Payability, a major funding platform for eCommerce businesses, says it has partnered with online marketplace Newegg to launch Newegg Capital.
Newegg Capital provides an integrated toolkit of working capital solutions to Newegg’s third-party marketplace sellers.
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The new platform leverages Payability’s friction-free cash flow and funding solutions for marketplaces. It allows Newegg to provide turn-key financing to its sellers.
Newegg Capital utilises Payability’s market-leading products, Instant Access and Instant Advance. These provide sellers with the financial tools needed to accelerate their business.
By leveraging Payability’s technology-driven funding solutions, the new platform provides Newegg sellers with access to working capital. This will allow them to strategically invest in inventory, marketing, and any additional resources needed to grow their businesses.
Providing “accelerated daily payments”
Robert Chang, CFO of Newegg, said:
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By GlobalData“Our seller base needs the resources to expand their businesses and keep up with increased demand. Payability’s seamless platform allows us to quickly and efficiently launch a financial solution for our seller base.”
Payability’s Instant Access provides accelerated daily payments to take advantage of growth opportunities. It maximizes cash flow, and provides Instant Advance, a capital advance product for sellers to make investments in inventory or marketing. Payability’s Instant Access will be the backbone of Newegg Capital.
Payability doesn’t require credit checks from sellers. Instead, the company considers eCommerce-specific factors like sales history, product category, and supply chain to make their funding offers in as little as 24 hours.
“Access to capital is now more important than ever”
“At Payability, we understand that access to capital is now more important than ever,” said Keith Smith, Co-founder, and CEO of Payability. “Newegg Capital eliminates friction for sellers who need access to working capital by connecting them directly to financial tools within their seller ecosystem.”
Payability makes it easy for eCommerce businesses to access funding across all the channels they sell on. These include Amazon, Shopify, Walmart, and now Newegg.
To date it has provided over $3bn in funding to thousands of seller-entrepreneurs, including over $1bn in 2020 alone.
