Business owners who sell online can face a significant gap between notching a sale and reaping the revenue, according to financial services and tech company Brex, which says it has a new product that can help.
To that end, the San Francisco-based company on Tuesday (Oct. 27) unveiled an Instant Payouts feature aimed at helping eCommerce sellers even out their cash flow.
Instant Payouts enables businesses that sell online to tap into the sales revenue they have earned immediately, as opposed to waiting weeks or longer for the money to come rolling on Amazon, Shopify and other big platforms.
Brex is launching its new feature for eCommerce companies that sell on Amazon, with plans to soon expand the service to other online sales platforms as well.
In exchange for a 1.5 percent fee, Brex Cash customers — provided they are U.S.-based sellers on Amazon — will be able to immediately access their sales revenue. By contrast, sellers would typically have to wait roughly two weeks, according to Brex, before the money hits their accounts.
“We built Brex to break down unnecessary barriers to growth,” said Henrique Dubugras, Brex co-CEO, in a press release. “A big problem small business owners face is weak access to cash flow when they most need it. Companies that sell on big platforms like Amazon or Shopify can experience weeks or months delay between winning a sale and seeing the cash hit their bank account. Instant payouts shortens that cycle so that companies can focus on growing.”
In addition, Brex is also beefing up its rewards program aimed at the eCommerce sector.
Under the revamped offerings, Brex noted in a press release that its eCommerce customers can earn “1.5X points on digital ads, a major spend category and powerful driver of growth,” as well as “8X on rideshare, 5X on travel and 4X on restaurants.”