PayU, leading online payments solutions provider, has introduced a product suite to offer convenient access to credit for PayU’s 3.5 lakh merchants.
PayU has launched three products – Marketplace Early settlement, Priority Settlement, and Merchant Lending. These solutions provide access to working capital, enhance cash flow management & increase liquidity, boosting SMB growth. PayU’s solutions provide customized offerings with credit amounts starting from a nominal Rs 25,000 for SMBs to several crores, and repayment cycles ranging from 1 week to 1 year.
Commenting on the launch, Hemang Dattani, Head, Growth Businesses at PayU, said, “SMBs are growth drivers for the country, accounting for a third of India’s GDP. However, access to credit continues to be a major infrastructural hurdle for them. Drawing on our payments expertise & deep understanding of Indian SMBs, we offer diverse credit products for merchants of differing sizes, categories & business life cycles, supporting digital financial inclusion. This segment will be an important focus area for us in 2022.”
Abhishek Jain, Director at RasoiShop, an omnichannel kitchenware retailer, said ‘With PayU’s Priority Settlement solution, we could access funds within an hour, solving our operational problems of paying advance to logistics partners, suppliers and giving our business increased liquidity. Solutions like these are the need of the hour for exponentially growing businesses like ours in the current dynamic and constantly evolving business ecosystem in India. With minimum hassle & paperwork, our team was able to apply for & check settlement status in real-time from our dashboard. The process was fast, seamless and the right fit for our business.”
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