Snapdeal has introduced a new fast-track payment method to support small businesses.
Snapdeal, an e-commerce website, has launched a programme that allows sellers to get paid within three days of receiving a shipment.
Jaldi Payments, according to Snapdeal, will cut payment receipt time by 76% and enable sellers to use capital to expand their company, build inventory, and handle other tasks.
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According to a Snapdeal survey conducted in February 2021, sellers saw quick and flexible access to finance as a significant growth lever. According to Snapdeal, while the pandemic has increased growth opportunities for online sellers, a lack of readily available working capital has been a barrier, particularly for small businesses.
“100 per cent of our sellers are small and medium sellers. Fast and predictable access to funds acts as a force multiplier for them. It enables them to serve more orders with limited working capital as they are able to achieve fast turnover of their inventories. Direct shipments by sellers allows them to manage their inventories more efficiently. Faster payments will enable them now to manage their capital for greater productivity, ” a spokesperson on behalf of Snapdeal said.
Sellers will be paying a small fee for using the service, which was launched earlier this month. According to the e-commerce firm, this charge will be a fraction of the cost of obtaining funds from a bank, a non-bank financial institution, or other sources.
In the last year, Snapdeal has added over 5,000 manufacturer-sellers to its website as part of its efforts to expand the availability of value-priced goods. The majority of these manufacturer-sellers are located in major cities like Meerut, Ludhiana, Tirupur, Jaipur, Panipat, Surat, and Rajkot, and sell traditional products like juicers and food processors, steel and copper utensils, crockery, bed linen, fashion accessories, kidswear, sarees and suits, casual apparel, and fitness equipment.
This fee would be a fraction of the cost of raising funds from a bank, a nonbank financial institution, or other sources, according to the e-commerce company. Snapdeal has added over 5,000 manufacturer-sellers to its website in the last year as part of its efforts to increase the availability of low-cost products.