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SME lender launches eftpos business finance

Boutique lender Apickle has launched new finance product for SMEs using eftpos that enable them to borrow up to $200,000 without an asset security.

SME lender Apickle (previously known as Pickle) has launched a new product for businesses operating an eftpos terminal that enables them to borrow between $5,000 and $20,000 “in 24 hours”, according to the Sydney-based lender.

The Eftpos Business Finance operates similarly to a buy now, pay later service, Apickle explained, helping SMEs expand/purhcase relevant products without impacting their cash flow.

Apickle’s managing director and co-founder, Peter Wyszenko, said Eftpos Business Finance provides businesses utilising eftpos – such as retailers, hospitality operators and market stall holders – with a service similar to what buy now, pay later providers such as Afterpay offer to consumers.

“Everybody these days is using point of sale (POS) systems. However, the problem for business with buy now, pay later is they end up with all these new products they need to purchase, but they may not have the cash flow to go out and buy new stock and take advantage of the massive pipeline of customer demand.

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“As we say in our office: ‘They’re in a bit of a pickle.’ Therefore, our product, Eftpos Business Finance, enables businesses to obtain a loan without having to make a monthly repayment as you only pay us what you can afford,” he said.

“We help businesses obtain an unsecured loan of between $5,000 to $200,000 using their eftpos terminal. How it works, for instance, is when a retailer opens a pet store and offers Afterpay to customers, then the business takes off and their pipeline builds to local consumer demand. If the business then can’t meet the demand due to cash flow issues, we can help them get an unsecured loan.”

Mr Wyszenko said SMEs would need to provide six months of profit and loss statements to access the product.

He concluded: “We created Apickle because we wanted to create a level playing field by providing a debt restructuring solution that enables Aussie businesses to grow.”

Apickle was founded by property industry veteran Peter Wyszenko and mortgage and commercial broker Ruben Makken in 2019 as a spin-off of property research advisory group Smarter Tenant.

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While it was originally called Pickle (and operated under the licence of Pickle Money Pty Ltd), it later changed its name following a trademark dispute with Pepper Money.

[Related: CBA to roll out BNPL offering]

SME lender launches eftpos business finance
SME lender launches eftpos business finance
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Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

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