ShopClues launches new payment service for its merchants

Express Payout service allows merchants to get up to 80% of their pending payment in advance

ShopClues on Tuesday launched its Express Payout service, which allows merchants to get up to 80 per cent of their pending payment in advance.

The company said that while it maintains a regular payout cycles, merchants often need on-demand cash flow to ensure stock availability, manage payments and overheads. "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," the company said.

The platform had recently also launched a range of financial services designed exclusively for its merchants. These services include the Reach PoS, a software mobile PoS which facilitates hassle-free digital transactions for offline retailers; and Capital Wings, a loan program which facilitates quick and hassle-free loans to scale up their business.

With the Express Payout option, ShopClues intends to create a complete financial services package that caters to the needs of varied merchants on the marketplace. The merchants can choose the services that they need to grow and enhance their business and also receive guidance from the ShopClues team.

"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," Ganesh Balakrishnan, AVP - Seller Services, Shopclues said.