Small business e-lender Ezbob has launched an automatic commission payout feature, which it claims ensures intermediary partners receive their commission payment within 30 minutes of completing a deal.
This is the same time it takes for approved business loans to be put into their client’s account.
Existing Ezbob intermediaries will automatically benefit from the new payout feature.
42% of small business owners recently said that a lack of working capital was detrimental when trying to grow their business. A further 44% also said they’d experienced difficulties in the past when applying for a loan through traditional lenders. 15% said the process was too long and complicated, while 6% said the money took so long to come through that their business was compromised.
Russell Gould, chief operating officer at Ezbob, said: “Our whole business is built around helping small businesses access funding when they need it. We know that waiting weeks or even days for finance can mean missing out on a growth opportunity – or simply survival.
“By making sure we pay our intermediary partners within minutes of completing a deal, we hope we’ll be able improve their cashflow and, in turn, allow them to help more small businesses access the finance they need, when they need it.”