Following this announcement, the new solution is expected to enable US enterprises and businesses of all sizes to facilitate global, cross-border development and growth. PingPong is expanding its service in order to deliver fast, secure, and efficient access to financing by partnership with Kanmon, an Embedded Lending solution provider.
In addition, both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
This initiative is expected to highlight PingPong’s commitment to strategically partnering with companies and businesses that operate internationally. The firm will also focus on optimising the way enterprises integrate its platform into their already existing software, payment systems, and workflows, as well as enabling them to manage their cross-border payments securely and drive expansion.
PingPong’s US customers will have the possibility to access fixed-team loans or accounts payable financing through the PingPong platform. The financing options will enable businesses and companies to access needed funding in order to accelerate their development process, prepare for peak sales periods, as well as replenish their inventory faster and invest in their overall business operations. In addition, clients will be allowed to apply for team loans with a fixed payback period, which will provide general-purpose funds in order to preserve cash and facilitate growth.
Eligible firms and businesses will have the capability to apply for loans of up to USD 250.000. The entire process of application is set to take five minutes to complete, and it can be conveniently launched from the PingPong platform. After the request is approved, the funds will be deposited into the busienss’s PingPong account within 48 hours.
In order to be eligible for financing, clients must be based in the US and have been in operation for over 12 months. In addition, a soft credit check will be conducted during the application procedure, but it will not affect the clients’ credit scores.
The financing solution was developed for inventory-heavy businesses, requiring flexible funding in order to capitalise on major sales events, such as the holiday sales period, Black Friday, Amazon Prime Day, or end-of-season sales. The funding is set to enable businesses to grow sustainably by preserving working capital, extending payment terms for important supplier transactions, as well as planning for sales moments and ensuring they meet the demand.
Furthermore, PingPong plans to further develop its partner program by integrating more third-party service providers into its platform, as well as expanding its value-added solutions to US-based customers and users.
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