Snapdeal, the India-based online shopping site, has rolled out an offering that will let small and medium-sized businesses (SMBs) quickly obtain payment soon after an order is delivered, Business Standard reported Thursday (March 25).
A representative for the company said, per the Business Standard report, that all of its merchants are SMBs and that “fast and predictable access to funds acts as a force multiplier for them.”
The Jaldi Payments offering will cut payment receipt time by as much as 76 percent, while letting merchants harness funds to develop their inventory, grow their operations and handle their other commerce needs, Business Standard reported, citing the company.
Aside from the payments offering, Snapdeal grew its decentralized logistics network in 2020 through the addition of new hubs in New Delhi, Bengaluru and Mumbai, among several other locations.
And, in the past year, Snapdeal has brought over 5,000 manufacturer-sellers onto its site. A majority of those manufacturer-sellers are out of centers such as Jaipur, Ludhiana and Meerut. They are in the business of providing merchandise such as workout equipment, casual clothing, juicers and food processors.
In separate news, financial services company Brex has brought its instant payouts functionality to Shopify merchants. The functionality allows merchants to access sales revenue “within seconds,” according to the instant payouts website, instead of the usual payout workflow that takes 14 days.
Initially, Brex unveiled instant payouts last fall and rolled it out at that time just for Amazon merchants. Now, Brex is growing its service to include Shopify.
A Shopify or Amazon merchant needs a minimum of a month of operating history and at least $500 in net sales volume monthly to be eligible for Brex instant payouts. Companies have to route their payouts via Brex’s cash management system, which is called Brex Cash, after a 30-day trial.
“With Brex’s instant payouts feature, we can access cash as soon as customers buy our products, even on nights and weekends,” one Brex instant payouts user said in a past announcement.