Payoneer, a leading payment platform empowering businesses around the world to grow globally, announced today the expansion of its Capital Advance service, a unique working capital offering designed for eCommerce merchants.
Capital Advance provides Payoneer customers the ability to receive working capital with the click of a button, giving them an instant boost of funds they can use to drive their business forward. New offers are extended regularly with repayment terms of up to 90 days later for sellers on Amazon, Walmart, and Tophatter. This service expansion builds on Payoneer's Early Payments product, launched in 2017. To date, Payoneer has already provided working capital for thousands of sellers.
Easy access to working capital is crucial for eCommerce merchants of all sizes looking to expand and grow their businesses and remain competitive. With access to capital, eCommerce businesses can expand into new product categories, marketplaces and countries, increase marketing investments, and be prepared with more inventory during peak selling seasons.
Traditional financial institutions are typically not able to effectively underwrite eCommerce business models and as a result, eCommerce merchants looking to grow their business are often charged high rates, or are denied financing altogether. Payoneer's Capital Advance service provides merchants the ability to receive funding quickly and easily, providing the capital they need, right when they need it. Unlike a bank loan, Payoneer's Capital Advance service is not only instant, but low-cost and low-risk as it requires no collateral and the amount on offer is based on the merchant's previous sales performance.
Scott Galit, CEO of Payoneer, stated, "We understand that access to working capital is perhaps the most difficult challenge facing eCommerce sellers looking to grow their business. Payoneer's Capital Advance service provides merchants with instant access to the capital they need to reinvest into their business. We're excited to offer a service designed to meet the specific needs of our eCommerce seller customers, further enabling them to smartly scale their businesses, sell more products, and increase their revenues."
By offering Capital Advance to sellers, Payoneer also helps its marketplace clients to provide financing options for their sellers without taking on the added risk. In addition, this service helps marketplaces boost their overall volume and revenue by enabling their sellers to expand their business operations.