NAB has launched a new, innovative cashflow loan product exclusively for existing small business merchant customers, in a first for a big four Australian bank.
The NAB Flex-Flow loan for merchants, provides eligible NAB customers fast and easy access to finance to help them manage cashflow, and keep their businesses running smoothly.
NAB Group Executive for Business and Private Banking, Andrew Irvine, said the new NAB Flex-Flow loan for merchants will make it much simpler for approved NAB small businesses to quickly and easily access the cash they need, when they need it.
“Cashflow is the lifeblood of every business, and it can fluctuate dramatically during different periods of the week, month, or year. It’s crucial businesses can turn to us when they need help with their cashflow needs and the flexibility this new product provides will be a game changer,” Mr Irvine said.
“We’ve made the application process completely digital, simple and easy.
“With the click of just a few buttons, eligible customers can apply for funding and once approved, they can expect it to appear in their account within one business day, and often within as little as 20 minutes.”
Ideally suited to small and medium sized NAB merchant businesses eager to grow, the NAB Flex-Flow loan for merchants allows customers – with merchant transactions settling into an eligible NAB account for at least 12 months – to apply online and once approved, quickly access an unsecured, short-term loan of up to $125,000.
With loan repayment amounts selected by customers based on a percentage of their future daily EFTPOS and credit card sales, one upfront fee and no ongoing charges or interest, Mr Irvine said the NAB Flex-Flow loan for merchants offers unrivalled flexibility for NAB merchants.
“What we’re hearing from customers, when it comes to their banking, is that simplicity is king. They want and expect simple products and simple experiences, which seamlessly deliver for them and their businesses,” he said.
“We remain focused on being an easy organisation to deal with by investing and innovating to ensure simple, is our standard.
“We were the first of the big four to market with the no dongle, Easy Tap payment solution, and we’re also now the first to deliver flexible, easy to access, cashflow finance for our merchants.
“Our merchant services transformation continues at pace as we strive to make life that little bit easier for Australian small businesses.”
