Leading buy now pay later (BNPL) company, Zip has launched the next iteration of its small business accounts: Zip Business Trade Plus.
Designed to help small business owners access the capital they need to manage cash flow, pay for day-to-day essentials and grow their business, Zip Business Trade Plus offers a line of interest free credit between $3,000 and $150,000.
Approved within 24 hours, Zip Business Trade Plus provides a fast alternative to credit cards, bank loans and overdrafts. Once approved, small businesses can use their Zip Business Trade Plus account online or in-store by selecting Zip at checkout. The funds can also be used to pay any domestic invoices or bills using BPAY.
Zip Business general manager, Geof Alexander said with the end of JobKeeper, small businesses need to turn somewhere else for financial support and that’s where Zip comes in.
“Cash flow, additional equipment, staffing costs, or simply getting a bit of extra capital to support your ambition are all small business needs that Zip Business can help with,” he said.
“We know the pandemic has been challenging, but resourceful people thrive in hard times – and local small business owners are nothing if not resourceful. Now is the time to harness that entrepreneurial spirit with Zip.”
To be eligible for a Zip Business Trade Plus account, businesses must have an active ABN or ACN, have been in business for six months and generate at least $5,000 in sales per month. Small business owners can apply for a Zip Business Trade Plus account here.
There are over two million small businesses in Australia and more than two-thirds (70%) of those outline cash flow as a key issue.