Lulapay is Lulalend’s latest innovation in the world of Fintech products that ensures suppliers get paid upfront, and SMEs maintain their cash flow.
But, what does the Lulapay process look like as a customer?
We’ll answer that question by breaking down exactly how Lulapay works for customers.
This Article Covers the following:
How Does Lulapay Work As A Buyer?
- Accepting Your Invitation
- Completing Your Application
- Application Assessment
- Accepting A Payment Request
- Repaying Your Facility
Let’s dive in.
How Does Lulapay Work As A Buyer?
The Lulapay team has 2 core goals:
- Ensure suppliers get paid upfront so they can continue supplying goods/services to the backbone of our economy.
- To help customers improve their cash flow by offering them extended payment terms.
To achieve these goals, we have a simple, quick, and easy online application process for customers.
1. Accepting Your Invitation
There are 3 ways to begin your Lulapay journey:
- Clicking a Lulapay Partner’s invitation link will take you straight to the application form.
- Your supplier can send you an invitation to open a Lulapay Facility.
- Introduce yourself to us by sending an email to lulapay@lulalend.co.za.
Accepting your invitation takes you to the next step of the process – completing your online application.
2. Completing Your Online Application
Completing the once-off online application should take no more than 5-10 minutes and involves the following information:
- Director Details: Here we require some basic information like the director’s name and contact details.
- Business Details: The 2nd step of the application involves filling out your company name and address.
- Financial Information: Finally, you can upload your latest 3 months’ bank statements. These are crucial to the overall assessment of your application.
Once your application is complete, the dedicated Lulapay Credit Team can begin their assessment.
3. Application Assessment
Our state-of-the-art Fintech system sends a completed application for an initial assessment. So, unlike a bank, we can give you an answer within 24-48 hours.
With the initial assessment out of the way, the Lulapay Credit Team concludes and opens up a Lulapay Facility for you.
You can use your Lulapay Facility as a revolving facility to continuously settle invoices of up to R5 million!
4. Accepting A Payment Request
Once you have a Lulapay Facility, settling your invoice is as simple as clicking “Pay Seller.”
An accepted payment request prompts a drawdown from your facility, settles your invoice with your supplier, and generates your repayment schedule.
5. Repaying Your Lulapay Facility
Lulapay gives you 6 additional months to settle your invoices with an upfront and transparent repayment schedule. This allows you to spread the cost of your invoices – freeing up cash flow.
These payments come in the form of monthly debit orders. As a debit order clears, your Lulapay Facility gets topped up again.
You can also settle early at any time, with no additional cost!
Lulapay: Settle Invoices With Your Supplier Today
With Lulapay, you can settle invoices with your supplier upfront and get an extra 6 months to repay.
This frees up your cash flow and allows you to invest in growing your business, all with the comfort of settling your invoices with your suppliers.
Do you have any invoices that need settling?
We’d love to help! Introduce yourself to us by sending an email to lulapay@lulalend.co.za.
