Sydney, Australia – Tat Capital, an Australian-based financial services company has launched its newest financial solution Tat:BizPay which aims to help small and medium enterprises (SMEs) in utilizing credit limits in corporate cards to help SMEs make payments, including commercial rent, or other supplier payments.
The capital solution, powered by fintech Nium, allows business owners to convert their credit card limit into an interest-free cash flow stream for their business, for up to 55 days. The platform will allow business owners to use their credit card to pay local vendors that do not accept credit cards. Businesses now gain full control of costs, by eliminating fees and charges associated with other credit solution options.
Furthermore, the new Tat:BizPay allows greater flexibility, ease and speed to the payment of salaries, rent, and suppliers, while saving businesses up to 1.1% on borrowing costs and loan processing fee charges and reducing foreign exchange (FX) conversion charges for international transfers.
According to Ram Gorlamandala, founding director of Tat Capital, Tat:BizPay is the “perfect example of Tat Capital’s philosophy of providing smarter, more equitable paths to wealth.”
“Innovation in Financial Technology means that we are now able to deliver products and services that are as credible, robust and secure as banks, but free of legacy issues; while being more obtainable, affordable and better suited to the small to mid-sized business sector,” Gorlamandala said.
He added, “Daily, due to our networks and relationships here and across the Indian Subcontinent, we are exposed to significant business issues and some very interesting business solutions. And occasionally, we uncover a smart and simple solution that is perfect for local businesses. The Tat:BizPay working capital offering, powered by Nium, is one of these solutions.”
Meanwhile, Michael Minassian, regional head of Nium’s Consumer and SME Business (Instarem) commented, “More than ever, SMEs around the world need access to working capital and credit lines. We are delighted that our collaboration with Tat Capital gives more local businesses a simpler and smarter way to bolster their cash flow.”
Tat:BizPay will be first rolled out to Tat Capital clients and later on to any SMEs in the wider market once existing clients are operational.