UAE POS Merchant Loan
For companies that process a sizable number of credit card transactions through a (POS) Point of Service system or a card swipe machine, POS Merchant Loans are dependable. Nowadays, there is a drive for cashless transactions, which has made them a crucial component of financial transactions. Credit/debit cards are now widely used for simple one-digit purchases. Because of these factors, many business owners are required to offer POS or card swipe equipment. Due to this, businesses now have an easy way to generate merchant cash advance loans. If you’re searching for a business financing secured by POS systems.
Benefits of a loan against a POS
- Simple everyday payments
- adjustable term of up to 24 months
- unprotected loan (No collateral required)
- Up to six times the average monthly transaction can be borrowed.
- Future POS receivables financing through a loan
- Lowest Interest Rates Compared to Other Commercial Loans and Profit Rates
- Simple and uncomplicated documentation
- Affordable Business Solutions
Why do you prefer loans secured by POS systems?
POS systems unquestionably give your financial transaction mechanism a ton of versatility. The POS machines are well-equipped to meet your everyday needs, regardless of whether you have a medium-sized businessperson or a little corner café owner. POS devices can be linked to cloud-based systems that add further protection and encryption to financial transactions in addition to eliminating the bother of paper-based transactions. These technologies have shown to shorten processing times and simplify inventory tracking procedures.
Benefits of POS Merchant Loans
- Flexible payment plans available for up to 48 months’
- Financing options
- A POS service provider’s receivable may be assigned to Commercial Bank of Dubai.
- Top-up capability is offered
- Speedy turnaround
- Simple and uncomplicated documentation
Essential Documents
- A valid passport and national ID card with a visa for residency in the UAE
- Emirates ID with the shareholders and signing authorities
- Board Resolution or a Power of Attorney
- Valid legal and constitutive documents, such as a trade license, free zone certificate of incorporation, certificate of commercial registration, and partnership agreement
- The case may be
- An audited financial statement is not necessary.
- POS proceeds are assigned to the Commercial Bank of Dubai (Post-approval)
- Bank statements for the past six months of POS accounts
- Original bank statements for at least 12 months that are in the business entity’s favor.
Eligibility requirements
- All legally established business companies that have recently acquired (POS) point-of-sale machines are eligible.
- The commercial activities and transactions must have been ongoing for at least two years.
- The minimum balance that must be kept in bank accounts for at least six months is AED 30,000.