Partnerships / Acquisitions

Walmart, Goldman Partner To Offer Credit To Marketplace Sellers

Walmart and financial services giant Goldman Sachs are teaming up to help the retailer’s “Marketplace” sellers gain access to lines of credit.

“Last quarter, our Marketplace delivered triple-digit growth, and today we’re announcing a new partnership to help our Marketplace sellers grow their businesses,” said Jeff Clementz, vice president of Walmart Marketplace, in a news release. “Starting today (Sept. 22), eligible Marketplace sellers will be invited to apply for lines of credit offered by Marcus by Goldman Sachs.”

He added that “initially, approved sellers will have access to lines of credit from Marcus between $10,000 and $75,000, and plans are to substantially increase the maximum line amount available in the future. The rates are competitive, with the most creditworthy businesses qualifying for the lowest rates.”

Having a line of credit means a business can draw on the amount it qualifies for as needed. Such funds “could help businesses “move fast and meet surging customer demand. It could also help fund innovation — as we’re all working to adapt to constantly changing customer behaviors and preferences,” said Clementz.

Small to medium-sized businesses (SMBs) “ are critical for our communities to succeed, and we will continue looking for ways to help them navigate these unprecedented times,” Clementz added in the release.

In June, Walmart announced that it was collaborating with Shopify, the eCommerce platform, to expand its Marketplace and seek a bigger share of online shopping and selling.

“For years, building an eCommerce marketplace customers trust has been a priority for our business,” Clementz said in a statement at the time. “That’s why we are joining forces with Shopify, an all-in-one commerce platform used by more than one million businesses, to open the Walmart Marketplace to their sellers.”

“As we launch this integration with Shopify, we are focused on U.S.-based small and medium businesses whose assortment complements ours,” Clementz said.

Founded in 2006, Shopify offers more than 75 million products.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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