Payability expands fintech services to more marketplaces
Financial technology firm Payability has expanded its financing and payout services for marketplaces sellers to more marketplaces, including Newegg, Tophatter, Walmart and Jet.com, according to a Payability press release.
The company also unveiled Instant Advance, a financing offering for sellers on online marketplaces that allows them to access future receivables to use in purchasing more inventory, launching new products or for other purposes.
Payability also offers Instant Access, a service already available to Amazon marketplace vendors that helps them receive next-day payouts after sales, rather than having to wait 60 days or more after orders have been made.
A recent study from Feedvisor showed that for many independent sellers, Amazon remains the marketplace above all other online marketplaces, with 47% of Amazon sellers surveyed saying they get between 81% and 100% of their revenue through the e-commerce giant's online bazaar. However, the same report also showed more sellers are looking to sell across multiple marketplaces, with Walmart and Jet.com among the increasingly popular choices for sellers looking to broaden their horizons.
If sellers are on the move, opening virtual storefronts in more online marketplaces, it makes sense for Payability to move with them. After all, as sellers expand, they will want to have access to the same accelerated payout services they get through Payability as Amazon sellers, which could lead to Payability expanding to even more marketplaces going forward.
Another recent report, from Coresight Research, stated that marketplace revenues worldwide are exploding. That gives sellers even more reason to expand their presence online. To take advantage of this growth trend, marketplace sellers will likely need to expand inventory, staff, marketing and even fulfillment options, which seems to be what Payability is attempting to appeal to with its Instant Access and Instant Advance features.
Of course, drawing a capital advance against future receivables means that sellers need to be serious and seriously organized about their ability to balance the needs of expansion with the demands of supporting ongoing sales and keeping current revenue flow as consistent as possible. Payability’s new service could help sellers scale, but only if they're prepared for it.