How pay, pause, plan gives you control over your cashflow

With a range of repayment options to meet the needs of small businesses, flexibility is built into hummpro’s DNA.

One of the benefits of running a small business is the flexibility to choose when and how you work. But when it comes to accessing finance to pay for the things you need to grow, flexibility can be hard to find.

Traditional lenders like banks and credit card providers often have strict repayment terms, forcing you to choose between repaying the minimum amount, which will incur high interest, and a lump sum, which can impact your cash flow.

As a buy now, pay later solution designed to meet the needs of small businesses, hummpro has flexibility in its DNA. With access to up to $30,000 in funds, you can use hummpro to make big and small purchases anywhere that accepts Mastercard®. And when it comes time to repay, you can select from a range of repayment options based on your current financial situation.

Here are all the ways you can repay with hummpro.

Pay

If you don’t have the cash flow available to make a big purchase such as a stock order or new piece of equipment, you can use hummpro instead of having to wait. It’s a smart move because unlike a credit card, you’ll never accrue interest on the money you spend with hummpro.

Instead, everything you buy is grouped into a single monthly bucket, and you’ll have at least 30 days from the end of the month to repay it. If you have the cash flow to pay off your balance when it’s due, you don’t need to take any action, it will simply be deducted from your linked account on the pre-arranged date. The only fee you’ll pay is the $15 usage fee for the months when you use hummpro.

But what happens if you need more time? You can always press pause.

Pause

Unexpected costs crop up all the time in small businesses. Whether a business partner is late paying their bill, or a piece of equipment breaks down and needs to be replaced, if you’re suddenly feeling a cash flow crunch when your hummpro balance is due, you can always press pause to get another month to repay it interest-free. 

You just need to pay a fee of 3.5% of your balance upfront to get some breathing space. And it won’t impact your other balances, so you can continue using hummpro to cover everything from office supplies to a new online training module for your team – anything you need to keep your business running. 

If your cash flow situation still hasn’t improved when your paused balance is due, you can gain even more time by pausing again or switching to a plan.

Plan

The reality of running a small business is that it’s not always booming. A volatile economy or natural disaster can impact sales for months, and no matter how much you try to cut costs, it might take a while until your cash flow is back in the black. In this situation, you can always break up your balance into smaller, more manageable chunks by moving to a repayment plan.

Plans are either six, nine or 12 months, with the balance split into equal monthly payments plus a monthly fee of 1.5% of your starting balance*. 

This means you’ll still have funds leftover to invest in running and growing your business, rather than spending them all on big repayments and high interest rates.

With three different repayment options to choose from, all easily managed in the hummpro app, you’re in control of your cash flow.

DISCLAIMER: *The 1.5% fee is fixed for the duration of the Plan and is based on the starting Plan balance. The fee is charged each month when the Plan instalment is due and is only payable if the Plan remains open. If the Plan is paid off early, the remaining Plan fees will not be charged. 6 mths – maximum total Plan fee is 9% of the Plan balance. 9 mths – maximum total Plan fee is 13.5% of the Plan balance. 12 mths – maximum total Plan fee is 18% of the Plan balance.