Kabbage expands into SME payment processing
Kabbage, an online SME funding company, has announced the general availability of Kabbage Payments to its customers.
After a successful beta programme, Kabbage says that this release marks the first of several new products it will launch in the upcoming months to enable small businesses to better manage cash flow.
The company says that two-thirds of its 200,000 customers rely on invoicing to receive payments and can wait as long as 90 days to be paid. The new solution is designed to reduce the time required to receive payments in typical net-term invoicing. With Kabbage Payments, users are settling invoices as quickly as 24 hours.
Kabbage Payments customers can create a unique URL for their business and send payment requests through texts, emails or the web to collect card payments. The company says that this custom pay link eliminates the need to manually create new accounts, open new payment orders, and duplicate work for recurring invoices.
Kabbage Payments is now available to existing Kabbage customers, with public availability following shortly. The company says that any business owner may request early access through its website.