How does it work?
What is a Business Cash Advance?
It is a simple solution to business funding, based on advancing you funds against your future customer credit and debit card payments.
It enables access to between £1,000 and £300,000*, which you only repay as your customers pay you. You can use your Business Cash Advance for any of your business needs, whether it’s purchasing stock or equipment, refurbishment or repairs, or simply bridging a dip in cashflow.
*Subject to status. Eligibility criteria apply.
Who are Liberis Finance?
We’ve chosen to partner with Liberis Finance as they are one of the leading providers of Business Cash Advances in the UK. Liberis is a multi-award winning finance provider, offering simple, flexible and transparent funding to help UK small businesses achieve their ambitions. Established in 2007, in a space where traditional banking and loan models were unable to meet the needs of UK small businesses, Liberis provides finance based on business potential, not just credit history. Through its Business Cash Advance, an innovative form of funding, Liberis links repayments directly to cash flow so businesses only repay when their customers pay them. Liberis are backed by British Business Bank Investments, the state-owned economic development bank established by the UK government.*
The Business Cash Advance is provided by Liberis Ltd and Worldpay will receive a commission. Liberis is not part of the Worldpay group of companies.
*Liberis are supported by British Business Bank Investments, the commercial arm of the British Business Bank, a development bank wholly owned by the UK Government. Neither British Business Bank Investments Ltd nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA)
How does it work?
- Apply using our online application form here
- You can select the amount of funding you’d like and how quickly you’d like to pay it back.
- This determines the overall payback amount, and the percentage of your future Worldpay debit and credit card transactions that will go towards repayment of the Business Cash Advance, which we’ll agree with you upfront.
- Receive the funds within around 48 hours* to use as you wish for your business.
- Your repayments will be taken automatically from each of your future card transactions through Worldpay until your Business Cash Advance has been paid.
How do I qualify?
If you are a Worldpay customer who accepts cards and takes at least £1k of credit and debit card transactions a month through Worldpay you are eligible to apply. Ideally, your business will have been trading with Worldpay for over 4 months. However, if you have switched to Worldpay from another provider and can provide evidence of at least 4 months’ card takings, then you may also be eligible for a Business Cash Advance.
Liberis, the provider of the Business Cash Advance, has typically approved over 70% of applications.*
*In October 2018, 71% of applications were accepted.
How much could I get?
Liberis can provide eligible customers with anything between £1,000 and £300,000. The actual amount will depend on your average monthly card takings with Worldpay; but typically, Liberis will advance up to 100% of this amount - so if on average you take £10,000 per month via card payments, this is how much you may qualify to be advanced.* You can check how much you’ll be eligible for without submitting a full application by looking on cleverCheck.
When you apply for a full Business Cash Advance, you can select the amount of funding you’d like and how quickly you’d like to pay it back. This in turn determines the overall payback amount and the percentage of your future Worldpay debit and credit card transactions that will go towards repayment of the Business Cash Advance, which Liberis will agree with you upfront.
* Representative example only. Actual rate may vary based on circumstances.
How much will it cost?
Our Business Cash Advance comes with one fixed cost which Liberis will agree with you upfront, so you don’t need to worry about working out APR rates or additional activation or other fees.
No business is the same, so Liberis use information from your business and credit history, and your future business potential to tailor the price to your individual circumstances. Intelligent pricing means that Liberis can adjust their rates for customers who have previously had a smooth ride with credit, and those whose history is not so squeaky clean.
What is cleverCheck?
The simple cleverCheck tool will look at your individual circumstances and, in most cases, will be able to let you know if you’re approved before you apply. It will let you know how much funding you are eligible for and give you a quote that’s tailored to your business.* Your credit score won’t be impacted, and there’s no obligation.
*The quote will be based on information about your business that is available at the time. The actual quote may differ depending on your circumstances at the time you submit your application.
Will I get a decision on funding?
For many customers we’ll also be able to let you know if you’re approved before you apply for funding.* Not all enquiries can be approved through cleverCheck and in some cases a few more details may be needed from you in order to get your decision.
*Any preliminary approval will be based on the information about your business that is available at the time. You will get a final decision at the time of submitting an actual application.
Can I tailor my quote?
Absolutely. You can choose the amount of funding you would like, and how quickly you’d like to pay it back. This determines the overall payback amount and the percentage of your future Worldpay debit and credit card transactions that will go towards repayment of the Business Cash Advance, which Liberis will agree with you upfront.
Does my offer expire?
We may from time to time send you a personalised letter and details of the Business Cash Advance that you may be eligible for and the cost of this. The letter will include details of the length of the offer (typically this is 30 days from the date of the letter). The amount and cost of any final offer however will be subject to final approval at the time of your application and depend on your business circumstances and credit information at the time.
What credit checks do you perform, and will they impact my credit score?
When you submit a full application, our partners Liberis will use a number of sources of information to help us understand your business, including 3rd party credit bureau checks. They carry out both company and consumer credit bureau searches, which will leave a record of this search on both credit files, visible to other finance providers - however, neither credit score will be impacted.
What if my credit history isn’t squeaky clean?
Liberis consider applications based on business potential and your business performance by way of card transactions through Worldpay - not just your credit history. However, Liberis are committed to ensuring they act responsibly so, just as Liberis do, you should think carefully about financial products for your business and seek appropriate advice when making decisions.
Do you take any security or collateral?
A Business Cash Advance is an unsecured way of accessing finance. This means your home is not at risk. Liberis will ask you for Personal Guarantees if you are applying as a limited company or limited liability partnership.
What documents can I submit as proof of identity?
We accept a number of different document types as proof of identity in your contract; and you can find the full list below.
Please note that the documents you submit must be photocopies, scans, or photos of original documents only. We will not accept screenshots of these documents, and please do not send us any original documents either.
- Current valid passport
- UK birth certificate issued within 12 months of the date of birth in full form including those issued by UK authorities overseas such as Embassies High Commissions and HM Forces
- EEA member state identity card
- Current UK or EEA photocard driving licence
- Full old-style driving licence
- Photographic registration cards for self-employed individuals in the construction industry - CIS4
- Benefit book or original notification letter from Benefits Agency
- Firearms or shotgun certificate
- Residence permit issued by the Home Office to EEA nationals on sight of own country passport
- National identity card bearing a photograph of the applicant
- HMRC correspondence that includes National Insurance Number
What documents can I submit as proof of address?
Below are the document types that Liberis will accept as proof of address. As with your proof of identity, the documents you submit for proof of address must be photocopies, scans, or photos of original documents only. Liberis will not accept screenshots of these documents, and please do not send us any original documents either.
- Personal Bank Statement or Credit Card Statement
- Personal Mortgage Statement
- Utility Bill (gas, electricity, water, fixed landline telephone - not mobile phone)
- Residential Council Tax Bill (current year)
- HMRC Correspondence (e.g. PAYE coding notice / Tax Credit notification etc
- UK Driver's Licence
- Land Registry Confidence of Address
How will I know how much I have left to pay back?
Running a business is stressful enough as it is without having to chase up any financial repayments - we get it! That’s why Liberis not only provide you with a clear monthly statement of how your repayment is going, but also offer you the use of myLiberis, an online customer portal where you can keep up to date with your repayments anytime, anywhere.
You can also give Liberis a call - Monday to Friday, between 9am and 6pm - and get your up-to-date balance over the phone.
What happens if I change my mind after receiving the funding?
You have the right to change your mind within 14 days of receiving the funding with no charge.
Can I pay back early?
You have the right to change your mind within 14 days of receiving the funding with no charge. After that, the fixed, upfront cost of finance will still apply if you repay early, but there will be no additional early repayment fees.
Is there a time limit to pay back?
The Business Cash Advance has been crafted as a funding product that is typically expected to be repaid between 4-12 months, but the exact time it takes for you to pay it back is ultimately down to how your business performs. Compared to typical business loans there are no interest rates, so Liberis will discuss all options and the cost with you from the beginning, so everything is clear and understood. The total cost will be fixed, but you will only pay back as you earn.
Are there any fixed monthly payments?
No. Payments are made by way of a fixed percentage of your credit and debit card sales – so there is no fixed term and there are no other fees, penalty charges or hidden costs either. This works particularly well for seasonal businesses with a fluctuating cashflow as when business is quiet, you’ll pay back less. And if business is busy, you’ll be paying back more - always the same percentage of your card takings.
What can I spend the money on?
You can use your Business Cash Advance for any of your business’ needs, whether it’s purchasing stock or equipment, refurbishment or repairs, or simply bridging a dip in cashflow.