Payability has launched a new Visa card to provide online marketplace sellers with faster access to their payouts.
The new Payability Seller Visa Card is backed by open-API platform Marqeta and issued by Sutton Bank.
It allows sellers to easily reinvest their payouts in various business expenses such as restocking of inventory and advertising.
Faster payments capability
Payability Seller Visa Card can be used for both in-store and online transactions. It offers 2% cashback on purchases made with the card. Furthermore, it offers up to 20% on purchases from companies that support sellers’ e-commerce business growth.
Payability CEO Keith Smith said: “Early payouts give sellers the cash flow they need to stay well stocked with inventory and keep up with increasing demand.
“Our customers rely on us to help them get their money faster, and the Seller Card is the next step in meeting the evolving needs of these digital merchants who are continually shaping the face of e-commerce.”
Since 2016, Payability financing platform has provided more than $1bn in accelerated payments to start-ups.
The firm offers services to sellers on several marketplaces, including Amazon, Newegg, Tophatter, Walmart and Jet.com.
Smith added: “Injecting more than $1bn worth of capital into our sellers’ businesses is a huge milestone for Payability.
“More importantly, though, it means we’ve made it possible for tens of thousands of small businesses to quickly scale, purchase more inventory, drive customer acquisition and, ultimately, turn their hard work into hard-earned success.”