eBay announced on Wednesday it has joined forces with LendingPoint, a data and technology platform dedicated to democratizing credit and accelerating commerce, to launch a new program that will give eBay sellers in the U.S. access to funding to help grow and sustain their businesses, called eBay Seller Capital.
According to the buying/selling platform, the new program is compatible with payments managed by eBay and will unlock opportunities for individuals and businesses to obtain financing, providing eligible sellers with a fast, flexible, and transparent funding experience. Alyssa Cutright, Vice President of Global Payments at eBay, explained that the program will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty caused by the COVID-19 pandemic. eBay further stated:
“This program will be offered with flexible terms of up to 48 months to allow sellers to choose the best option for their specific budget needs, and lower repayment plans as part of the longer terms. LendingPoint will not charge origination fees or early payback fees. In the future, through this partnership, eBay and LendingPoint aim to expand their offering to provide eBay sellers with more tools to help run their businesses.”
Tom Burnside, CEO and Co-Founder of LendingPoint, then commented:
“eBay sellers are some of the world’s most dynamic ecommerce players and our Loan Operating System will help them access the financial tools they need to achieve even greater success with their businesses.”
eBay Seller Capital powered by LendingPoint is rolling out now as a pilot program with select sellers, and will be available to all eligible sellers in the U.S. later this year. eBay added that during the initial launch, eligible sellers may receive up to $25,000 in funding in as little as one business day.