When buying a card machine, the final decision goes beyond the numbers; you need to explore the added value that various companies offer. Here is a look at what sets iKhokha apart from the competition
iKhokha Cash Advance
A cash advance is automatically offered to all traders who own and use an iKhokha card device for a period of 3 months. This is the easiest way to access funding to grow your business, as no further credit checks are required (under R500 000).
The value of the cash advance is calculated based on the average trading value over the 3 month period.
Hot tip! The higher the average amount (over 3 months) the higher the cash value you can qualify for.
The details:
The iKhokha Cash Advance is deposited into your bank account, once you formally accept it.
You can spend the advance in any way to grow your business.
The height of the iKhokha Cash Advance is based on how much you received through card payments using your iKhokha device in the 3 previous months, so you will never over-extend yourself.
Pay back automatically with a small percentage deducted from your daily card receipts.
You can qualify for another advance, as long as the previous advance has been repaid in full.
To qualify:
Be an active iKhokha merchant for at least 3 consecutive months
Accept more than R2 500 in card payments per month
You will automatically receive an offer for a iKhokha Cash Advance once you qualify
If you grow your business, you will be offered a higher Cash Advance
If you take a Cash Advance of less than R500 000 a credit will not be required. However, should you take a Cash Advance of R500 000 or more, a credit check will be required.
Where can you see if you have qualified for a Cash Advance on an iKhokha app?
Step 1: On your iKhokha device, access your app (on your device or smartphone) and click Manage. Scroll to the bottom and you will see Cash Advance.
Step 2: If you qualify for a Cash Advance yet, you will see the amount you can qualify for.
NB: You can slide the toggle to the amount you want for your Cash Advance. In this case, you needed to apply for the full R257 000; you could take R20 000.
Depending on the amount you select, your payment terms and transactional deduction might change.
Once you are satisfied, click on Accept now. iKhokha will load the funds into your account within 24 hours.
Step 3: You’ll see your Cash Advance Stats information. An iKhokha representative will contact you to talk through the process.
If you want to check up on the status of your Cash Advance repayments you can click on the Cash Advance Status button seen in image 1.
Test yourself
Where can you see if you qualify for an iKhokha Cash Advance?
How do you qualify for an iKhokha Cash Advance?
When selecting the amount for the Cash Advance, what other information will you be able to see?
Once you’ve accepted an iKhokha Cash Advance, how will you receive the funds?
How do you pay back the Cash Advance?
What details are you able to view on the Cash Advance Status dashboard after you have completed 3 payments?
Will iKhokha require a credit check if you’re asking for an advance that is less than R500 000?
