NEW YORK, Sept. 12, 2018 /PRNewswire/ -- Payability, the leading provider of financing options for eCommerce marketplace sellers, today announced the launch of its Payability Seller Visa Card, the first card that gives eCommerce sellers even faster access to their marketplace payouts. Having delivered over $1 billion in capital to customers since 2016, Payability provides digital sellers with the cash flow they need to expand their operations. And as the proclivity for financing services to support online marketplace growth continues to rise, the new card product, powered by open-API platform Marqeta, allows sellers to easily tap their cash flow, reinvest in their businesses and accelerate growth all with the convenience and ease-of-use of an everyday payment card.
With more than $1.5 trillion spent globally on the top 75 online marketplaces in 2017, according to research from Internet Retailer, consumers have fully embraced marketplace platforms like Amazon and Jet.com. Given their penchant for online shopping, they've come to expect online transactions at lightning speed. However, the marketplace sellers that provide those goods typically don't receive payouts from the marketplace for up to two weeks or longer, which can negatively impact business growth. With the Payability Seller Visa Card, marketplace payouts are available for use more quickly than ever before, finally catching up to broader industry standards. From restocking inventory, to spending on advertising, to capitalizing on the next great buying opportunity, the Payability Seller Visa Card allows merchants to conduct business with zero lag time.
"Reliable access to capital is a challenge for most marketplace sellers. Most are small businesses that aren't operating with huge amounts of working capital to draw on, and a weeks-long delay in getting payment can be crippling. Early payouts give sellers the cash flow they need to stay well stocked with inventory and keep up with increasing demand," said Keith Smith, CEO of Payability. "Our customers rely on us to help them get their money faster, and the Seller Card is the next step in meeting the evolving needs of these digital merchants who are continually shaping the face of eCommerce."
"Since using Payability, we're never left wondering when our next payment will clear, or when we'll be able to replenish inventory. It's been a game changer for the business," said Kim Shanahan, owner at Gifts Fulfilled. "Even just a few months into our working relationship with Payability, we were able to better keep up with inventory demands that in turn allowed us to grow the business by nearly 600 percent. The Seller Card will take Payability's benefits one step further by letting us access cash from sales right away, giving us even more opportunity to grow our business."
In addition to providing access to cash on a daily basis, the Payability Seller Visa Card rewards marketplace sellers with up to 2 percent cash back on purchases made on their pre-funded card which can be used online or in-person wherever Visa is accepted. Payability has also negotiated exclusive cash back deals of up to 20 percent off from companies that can help sellers grow their eCommerce businesses.
"Marqeta takes great pride in supporting Payability so they can meet the needs of sellers in marketplaces with our completely open API issuing platform," said Jason Gardner, founder and CEO of Marqeta, the leader in modern card issuing powering Payability's Seller Visa Card. "Payability is a leading-edge financial services company with a clear and specific vision for the experience they want to provide to their customers. We are thrilled to deliver the infrastructure and tools to bring modern card issuing to life for the world's innovators, like Payability."
Payability's financing platform has provided more than $1 billion in accelerated payments to startups since 2016. When these online businesses begin selling to a wide customer base, they often lack the capital to fulfill larger purchase orders. The growing demand can overwhelm a startup's finances, resulting in out-of-stock items and lost sales. Payability's friction-free financing options provide startups the daily funding they need to sustain their growth. To date, Payability has advanced $1 billion to online sellers. With better cash flow, customers have seen their monthly sales grow an average of 86 percent in the first six months of using the platform.
"Injecting more than $1 billion worth of capital into our sellers' businesses is a huge milestone for Payability. More importantly, though, it means we've made it possible for tens of thousands of small businesses to quickly scale, purchase more inventory, drive customer acquisition and, ultimately, turn their hard work into hard-earned success," said Smith.
Because of the incredible success that its Amazon seller customers have achieved with accelerated payments, Payability has made its services available to sellers on other eCommerce marketplaces including Newegg, Tophatter, Walmart and Jet.com. As the eCommerce industry continues to grow, Payability is rapidly expanding to offer its services to sellers on numerous marketplaces.
To learn more about Payability and its advance payment options, visit www.payability.com.
Payability gives eCommerce sellers fast access to revenues they've already earned from eCommerce marketplaces including Amazon, Newegg, Tophatter, Walmart and Jet.com. Fast, simple and flexible, Payability's customers receive the capital they need to reinvest in inventory, drive more sales and grow their business faster.
The Payability Visa® Commercial Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. The Payability Card is powered by Marqeta.