ATLANTA, Feb. 4, 2020 /PRNewswire-PRWeb/ -- Kabbage, Inc., a data and technology company providing small businesses cash flow solutions, launched access to custom loans for Kabbage Payments customers. The new lending product gives U.S. small businesses more control over short-term funding needs. Integrating Kabbage Funding with Kabbage Payments marks the first of many new solutions from Kabbage as it expands to help small businesses efficiently analyze and manage their cash flow.
With custom loans, Kabbage Payments customers choose any term between three and 45 days and either repay in full when the loan reaches maturity or allocate up to 100 percent of Kabbage Payments revenue towards the balance over the selected period. Repayments are only made when a customer processes payments and any remaining balance is due at the end of the term. Custom loans have a one-time fee starting as low as 0.1%, and pricing adjusts dynamically, depending on the term length and repayment method chosen. The result is a new cash flow solution that gives small businesses greater flexibility before they make a borrowing decision.
"As a former small business owner, I know managing cash flow is a major headache," said Kabbage CEO Rob Frohwein. "We designed our custom loan product to recognize these inherent challenges and provide our customers with even more flexible funding to better manage their businesses."
Now available to U.S. small businesses, Kabbage Payments also offers unlimited online invoicing, next-day deposits, zero monthly fees and free customer support.* With its unique pay link feature, customers are getting paid via email, texts and the web in less than 24 hours. New Kabbage Payments customers will save with a competitively low fee of 2.25% per credit-card transaction until June 2020. Signing up is free, and small businesses can immediately start creating, sending and settling invoices through Kabbage Payments to get paid faster.
"A lot of payments services are built for bookkeepers, not for business leaders," says Thom Pirone, owner of Stronghold Training, a management consulting firm in Tampa Bay, Florida. "My payment provider kept offering me training to use the platform, but I was too busy. I needed something I could sit down and use instantly and intuitively. Kabbage Payments is perfect for a small business owner who wants to start generating invoices and getting paid today."
About Kabbage
Kabbage, Inc., headquartered in Atlanta, is a data and technology company providing small businesses cash flow solutions. Its suite of products includes Kabbage PaymentsTM, helping small businesses get paid and access the money they earn faster, and Kabbage FundingTM, providing access to flexible lines of credit in minutes. To date, Kabbage has provided more than 200,000 U.S. small businesses access to over $9 billion of working capital. Kabbage is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures, and others. All Kabbage Funding U.S.-based loans, including custom loans, are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, and are subject to credit approval. Kabbage Payments, LLC, a subsidiary of Kabbage, Inc., is a registered Payment Service Provider/Payment Facilitator sponsored by Fifth ThirdBank, N.A., Cincinnati, OH. For more information, please visit http://www.kabbage.com.
*Please visit http://www.kabbage.com/payments for terms and conditions.
SOURCE Kabbage
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