Onramp teams up with Walmart marketplace
Updated: Aug 30
Revolutionizing eCommerce Financing: Onramp Teams Up with Walmart Marketplace
In a significant stride for eCommerce, Onramp has seamlessly integrated its lending platform with Walmart Marketplace, opening up a world of financing possibilities for online sellers. This collaboration means that sellers can now access growth capital funding aligned with their online sales, providing the financial support they need to propel their businesses forward.
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CEO of Onramp, Eric Youngstrom, expressed enthusiasm for this venture, highlighting that the integration allows approved Walmart Marketplace sellers to access funding aimed at scaling their businesses more rapidly. This partnership stands as a testament to the company's dedication to aiding sellers on Walmart Marketplace in their pursuit of success.
With 24% of small and medium-sized businesses (SMBs) voicing concerns over affordable funding, this initiative couldn't have come at a more opportune time. SMBs are increasingly turning to digital sources for funding, as traditional banks often lack the agility and convenience required by online businesses. This shift is evident in PYMNTS research, which found that 60% of SMBs are now seeking borrowing options from digital platforms, rather than traditional financial institutions.
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By integrating with Onramp, Walmart Marketplace Sellers gain access to funding for various business functions such as inventory management, marketing, and shipping. The process is seamless: Onramp connects with the seller's online store, examines sales history, offers funding based on this history, and upon acceptance, facilitates repayment through a portion of future sales. Importantly, this repayment structure alleviates businesses from the burden of minimum or late payments.
Eric Youngstrom noted that eCommerce offers remarkable growth opportunities, and Onramp is honored to partner with eCommerce business owners, ensuring they have the necessary cash flow to foster growth. This partnership could prove pivotal in light of Walmart's announcement in May, reporting a 40% year-on-year increase in seller counts on its online marketplace in the United States. The seamless integration offers a potential boon to the thriving eCommerce community.
As John Furner, CEO of Walmart U.S., stated their was pretty significant increase in conversion rates when a seller is using fulfillment services and can deliver within two days. This indicates the growing demand for efficient fulfillment services, a factor that could further fuel the success of eCommerce sellers, now with the added advantage of accessible financing through Onramp
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Funding is vital to e-commerce
In a digital age where convenience and agility are paramount, this collaboration could well pave the way for eCommerce sellers to thrive and prosper. With funding intricately tailored to sales performance, Onramp's integration with Walmart Marketplace stands as a testament to the evolving landscape of digital business financing.