Beyond Merchant Unsecured Business Loan

Beyond Merchant's unsecured business loans can be a short-term finance solution for Australian businesses with a monthly average of more than $10,000 in card sales.

For Australian businesses that have been trading for at least six months and bring in a monthly average of more than $10,000 in card sales, a Beyond Merchant Unsecured Business Loan can provide finance between $5,000 and $500,000 with a loan repayment term between 9 months to 1 year .
Beyond Merchant offers a transparent pricing structure with a single loan fee calculated at the commencement of the loan. There are no interest rates, establishment fees, ongoing fees or other charges.

How does the Beyond Merchant Unsecured Business Loan work?

A Beyond Merchant Unsecured Business Loan gives approved Australian businesses access to funding between $5,000 and $500,000, depending on their average monthly card sales. Beyond Merchant boasts an 80% finance approval rate and aims to give pre-approval within 24 hours of the initial application.
Since a Beyond Merchant Unsecured Business Loan does not attract interest payments or ongoing fees, you will know the total cost of the loan before going ahead. You can make loan repayments on a daily or weekly basis, with loan terms typically between 9 months to 1 year .

Features of the Beyond Merchant Unsecured Business Loan

A Beyond Merchant Unsecured Business Loan has the following features:

  • No interest rates. Beyond Merchant does not charge interest on their unsecured business loan products. Instead, you will need to agree to a single factor fee at the outset. This means that you can calculate the total cost of the loan by adding the amount of the loan to the factor fee.
  • No ongoing or hidden fees. One fee is payable for the loan, which you agree to at the outset. Thereafter, no ongoing or hidden fees apply.
  • No early repayment fees. You are free to repay the loan earlier if you choose, without paying fees or penalties.
  • Flexible loan term. Unsecured business loans have terms between 9 months to 1 year , depending on the amount you borrow and your individual circumstances.
  • No assets as security. As an unsecured business loan, you do not need to put up assets as security for the loan.
  • Fast access to funds. You will typically receive your funds within 48 hours.
  • High renewal rate. Beyond Merchant claims that 80% of their clients renew their loans.
  • Apply online. The simplified online application form takes just 10 minutes to complete.
  • Transparent application process. The application process is simple and straightforward. Provided you meet Beyond Merchant's minimum lending criteria, your loan application is likely to be approved.
  • Personalised service. Beyond Merchant tailors the loan terms and one-time fee to your individual circumstances.
  • Simple lending criteria. If you are an Australian business owner who has been trading for more than six months, has minimum monthly card sales of at least $10,000 and holds an Australian Business Number (ABN) or an Australian Company Number (ACN), you could be eligible for an unsecured business loan.
  • Easy bank statement retrieval. Beyond Merchant is required by law to review your bank statements before approving a loan. This process is simplified by the use of Proviso, an external data encryption service that handles your online banking login details and provides Beyond Merchant with read-only access to your recent bank transactions.
  • Flexible loan purpose. You can use loan funds for any business purpose, including hiring new staff, purchasing or upgrading equipment, consolidating business debts or buying additional stock.

How much does the loan cost?

Once Beyond Merchant approves your loan application, the company will offer you a one-time factor fee which it will add to the loan amount to make up the total cost of the loan. Apart from the factor fee, no other fees, charges or interest rates apply.
Beyond Merchant does not provide any indication as to the factor fee that the company applies to a loan. Instead, Beyond Merchant determines the factor fee on a case-by-case basis, by considering the type and age of the business, the amount of the loan, the loan term and other factors.

How to apply for the Beyond Merchant Unsecured Business Loan

Beyond Merchant offers a simple online application process. To start the application process, click "Go to Site" on this page. But before you do, consider the following eligibility criteria to ensure that you are in a good position to have your loan application approved.

The following eligibility criteria apply:

  • An ACN or ABN
  • Australian business operating for at least six months
  • Monthly average card sales of at least $10,000

You will need the following documents during the application process:

  • Photo ID of yourself and any other owners of the business
  • Business bank statements for the last three months
  • Merchant statements for the last six months

In some circumstances, Beyond Merchant will require additional documents, including the following:

  • Profit and loss information including expenses and sales
  • Balance sheets
  • Business activity statements

You can simply the provision of bank statements and financial documents by using the external data encryption solution Proviso, which gives Beyond Merchant read-only access to your bank statements and Xero data. Otherwise, you will need to supply paper documents.
Once Beyond Merchant has received all your details and documents, someone from the company will contact you within 48 hours to inform you of the outcome of the application. If approved, you will receive the funds in your account within 24 hours.

A Beyond Merchant Unsecured Business Loan is a viable finance solution for established Australian businesses. Before deciding on any business loan product, compare business loans to ensure you choose the product that best fits your individual circumstances.

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