Tech-focused online marketplace Newegg in partnership with Payability, a leading funding platform for digital commerce businesses, launched Newegg Capital which will offer an integrated toolkit of working capital solutions to the marketplace’s third-party sellers.
The new platform leverages Payability’s friction-free cash flow and funding solutions for marketplaces and allows Newegg to provide turn-key financing to its sellers.
Newegg Capital utilizes Payability’s market-leading products, Instant Access and Instant Advance, to give sellers 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 so they can strategically invest in inventory, marketing, and any additional resources needed to grow their businesses.
“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, and we’re excited to partner with them to bring these tools to market,” said Robert Chang, CFO of Newegg.
Payability’s Instant Access, which provides accelerated daily payments to take advantage of growth opportunities and maximize cash flow, and Instant Advance, a capital advance product for sellers to make investments in inventory or marketing, will be the backbone of Newegg Capital.
No Credit Checks Required
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.
“At Payability, we understand that access to capital is now more important than ever,” said Keith Smith, Co-founder, and CEO of Payability.
Payability makes it easy for ecommerce businesses to access funding across all the channels they sell on including Amazon, Shopify, Walmart, and now Newegg, and to date has provided over $3 billion in funding to thousands of seller-entrepreneurs, including over $1 billion in 2020 alone.