Launched by hummgroup, new buy-now, pay-later service hummpro provides flexible cashflow options for Kiwi companies looking to invest and grow as business returns to pre-pandemic levels.
Through a fully digital approval process, hummpro gives companies access to up to $30,000 within minutes. Business owners can also track cash flow from incidental spending to larger costs, in one place.
Small to medium businesses are a significant driver of the New Zealand economy, making up 97 percent of all companies. hummgroup’s deputy group CEO, Chris Lamers, says these companies need smarter ways of doing business and more agile financial options.
“hummpro is built for business because it removes the hoops they normally have to jump through to access finance.”
Recent data from Centrix Credit Bureau shows that the number of Kiwis using by-now pay-later services was up 23 percent in 2020 to 500,000. Lamer says as consumer cashflow habits change, small and medium sized businesses are looking for more flexible cashflow options.
“BNPL has transformed the finance sector for consumers by making finance cheaper and more transparent. We are now bringing this to the business sector.”
With Pause and Plan features, hummpro enables business owners to pause repayments, or have repayments made over a six, nine, or 12 month period for a fee of 1.5 percent per month. It is also available anywhere Mastercard is accepted, online, in store and to pay supplier invoices.
“Many local companies need an injection to reach their full potential following the impact of Covid, and others are continuing to grow,” says Lamers.
“A product like hummpro provides quick and flexible access to capital to help small business owners invest in a stable future.”
How humm®pro works:
- Pay with humm®pro anywhere Mastercard is accepted and have transactions grouped into Monthly Balances with a month to repay.
- You can Pause any repayment of a Monthly Balance for an extra month for a 3.5% fee. You can Pause each Monthly Balance up to two times as needed.
- The Plan feature gives you more time to pay by converting any Monthly Balance into a Plan which can be repaid over six, nine, or 12 months for a fee of 1.5% per month.
- Customers can get fresh repayment terms for each Monthly Balance and manage repayments individually with the Pay, Pause and Plan features.