Waiting to fail – Slow finance harms online retailers. Get early access to credit with multifi

Category: Operations
Waiting to fail - Slow finance harms online retailers Get early access to credit with multifi

As the financial year draws to a close and merchants across the UK prepare to submit their corporate tax returns, many businesses are reflecting and evaluating. During this period, they face the daunting task of assessing their financial health, seeking ways to avoid times of tight cashflow and navigate tough challenges such as unexpected fees, late payments, and quarterly VAT bills.

With banks continuing to withdraw from the market, alternative finance has become a key contributor to the success of businesses seeking financial support in periods of tight cashflow. Many industry sectors across the UK benefit from new products and innovative solutions that traditional banks can’t provide.

However, a report from the Bank of England highlights that businesses often wait over six weeks to reach even a preliminary quote stage from finance providers. This financial gap can cause unprecedented damage to the health of online businesses pressed with tax bills, unexpected invoices, and seasonal fluctuations. Marry this with the fact that 82% of closed businesses cite cash flow as the main reason for failure, and there is a recipe for disaster where a series of unexpected bills plus the extensive wait for finance can cause catastrophic damage. After waiting six weeks for an application decision, it’s often too late.

It’s time for change.

With such a vast gap holding UK businesses back, finance providers must rethink their processes and better support the industry. That’s why multifi is officially launching a new finance product to ‘Take the Faff out of Business Finance’.

multifi pre-approves credit limits so cash is there for business when it’s needed without the lengthy wait

multifi has been working with customers and partners to build an online platform that simplifies finance with fast decisions, fixed rates, and flexible options. The platform can be used alongside existing funding and supports businesses when they need it most.

Waiting to fail - Slow finance harms online retailers. Get early access to credit with multifi

Companies can now access up to £200,000 in revolving credit to boost cashflow, with flexible repayments of up to four months to repay the balance on any used credit.

multifi typically decides on applications in 72 hours, with zero set-up fees. Customers can make fast payments to UK and international suppliers, receiving highly competitive FX rates and 120 days of credit. Customers pay a monthly fee of 0.3% of their credit limit with an interest rate of 1.99% per 30 days on used funds.

This means that eligible businesses can easily sign up for a credit limit and have cash at their disposal as soon as needed, without waiting weeks even to receive a decision on finance applications.

For e-commerce companies, maintaining a healthy cash flow is paramount to sustaining operations and meeting the demands of a dynamic market. multifi provides the financial flexibility needed to navigate fluctuations in inventory, supplier payments, and customer orders. By streamlining the application process and offering quick decision-making, multifi ensures that online businesses can seize opportunities as they arise without the lengthy delays typically associated with traditional financing options. Merchants can confidently steer their businesses through challenging times and easily capitalise on growth opportunities.

Skip the stress. Check your business eligibility today and get instant cash access when you need it.

Don’t wait until it’s too late, check your eligibility today at multifi.co.uk

2 Responses

  1. I am surprised that HMRC has not yet worked with payment card acquirers/PSPs to offer/require businesses to pay most of their VAT at point of settlement (say 15% of the 20%, to not capture an overpayment, but it could be the full 20% and require businesses to file returns regularly to reclaim the difference)

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