Newegg is the number one online marketplace for technology in the USA. They have 33 million registered shoppers worldwide.
New working capital solution launched for Newegg sellers
Newegg have recently announced a partnership with funding platform Payability to launch Newegg Capital, an integrated toolkit of working capital solutions to Newegg’s third-party marketplace sellers.
Newegg Capital will make use of 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.
“We are thrilled to launch Newegg Capital with Payability. 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.”
– Robert Chang, CFO, Newegg
Sellers will have access to 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. Payability doesnt require credit checks but instead 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. Newegg Capital eliminates friction for sellers who need access to working capital by connecting them directly to financial tools within their seller ecosystem. We are thrilled to be partnered with Newegg as they continue to invest in and expand their seller marketplace.”
– Keith Smith, Co-founder, and CEO, Payability