Last week we reported on Shopclues Surety, a protection programme to boost buyer confidence in sellers. This week, the etailer introduced Express Payout, a service dedicated to increase seller confidence in their business on Shopclues. This new service offers online sellers 80% of pending payments in advance.
Reasons for such a generous advance
According to the ecommerce firm, “ShopClues’ Express Payout service aims to benefit any merchant who requires advance payment before the scheduled payment date. The requested payment is processed within eight hours by Shopclues.”
It mentioned that merchants are paid after regular intervals on the platform. However, sellers usually need liquid funds on demand to maintain:
- Stock availability
- Other business expenses
The Express Payout service was introduced to a few sellers in the previous month. And, approximately 70% of these sellers chose to use this service. It is now available to all sellers on the platform and since its launch over 2000 requests for advanced payments have been made.
This option from Shopclues will be a part of an integrated financial service package. It will meet the various requirements merchants have on the platform. From this package, sellers will be allowed to choose the services they require for growth and business enhancement. Merchant guidance will also be provided by the Shopclues team.
Besides advanced payment, the etailer introduced other financial services specifically designed for its sellers. These include its Reach PoS, a cashless payment feature for retailers. Another financial initiative by the marketplace is Capital Wings, a loan programme that enables fast hassle-free loans for Shopclues merchants looking to expand their online retail.
Ganesh Balakrishnan, the AVP of seller services at Shopclues said, “Shopclues’ goal is to provide a level-playing field for its half a million sellers, 80 per cent of whom are MSMEs from tier-II and tier-III cities and towns. A majority of the merchants on the platform sell unstructured and unbranded products and are usually in need of regular cash flow to keep their business running.”