EBay is teaming up with LendingPoint to give the eCommerce giant’s U.S. sellers access to funding to help them build up and sustain their businesses.
The companies dubbed the initiative “eBay Seller Capital powered by LendingPoint,” according to press release. The program, launched during the global COVID-19 economic downturn, will provide “eligible sellers with a fast, flexible and transparent funding experience.”
The release said eBay Seller Capital “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. During the initial launch, eligible sellers may receive up to $25,000 in funding in as little as one business day.”
“We are continuing to partner with our sellers to provide them with the tools they need to thrive,” said Alyssa Cutright, vice president of global payments at eBay. “We’re excited to make flexible financing options available that are integrated with our new payments experience. The program with LendingPoint will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty.”
“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,” said Tom Burnside, CEO and co-founder of LendingPoint, in a prepared statement.
The companies said that “eBay sellers who work with LendingPoint in the pilot program can obtain quick decisions and access to installment loans.” The program will offer “flexible terms of up to 48 months. In addition, “LendingPoint will not charge origination fees or early payback fees.”
The new initiative follows the end of eBay’s operating agreement with PayPal, which expired July 17. eBay, in a recent earnings report, said its new payments platform was working out well and had already processed $4.7 billion.
Last week, eBay held its first earnings call since announcing plans to sell its classified ad business to Adevinta for $9.2 billion.
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