Acknowledging the growing needs of SMEs in the Philippines, GoTyme and PayMongo team up for a simplified financing system that allows small businesses to loan up to Php 500,000 using GoTyme’s banking services.

Called PayMongo Capital powered by GoTyme Bank, their financing program aims to streamline the loan application process through a two-screen, two-minute journey where small businesses can get their loans approved as fast as 1 business day. Aside from a simplified loan application process, PayMongo Capital commits to a single flat fee that’s based on the merchant’s profile–which ranges around 1.25-2% as revealed during their media launch.

PayMongo Capital’s offering also stands out with its flexible loan repayment schemes: instead of fixed payments, PayMongo and GoTyme tailor-fit repayment schemes based on a merchant’s daily sales, saving small businesses from the worries of missing loan repayments and incurring hefty penalties.

“Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve,” GoTyme Bank CEO Nate Clarke said.

All merchants that use PayMongo are eligible for this flexible financing scheme, but priority is given to merchants who frequently use PayMongo’s payment gateway platform.