Snapdeal launches fast track payment option, aims to help small businesses

'Jaldi Payments' will slash payment receipt time by 76 per cent and help sellers use capital to expand their business, says company.

E-commerce platform Snapdeal has launched a service that will enable sellers to receive payment within three days of delivery of a shipment.

'Jaldi Payments' will slash payment receipt time by 76 per cent and help sellers use capital to expand their business, build inventory and manage other business needs, Snapdeal said.

A Snapdeal survey in February 2021 found sellers considered quick and flexible access to finance as an important lever of growth. While the pandemic has led to accelerated growth opportunities for online sellers, easy availability of working capital has been a constraint, especially for small sellers, Snapdeal said in a statement.

Keeping this in mind, Jaldi Payments will allow sellers to opt for fast-track payments choosing to receive payments within 3-7 days of the delivery of their shipments.

“100 per cent of our sellers are small and medium sellers. Fast and predictable access to funds acts as a force multiplier for them. It enables them to serve more orders with limited working capital as they are able to achieve fast turnover of their inventories. Direct shipments by sellers allows them to manage their inventories more efficiently. Faster payments will enable them now to manage their capital for greater productivity," said a Snapdeal spokesperson.

Sellers will be charged a nominal fee towards the facility, which was launched earlier this month. This fee will be a fraction of the cost that they would incur in accessing funds from a bank, NBFCs or other sources, the e-commerce firm said.

As part of its efforts to deepen the availability of value merchandise online, Snapdeal has in the last year added more than 5,000 manufacturer-sellers on its platform. Most of these manufacturer-sellers are from hubs like Meerut, Ludhiana, Tirupur, Jaipur, Panipat, Surat, Rajkot and cover popular products like juicers & food processors, steel & copper utensils, crockery items, bed linen, fashion accessories, kidswear, sarees & suits, casual apparel and fitness equipment.  

Last year, Snapdeal also expanded its decentralized logistics network by opening new centres in Ahmedabad, Surat, Jaipur, Indore, Hyderabad, Panipat, Gurugram, Mumbai, Bengaluru, New Delhi, Bahadurgarh, Yamuna Nagar, Rajkot, Bhiwandi, Agra, Noida, and Mathura, said the company.