Introducing FlexiPay, our new line of credit that you can now offer your clients 

Following a successful pilot phase, FlexiPay, our new line of credit, is now available for our Introducers to offer clients. Here’s everything you need to know about this product and how it works.

What is FlexiPay?

FlexiPay is a flexible line of credit that gives your clients the freedom to decide when and how they pay business costs.

They can use FlexiPay to pay by card in-store or online, anywhere that accepts Visa. Or they can transfer cash directly o pay bills or suppliers, which works just like a bank transfer. All they have to do is log into their account, enter the details of the transfer and we’ll make a secure payment in your company’s name.

They can then choose to repay in 1, 3, 6, 9 or 12 equal monthly instalments. All payments are made in their name, so their supplier won’t know the difference. 

Once they’ve repaid, that credit is then available to use again. It really is that simple. 

It’s designed to give businesses access to short-term finance when they need it, so they can plan ahead with confidence and easily manage their cash flow.

What can FlexiPay be used for?

FlexiPay can be used for a huge number of purposes, including:

• VAT, tax, energy or other business bills 
• Bulk stock purchases or new equipment
• Supplier payments, payroll or unexpected invoices
• Professional services such as marketing or accountancy fees
• Business trip costs like tickets and hotels
• Office furnishings and refurbishments
• Shipping and other logistics costs

Who’s eligible for FlexiPay?

To be eligible to apply for FlexiPay, your clients will need to:

• Have a minimum of 2 years’ trading history
• Be a limited company

How much does FlexiPay cost?

FlexiPay is free to set up and there’s no annual charge, so your client will only pay if they use it. There’s no interest either — just a flat fee on each transaction, which is dynamic depending on the repayment schedule they choose. 

What’s the credit limit on FlexiPay?

Credit limits on FlexiPay range from £2,000 to £250,000. 

How can brokers sell FlexiPay to clients?

There are so many ways your clients can benefit from getting FlexiPay: 

• It’s a tool to help manage cash flow needs
• It’s a rainy day fund that is free if not used
• It provides financial certainty with just one flat fee every time it’s used
• It provides flexibility and helps keep a good reputation with suppliers

How does FlexiPay fit with a business loan? 

FlexiPay is designed to work alongside our loans, so your clients can benefit from having both options. While taking out a loan is typically a larger investment over a number of years, FlexiPay supports short-term cash flow needs with no commitment, allowing your clients to spread the cost of large payments or bills so they can stay on top of your finances. 

Is FlexiPay available to brokers?

FlexiPay is now live and available to offer to your clients. We’re looking forward to seeing it rolled out amongst brokers after a successful pilot – with over 20,000 businesses across the UK using it to help their cash flow.

We recently hosted a webinar on FlexiPay for our brokers, but if you’d like a recording or have any more questions about the launch, please reach out to your BDM who will be more than happy to help.

What are people saying about FlexiPay so far? 

“I applied for FlexiPay because customers were paying me late, which meant I was short on cash flow. I like the product as it helps me pay suppliers on time, keep a good reputation and manage cash flow.” 

Carl Whetstone-Veitch, Director of Advanced Joinery

“FlexiPay is a brilliant idea which will help bridge the gap between supplier payments and to negotiate better with my suppliers. The application was simple and easy.”

Livity, Intrit Facilities Management

“I signed up to FlexiPay as I had a payment due to a supplier and it allowed me to buy extra supplies which I needed. FlexiPay is one of the best ideas for small businesses and I will definitely be using it on an ongoing basis and telling people about it. It is really clear how repayments work and how much I owe.”

Paul Teather, Director of P&W Waste Solutions

“We sell a lot of wine (120 different wines) so FlexiPay means I can buy in bulk orders, which has enabled me to buy more for less as I have been able to negotiate discounts up to 10% on wholesale prices.” 

Vik, 8 Rocks Deli and Wine