NEW YORK--(BUSINESS WIRE)--ShopKeep, the cloud-based technology solution that transforms an iPad into a smart, connected cash register that is used by more than 24,000 independent businesses, today announced the launch of ShopKeep Capital, a merchant cash advance service. The new service helps small business owners overcome one of the largest challenges that stands in their way of growth – lack of easy access to capital.
Through ShopKeep Capital, select eligible merchants across ShopKeep’s customer base will have the opportunity to request a cash advance that can be used towards a variety of business needs, such as purchasing extra inventory, building a new website, expanding their employee base, investing in marketing initiatives and more.
“Difficulty accessing capital is an issue most businesses are familiar with, but for the independent merchants we serve, the issue carries even more weight. Having access to funds when needed can be the determining factor as to whether or not a merchant can expand their business,” said Michael DeSimone, ShopKeep CEO and President. “ShopKeep’s mission has been to innovatively support the growth of the independent businesses we serve while making the lives of their owners and staff easier. ShopKeep Capital will serve as another critical pillar in serving that cause and we look forward to seeing our customers grow and succeed with the help of a boost from ShopKeep.”
One of the key benefits of the ShopKeep Capital program is that merchants will not be subject to fixed, monthly payments. ShopKeep customers will enjoy a simple, seamless process, with a set percentage of the proceeds from their daily sales going to pay the balance until the advance has been paid. This works in the customers’ favor, particularly if the businesses sales volume is highly variable, because payment amounts are driven by sales volume and are not fixed.
The ShopKeep Point of Sale serves as the core component of a merchant’s daily operations, helping them run a more efficient business and providing valuable data that can drive more informed decisions. This unique view into its merchants’ business enables ShopKeep with the ability to identify qualified merchants who could benefit from extra capital, while avoiding risks typically associated with traditional loans.
“We are uniquely equipped to make very well-informed decisions as they relate to our customers and ShopKeep Capital. This service will make for a strong addition to our core business and contribute to our greater mission of supporting the success and growth of our customers,” added DeSimone.
About ShopKeep
Everything ShopKeep does supports growing and independent businesses. Built by and for small business owners, ShopKeep provides an intuitive, secure, iPad point-of-sale system with POS software that empowers merchants to run smarter businesses by optimizing staffing, managing inventory and accessing real time sales reports and customer information on one seamless, cloud-based platform. With more than 24,000 customers, ShopKeep’s award-winning customer care team is available to help 24/7 and provides a robust support network for growing business owners. ShopKeep is headquartered in New York City, with offices in Portland (OR), Chicago (IL), and Belfast (NIR). Visit www.shopkeep.com to learn more about ShopKeep’s POS system. You can also join the conversation on the ShopKeep blog and follow us @ShopKeep on Twitter.