EBay, LendingPoint partner on seller credit
Companies have dubbed the initiative “eBay Seller Capital powered by LendingPoint”. according to press release. The program, launched during the global economic downturn of COVID-19, will provide “eligible sellers with a fast, flexible and transparent financing experience.”
The statement said eBay Seller Capital “is now rolling out as a pilot program with select sellers, and will be available to all eligible sellers in the United States later this year.” Upon initial launch, eligible sellers can receive up to $ 25,000 in funding in as little as one business day. “
“We continue to partner with our salespeople to provide them with the tools they need to thrive,” said Alyssa cutright, vice president of global payments at eBay. “We’re excited to offer flexible financing options that integrate with our new payment experience. The program with LendingPoint will provide essential financing opportunities for eBay sellers, especially in these uncertain economic times. “
“EBay sellers are some of the fastest growing e-commerce players in the world and our lending operating system will help them access the financial tools they need to be even more successful in their businesses,” said Tom burnside, CEO and co-founder of LendingPoint, in a prepared statement.
The companies said that “eBay sellers who are working with LendingPoint as part of the pilot program can get quick decisions and access installment loans.” The program will offer “flexible terms of up to 48 months.” Additionally, “LendingPoint will not charge any set-up or prepayment charges.”
The new move follows the end of eBay’s operating agreement with Pay Pal, which expired on July 17. eBay, in a recent revenue report, said its new payment platform is performing well and has already processed $ 4.7 billion.