Need for Ecommerce Finance:
- With the advancement of many new technologies like smart-phones, the Ecommerce websites have got a major boost in their business and everyone who is doing their business online wants to reap the benefits of this boom in the online market.
- The question is why were the earlier conventional banking or loan systems unable to cater to the needs of loans for the online Ecommerce business holders. The major reasons are as follows-:
- The Documentation for the loan procurement was too hefty for online sellers.
- With the advancement of technology, online business holders wanted a more convenient way to get loans where they did not have to physically go to the office to complete the formalities.
- Time is an essence in any form of business, and the earlier methods took more processing time than online websites.
- The interest rates had to be modified according to the needs of online sellers.
- More and more competition online led to a need for faster and efficient way of procuring good amount of funds depending on the type of business.
The biggest challenge that they face is to procure funds that are needed to take their business to new heights. The basic funding needs can be categorised into these major categories-:
- Increasing inventory.
- Expanding the reach and covering more geographical area.
- Hiring new employees to increase work efficiency.
- Funds for day to day operations.
- Product promotions.
- Making necessary changes to ] online catalogue or website.
Now, to handle these expenses, the online sellers must have an option just like the retail shop sellers to have similar Ecommerce financing. And to make this happen, the finance industry also had to evolve to provide loans for Ecommerce business holders and online seller business loans.
The Emergence of Ecommerce Finance:
- Online seller finance is a big community now, and online seller business loan is not a hefty task at all. We have the best solutions for Ecommerce seller finance, whether it is Ecommerce lending for big companies or Ecommerce small business loans.
- The Indian online sellers are always on a lookout for such loans because the Ecommerce market in India is comparatively new and has great potential in the future. So procuring Ecommerce loan in India is also an important aspect.
- The biggest advantage of online Ecommerce loans are-:
- It is the easiest way to procure the needed amount for the business.
- Most of the cases do not even need any collateral from sellers.
- Faster and easier processing than conventional banks.
- The interest rates are much lesser than the other types of loans.
- No constraint in regards to physical positioning of the business.
Keeping all these points in mind, we assure you that we are the best option for online seller finance in India. The online seller loans that we provide are easier to apply and faster in processing. We do not differentiate between the large businesses or the Ecommerce small business loans in Indian online market.
The eligibility criteria for getting the online seller finances are also not that a big deal. The criteria are somewhat similar to the general loan procedures from conventional money lenders or banks. The basic criteria on which the sellers are judged before applying for loan for Ecommerce from most of the websites are-:
- The credit score/report of the buyers.
- Brief history of sales and purchases.
- Financial statement of the individual.
- Need for the loan.
- Tenure of the loan.
Lendingkart provides ecommerce finance to businesses working with all types of Ecommerce websites. If you are associated with any of these major websites-:
And many more big and small e commerce websites, then you do not need to look any further as we have the one stop solution for all your Ecommerce business loan needs.