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Elavon Inc., the merchant-services subsidiary of U.S. Bancorp, has expanded its relationship with embedded-finance platform provider Liberis US Inc. to offer its Quick Capital service to merchants in Canada.
The expansion will enable small and medium-size businesses in Canada to access funding through Elavon’s merchant portal. The move is expected to reduce the need for merchants to charge business expenses to a credit card by making its easier to access capital. Some 57% of Canadian small businesses charge more than 25% of their monthly business expenses to credit cards, according to Intuit QuickBooks.
Merchants can use the funding for such expenses as purchasing inventory, making tax payments, marketing, expanding their business, and improving cash flow, Elavon says.
Elavon plans to promote the service by sending tailored offers via email to prospective small businesses and through in-platform messaging.
“Every market we enter tells a similar story—a lack of quick and easy access to funding solutions is holding small businesses back,” Liberis chief executive Rob Fairfield says in a statement. “After launching in the U.S., extending our Elavon partnership to Canada was the obvious next step. The partnership will help support small businesses, remove barriers, and provide proven funding solutions to those businesses that really need it, better positioning them for growth.”
Liberis, which provides embedded-finance solutions across several vertical markets, including software-as-a-service providers, marketplaces, payment processors, and payment companies, partnered with Elavon last year to launch Quick Capital in the United States.
