Speed, Simplicity and Community are the core values that inform how we approach what we do here at the People’s Fund. It is for this reason that we require our entrepreneurs to use FNB or Sasfin when seeking funding for their purchase orders with us.
In this article, we will look at the benefits of using FNB, other options you have and what the future looks like.
Why FNB?
Simplicity! Simplicity! Simplicity!
Simply put, when we fund entrepreneurs we need access (transactor rights) to their bank account to execute transactions. FNB allows us to do this in the most efficient way possible, meaning that entreps (entrepreneurs) get their money faster and can get to the business of delivering on their purchase orders.
For the longest time, FNB has been the only major bank to allow us to get the access we require remotely, whereas, with other banks, we would need to physically enter the bank with the entrep to get the required transactor rights. As you can imagine, this creates numerous problems
- Travel – we fund entreps all over South Africa and would need to constantly be on the road to get the required transactor rights
- Expenses – the cost of all the travel would likely result in more costs for our entreps as well as ourselves
- Time – we pride ourselves on funding entreps in the fastest time possible. Time spent traveling = Longer time waiting for funding
- Ease of use – FNB’s online banking functionality has allowed us to have all of our entreps’ account on one profile so that we can manage the hundreds of projects we fund in a more efficient manner
We fund quite a number of new entrepreneurs on a weekly basis and having senior personnel going to a branch for each project would take away from us doing the work required to build this awesome platform for you.
Is Sasfin An Option?
Good news is that you do have another option, and that comes in the form of Sasfin. We are currently building a relationship with them to mirror what we have with FNB and build out other cool features to speed up the process further. This will allow us to always provide you with the most efficient option to get your purchase orders funded on time.
If you don’t bank with either FNB or Sasfin, we will require you to open an account with either of them – however we will do the donkey work on your behalf and ensure that the process is quick and seamless.
Look to the Future
At the People’s Fund, we always strive to innovate and improve – we are looking to build relationships with all the major banks so that we can enjoy the same type of relationship that we currently enjoy with FNB and Sasfin. The moment we achieve this, we will inform all existing and new entreps of the changes.
If you happen to be a big shot at one of the other banks and you’re reading this, give us a shout! 😉
Now that we have that on lock, you can apply for funding here – https://thepeople.co.za/purchase-orders/
Our application only takes 5 minutes and you can get funded in 2 – 5 days. Avoid tedious paperwork so you can focus on delivering POs and growing your business. We have a dedicated team who will walk you through all the steps once you’ve applied which will help put your mind at ease.
It’s time to get funded today.