Amazon has launched a flexible financing solution for small and medium-sized businesses in the United Kingdom. Amazon sellers in the country can apply for a cash advance, which will be repaid based on their sales. Loans can range up to two million euros.
The online marketplace already offered ecommerce business funding to its merchants with Amazon Lending, but it has now added a new flexible financing option in the United Kingdom. In order to do so, it has partnered with financing provider YouLend.
Revenue-based
The new financing option is a revenue-based model. Sellers on Amazon UK can apply for loans from 500 to 2 million pounds, without completing any lengthy paperwork. The amount of funding they get will be determined by their current sales. Businesses are charged a single fixed fee, with repayments tied to a percentage of their future sales. Repayment is only required when the seller makes a sale, which protects them during quieter periods.
‘Amazon sellers value fast, flexible and accessible funding.’
“We have heard from Amazon sellers in the UK how much they value fast, flexible and accessible funding, which is why we are excited to announce a merchant cash advance that expands our range of funding options for Amazon sellers”, said Samarth Gogia, GM B2B Payments and Lending. “In collaboration with YouLend, this new option will allow sellers to increase their cash flow with confidence, allowing them to make repayments based on how their business is performing.”
Three months of trading history needed
To be eligible to apply, businesses need to have a minimum of three months’ trading history on Amazon. In the Seller Central, merchants can check their eligibility and apply for the cash advance. The application will be submitted to YouLend by Amazon, for verification and approval.
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- Source: https://ecommercenews.eu/amazon-launches-flexible-financing-in-the-uk/
