Payment Assist has launched a business lending division, expanding its range of financing services to garages, dealerships, and workshops across the United Kingdom.
The company, known for its Buy Now Pay Later (BNPL) and retail finance offerings in the automotive sector, will now provide merchant cash advances, business loans, invoice finance, and business credit cards as part of its new portfolio.
Through this development, Payment Assist aims to address what it describes as the full spectrum of financial needs for automotive businesses, enabling them to access various forms of funding that can support investment, growth, and cashflow management. The expanded service is designed to allow automotive merchants to secure finance in a quicker and more flexible manner.
Marcus Gregory, Chief Executive Officer of Payment Assist, emphasised the significance of the move, stating, "This is more than just a product launch, it's a natural evolution of how we support the industry. By offering broader finance solutions alongside our core BNPL platform, we're making it easier than ever for our merchants to grow with confidence."
Groov partnership
The launch of the new lending division is supported by a partnership with Groov, an embedded finance platform. Groov connects businesses with a network of UK lenders, including YouLend, 365 Finance, iwoca, Capital on Tap, and Capify, providing access to a range of competitive funding options.
Through Groov's infrastructure, Payment Assist merchants can link their accounts and instantly view, compare, and select tailored funding offers. The system enables a streamlined approach for those seeking to manage their funding needs in one consolidated platform.
"With Groov's smart infrastructure behind us, we can deliver the speed, insight and simplicity that our customers need," Gregory added.
Groov's live offer comparison and advisory platform aims to simplify business financing further. Merchants are given the opportunity to select terms that match their requirements, while also benefitting from insights powered by Groov's technology layer.
Mark Hazzard, Chief Executive Officer and Founder of Groov, commented on the partnership, saying, "At Groov, we believe in making capital both smart and accessible. Partnering with Payment Assist means combining deep BNPL expertise with intelligent lending technology to bring meaningful impact to automotive merchants."
Automotive sector focus
Payment Assist's new business lending services are aimed at supporting over 8,500 dealerships and garages nationwide, according to the company. The goal is to equip businesses within the automotive sector with additional financial tools to manage investments or other operational needs.
The introduction of merchant cash advance and invoice finance options is intended to help businesses balance cashflow fluctuations, which are common in the automotive market due to seasonality and changing consumer demand.
In providing these services, Payment Assist has underlined the importance of offering a package that addresses both immediate and longer-term business finance needs, as well as ensuring that merchants have access to both funding and the ability to manage repayments with clarity.
The inclusion of business credit cards and business loans also aims to provide automotive merchants with greater flexibility in how they choose to invest in new tools, technologies, and operational expansion.
Industry partnerships
By working with multiple lending partners via Groov, Payment Assist and its customers are able to access a broader scope of loan products and credit facilities than would otherwise be possible through a single institution. This approach is intended to give merchants more choice and allow them to secure the most suitable terms available in the market.
The company also highlighted the value of Groov's real-time business data and revenue insights, which integrate with Payment Assist's existing customer base to offer relevant, data-driven funding options tailored to individual merchant circumstances.
The launch of the business lending division is part of Payment Assist's ongoing strategy to serve the evolving financial requirements of automotive businesses as they navigate the changing landscape of retail finance and service delivery within the sector.
