UnLock, an offering from Marketlend, is a buy now pay later platform for businesses that hopes to make life easier for players on both sides of the transaction. It offers buyers extended payment terms and helps suppliers manage cash flow by ensuring they get paid in full and on time.
Check out the features, fees, rates and processes that are involved with a UnLock facility below.
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UnLock Mastercard® fee: maximum fee of 2.75% per transaction.
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26% per annum late payment fee on all amounts owing under your UnLock account.
Line of Credit
Secured
Monthly
n/a
1 year
Varies
2-5 minutes
1-3 minutes
12 hours
yes
yes
Use your UnLock Mastercard® to pay business invoices and make business-related purchases online and in-store.
If the UnLock facility is granted under the Government SME Recovery Loan Scheme Rules, T&C will apply.
When you make a business-related purchase as an UnLock user, UnLock will pay your supplier the amount owed up to your personalised account limit. You’ll then be able to repay that amount over an extended term (up to 90 days depending on the payment method).
UnLock Mastercard®:
Make purchases between $1.99 to $19,999 (within your personalised limit)
Can be used wherever Mastercard® is accepted
Paid by UnLock on the same day the transaction is made
Monthly transactions are bundled and can be repaid 30 or 60 days from the end of the month that the transaction was made
Pay invoices using UnLock:
Upload invoices to the UnLock Customer Portal
Invoices are paid by UnLock either on the date they’re due or earlier (as specified by you)
Repay the amount owed either 30, 60 or 90 days from the due date.
Each time a customer with an UnLock account makes a purchase, UnLock will pay you the amount owed up to your customer’s personalised limit. This removes the hassle of chasing down unpaid invoices and frees you up to focus on all the other tasks involved in running a business. What’s more, since customers pay when using Unlock, suppliers will not be charged to use the platform.
For buyers who apply for an UnLock account before 30 June 2022 and are approved, the interest rate will be capped at 7.5% p.a. This is because UnLock is supported by the Government’s SME Recovery Loan Scheme, which currently guarantees 50% of the loans issued by participating lenders to Covid-impacted businesses.
To use UnLock as a buyer, you must have:
an active ACN or ABN
been in business and registered for GST for a minimum of 12 months
no judgment defaults
Buyers should be aware that there are a few fees involved, depending on the payment method and length of payment term they choose:
UnLock Mastercard® fee | 30 days: 1.23% p.a.
UnLock Mastercard® fee | 60 days: 1.85% p.a.
Invoice fee | 30 days: 0.62% p.a.
Invoice fee | 60 days: 1.23% p.a.
Invoice fee | 90 days: 1.85% p.a.
If the UnLock facility is granted under the Government SME Recovery Loan Scheme, an account fee of 4.3% will apply. But this will be removed once the scheme winds down.
A hefty 26% p.a. late payment fee will also apply on all amounts owing under your UnLock account. While the government’s SME Loan Recovery Scheme is running, however, this fee will be capped at 7.5% p.a
For buyers, purchases made using the UnLock Mastercard® are bundled into one account, and can easily be viewed and repaid with one monthly payment.
UnLock pays all Mastercard® purchases on the day they are made and all valid invoices on the due date