What's a Business Cash Advance?
A business cash advance, also known as a merchant cash advance, is money you get based on your card sales. With iK Cash Advance, you get an amount of money upfront. Then you pay it back slowly, as a small percentage of your daily card sales. When you make more sales, you pay back faster. When sales are slow, you pay back less. There is no fixed monthly amount to pay.
That makes it a good fit when you need money fast and would rather not take out a normal bank loan. Use it to buy stock, cover equipment, or get through a slow month. The more you trade through iKhokha, the bigger the offer you could qualify for.
It works best for businesses that take card payments often, like shops, restaurants, salons, spaza shops and online stores, because you pay it back through your card sales.
To qualify, you need to:
- Be an active iKhokha merchant for at least 6 consecutive months.
- Make more than R2 500 in sales per month.
167%
Merchants saw 167% in sales over 3 months after taking an iK Cash Advance.
Feel inspired
“iKhokha helped me with instant cash injections in the form of iK Cash Advance. Sometimes, you lose hope in business when you don’t have enough capital, and iKhokha supported me so much during that time.”
How to check your iK Cash Advance offer
You can only view Cash Advance offers on the iKhokha App.
Product Features
- 1Sign up to create your free iKhokha profile.
- 2Download the iKhokha App from your app store and login using your profile's details.
- 3Tap “Cash Advance” to see if you qualify and how much you could get.
- 4Accept an offer you’re happy with to get funding in 24 hours.
- 5Keep a healthy repayment history to qualify for more funds with an iK Cash Advance Top Up.
Easy repayments
Your repayments move with your sales. Every time a customer pays by card, a small percentage goes towards your iK Cash Advance. On busier days, you pay back a little more. On quieter days, you pay back less. That means you’re not locked into a fixed monthly repayment when business slows down.You’ll see your repayment percentage and total amount payable before you accept your offer.
FAQs
Your business must be trading for 6 months consecutively and have a minimum monthly turnover of R2 500 in order to qualify. Ts and Cs apply.
A merchant cash advance, also known as a business cash advance, is money you get based on your card sales. You get an amount upfront and pay it back as a small percentage of your daily sales. So you only pay back while you are making sales.
You can use it for whatever your business needs. No one knows your business better than you, so the choice is yours.
Disbursement takes place on the first business day after signing. Your funds should be in your bank account within 24 hours of disbursement (subject to your bank’s turnaround times).
Payment is made via split processing: a specified percentage of your daily turnover will be used to pay back your advance.
Need help?
Get help instantly on WhatsApp, our chatbot Kelly, or by requesting a callback.
You can also call 087 222 7000 or email support@ikhokha.com