Frequently Asked Questions
How long does an application take?
Our online application process should only take you a few minutes.
Once we have received your application our team will review the information you provided and notify you of the outcome.
If your application is successful, we will send you an e-contract which you can sign electronically.
Once this has been signed, we will disburse the funding into your account within one working day.
I have submitted an application and would like to make some changes?
Unfortunately, you are not able to edit an application in progress. However, if you would like to make any changes or submit additional information, you can email this to SMEfunding@retailcapital.co.za.
What documents do you require?
We suggest you have the following documents handy:
- A copy of business owner ID(s)
- Your most recent 6 months bank statements in PDF format (or you can use truID) *link to TruID in the FAQs
- Title deed or latest bond or rental statement for your business
- A recent main supplier statement
We will contact you if we need any additional documentation to support your application.
Can I settle early?
Yes. You can settle early without any penalty. In fact, we will discount the balance of your fees pro-rata. The earlier you settle, the more the discount on your fee balance.
If you would like a settlement quote you can email us on collections@retailcapital.co.za.
How can I use the funding?
The use of funds are unrestricted. As a business owner, you know exactly what the strengths and weaknesses of your business are and you can use the funds to grow your business. The application process is quick and easy and your business can receive funds within 3 days of submitting a complete application.
There is no security or collateral required, so your assets are not tied up in funding your business. Also, the repayment options ensure flexibility in managing cash flow as the repayment is agreed upon and based on the performance of your business. Since the payments are directly tied to your business’ turnover, you don’t need to worry about making payments or missing deadlines.
Do you provide start up funding?
Unfortunately, we do not provide funding for start-ups. Your funding is measured against the average turnover of your business. To be eligible you need to be trading for more than 6 months.
What is unsecured funding?
Retail Capital provides funding without requiring collateral or security. We will transfer a cash lump sum into your business’ bank account, which will be paid to Retail Capital until the agreed amount is paid back.
Depending on the type of business, we can offer flexible repayment options which can be fixed or match your cash flow cycles.
What is a Re-Advance?
A Re-Advance is where you apply for additional funding before you have settled your current balance.
Customers are eligible for a Re-Advance once they have paid back a part of their funding and require additional funds or if your income has increased and you would like to access more working capital.
You can apply on an existing account or for more information, please email readvance@retailcapital.co.za.
How do I calculate my payments?
You will be able to select a funding amount based on your average monthly turnover and a term, i.e. how long you would like to pay this off in. But to make things easier, we will provide you with a breakdown of your advance value, fees, and your payment amount before you sign.
Is my data secure?
Yes. We use best-in-class encryption and security to maintain a secure website.
We are PoPIA compliant and will only process, record or disclose information related to our credit process to provide you with funding.
For more information, please review our Privacy Policy.
What is truID?
TruID is a consent driven platform enabling consumers to securely connect with their Bank, thereby facilitating the safe and convenient sharing of their information.
In strict compliance with PoPIA, truID will only share information that the consumer has granted consent for.
The service is free and complete in under 1 minute.
Connect your account in 3 simple steps:
Step 1: Approve and grant consent
Step 2: Verify your identity with your Bank
Step 3: Authorise information to be shared
Is it safe?
- truID employs a privacy & security principle by design
- truID guarantees the highest level of security when connecting you to your Bank
- truID acts as a proxy between the customer and the Bank, your private information is not visible, stored or shared with anyone
For more information, please visit truID.co.za