“Our customers trust us to manage their card receipts on a daily basis and after five years we have processed over €1 billion without issue,” said Mr Butler. “Our unique funding system provides quick access to the capital to grow your business while also providing customers the ability to repay daily a percentage of their card receipts. This means that their repayments are ebbing and flowing with their business, which is really important in the real economy where every day is different.
“We’re seeing rising demand for our product, which is to be expected, given that we are in uncertain economic territory and Government supports during the pandemic have come to an end,” he said. “There is a lot of anxiety out there heading into the winter, with companies in hospitality, in particular, worried about energy costs and how the Irish consumer is going to hold up in terms of spending. However, the supports offered to households and businesses in the recent budget have helped.”
Grid, where former Department of Finance secretary general John Moran is chairman, decided at a board meeting last week to maintain annual interest charges on its loans at 7 to 12 per cent, depending on the risk attached to customers, and will next review its rates early next year.