Access to fair, affordable finance continues to be one of the biggest challenges faced by Australian small business owners.
According to a recent Xero study, small businesses are paid after 23.6 days on average. This causes business owners serious headaches and having a short-term cash flow tool can be the difference when it comes to managing their businesses.
However, traditional lenders don’t make it easy. Small businesses, especially those without a long trading history, struggle when it comes to accessing working capital solutions.
Often businesses need to provide two years’ worth of exemplary bank statements, a director guarantee and jump through hoops that time-poor owners simply don’t have enough hours in the day for.
This is causing credit applicants to drop out of the process or simply get rejected before even getting a look in.
Businesses in a new industry, such as e-commerce, cryptocurrency or blockchain, are facing even more challenges in getting underwritten.
But regardless of size or business-age, all businesses should think about having a tool for cash-flow smoothing, especially those that are kicking goals.
Cue Archa, the new credit card specifically designed for small businesses.
By taking a more forward-thinking approach, Melbourne-based fintech Archa uses alternate data sources and can underwrite businesses that haven’t been operating for long.
Archa offers a 30-day charge card with credit limits up to $50,000, providing an extra month of cash-flow for businesses.
Business owners can also have peace of mind that there are no surprise fees. Archa has transparent flat subscription pricing, as well as no interest or interest fees.
A credit card product such as Archa can not only be used to smooth cash flow, but also help run a business. Whether you’re after further insight into spend, or making sure all your business expenses are in one place, the benefits of a business credit card shouldn’t be understated.
Whilst it’s a busy time of year for small business, there’s also no better time to get started with Archa. Thanks to a partnership with Uber, businesses who sign up to Archa will receive up to $200 Uber credit when they are approved for an Archa Mastercard® before Christmas.
Visit Archa.com.au to learn more about the corporate credit card built for small businesses.