Media Hub | News | 2020

Just Cashflow steps in to support the S in SME

Introducing a new digital business account

New digital business account that allows time-pressed business owners to keep track of all-important cash flow.

Fintech enabled non-bank lender able to go toe to toe with traditional banks and compete for market share.

Just Cashflow believes it is the small companies that are the backbone to recovery, vitally employing three to ten people and having to meet the inevitable COVID crisis cash flow challenges at a time when traditional banks are either closed to new business or have lengthy waiting times.

It is helping meet this challenge in two ways. Firstly, by providing a Business Account specifically designed to help small businesses keep control by providing live data on all spending. Secondly, by providing a revolving line of credit that works in a similar way to a traditional bank overdraft to help businesses manage the inevitable bumps in the road they will hit as they look to invest and grow.

The Revolving Credit Facility has been a bedrock product for Just Cashflow over the last seven years and is extremely attractive to businesses as they manage their growth cycle. Importantly, Just Cashflow has been able to continue supporting existing and new customers during the pandemic outside of any Government schemes and is well placed to continue doing this as they start their road to recovery.

John Davies, Executive Chairman of Just Cashflow explained: ”During the lockdown we accelerated our plans to bring a new business account to the market and the timing couldn’t be better for hard pressed SMEs. A recent report from the All Party Parliamentary Group on Fair Business Banking highlighted that many traditional players aren’t taking on new customers due to the administrative demands they face trying to support the various Government support schemes.

“This has accelerated a trend where traditional banks have been moving away from supporting the S in SME. Our new business account is designed with small business owners in mind, who through necessity have to be head of finance, HR, marketing, etc, often all on the same day. This means they can miss the tell-tale signs that signal they may be about to have cash flow challenges.”

The key is providing live and easy access to information. The account gels seamlessly with accounting software such as Xero, Sage and A3 all of which have cash flow tools. All spends on expenses cards are automatically logged and auto-prompts ensure that staff are adding the appropriate details required to file their expenses. This not only reduces admin, but allows a business owner to know and track the degree of spending going on in their business.

The product, as with all Just Cashflow services, is supported by a UK-based telephone helpline as well as an app built to be simple, quick and intuitive. Specifically, the business account web and app service has been designed to minimise the need for lengthy admin, therefore saving time and money for small business owners, and helping them keep a careful eye on cash flow without spending hours micromanaging employee spending.

The business account also comes with the functions that small businesses need – a UK account number and sort code with expenses debit cards easily controlled through an advanced management suite, faster payments and standing orders – as well as an app and desktop interface.

Just Cashflow has partnered with Railsbank and TOQIO for them to provide licencing and access to a range of best-of-breed banking technologies in order to power its business account offering.

Louisa Murray, a VP at Railsbank and Head of Sales, added: “It is worth making the point that watching the cashflow is not just a discipline that comes into focus during a tough economic period. Even when this pandemic recedes, cash flow should always be a top priority for any company, no matter how small. And it is great that our technology and APIs are being used by Just Cashflow to help so many companies manage through this difficult period and beyond.”

TOQIO co-founder Mike Galvin, shared: “Just Cashflow is delivering much needed innovation to UK SMEs with a powerful new digital banking platform that will deliver more choice to small businesses and greater access to financing. We are excited to be supporting them on this journey.”

John Davies added: “The development of Technology Platforms and APIs has been a game-changer for innovative alternative lenders like ourselves enabling us to go toe to toe with High Street banks by introducing products that have traditionally been their preserve.”

“Embracing new technology and understanding how it can really help existing and potential customers is a powerful combination. This is especially true when it allows you to identify and support those businesses that have the propensity to be successful.”

Find out more about theBusiness Account

Date Issued October 2020.

Follow @justcashflowuk on Twitter for more like this.

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