First POS lending facility launched
JOHANNESBURG, (CAJ News) – MERCANTILE Bank has introduced a new Point-of-Sale (POS) package which includes a lending facility providing quick and easy loans to merchants using such devices in their businesses.
This is said to be the first such offering in South Africa.
Karl Kumbier, CEO for Mercantile Bank, said the new POS terminal and its lending facility was one of several new product developments Mercantile Bank was rolling out in the short-term.
“These products will significantly benefit our business clients, offer them stability in terms of their cash flow, and will be competitively priced and completely reliable in terms of hardware and systems.”
The flexible loan option component of the new POS package is called Cash POSitive. This product allows small businesses and merchants to access funds in advance from their future card terminal or POS terminal sales.
Cash POSitive is based on 10 percent or one month’s turnover of annual sales processed through the POS terminal and is capped at a maximum of R500 000.
The amount advanced is taken over a one year loan period.
The new POS terminal from Mercantile Bank is said to be a robust, user friendly, quick and reliable.
The new product is now available to the market.
Mercantile Bank was founded in South Africa in 1965 and is 100% owned by Caixa Geral de Depósitos, the largest bank in Portugal.
– CAJ News
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