Onramp now has ways for eCommerce sellers on Walmart Marketplace to get credit.
In a news release on Monday (June 26), Onramp said that the integration of the eCommerce lending platform with the marketplace makes it possible to offer growth capital funding to sellers with repayment terms that match their online sales.
“As an approved Walmart Marketplace Solutions Provider, Onramp can now help sellers on Walmart Marketplace secure funding to grow their businesses faster,” Onramp CEO Eric Youngstrom said in the release. “We’re thrilled to be helping sellers on Walmart Marketplace scale their businesses and achieve success.”
They are using digital sources more because traditional banks don’t usually let small businesses open accounts or get loans online, and the process can take one to two weeks and require a trip to the bank.
The study also found that 60% of small and medium-sized businesses (SMBs) don’t get information about borrowing options from traditional financial institutions. Instead, they use digital sources more.
According to the news release, Walmart Marketplace Sellers can use the new integration from Onramp to get money for inventory management, marketing, shipping, and other business tasks.
In reality, Onramp connects to the seller’s online store, looks at the seller’s sales history, and makes a loan offer based on that history. If the offer is accepted, the seller can pay back the loan with a portion of future sales as the inventory sells, according to the company’s website. There are no late or minimum payments.
“The opportunities for growth available to eCommerce sellers are phenomenal,” Youngstrom said in the release. “We’re honored to be a partner to eCommerce business owners in facilitating the access to cash necessary to grow.”
Walmart said in May that the number of sellers on its online store in the United States grew by 40% year over year.
“We see a pretty significant increase in conversion rates when a seller is using fulfillment services and can deliver within two days,” John Furner, president and CEO of Walmart U.S., said during a May 18 earnings call.
