home mandates and rising costs associated with manually processing invoices and B2B payments.

MineralTree said $27 trillion dollars in B2B payments are made in North America annually, while companies spend $510 billion on manual AP costs making those payments. By automating AP, businesses can save as much as 80 percent on associated costs, the company promised.

Founded in 2008, Inspyrus provides AP automation software solution to large mid-market and enterprise customers. It processes more than 15 million invoices, representing $100 billion in AP spending annually in its software platform.

Regal Software, founded in 2008 and headquartered in Atlanta, Georgia, provides ERP (enterprise resource planning) connectors to more than 160 systems. Its RegalPay platform is used by more than 350 corporate customers and partners.

Corporate buyers, MineralTree said, must be able to pay their vendors quickly and with ease, especially during a pandemic that has caused many employees to telecommute, making paper checks and manual processes especially inconvenient.

The September edition of PYMNTS' CFO Guide To Digitizing B2B Payments explores how corporate buyers are streamlining their B2B transactions with digital payments and supplier onboarding tools.

In addition, the Next-Gen AP Automation Tracker, a PYMNTS and Bottomline Technologies collaboration, highlights the most recent accounts payable developments and automated solutions disrupting how businesses process invoices, track spending and earn rebates on transactions.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

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