Payability, the leading funding platform for eCommerce businesses, announced today 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. 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.
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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.
“We are thrilled to launch Newegg Capital with Payability,” said Robert Chang, CFO of Newegg. “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.”
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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. 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. “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.”
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.
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