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To provide retailers with the ability to attain working capital, India-based payment gateway and online shopping platform Instamojo<\/a> rolled out InstaCash. Retailers can receive loans for as much as Rs 1 lakh ($1,322.26) for a time ranging from seven to 14 days with the offering, The Economic Times<\/a> reported.<\/p>\n Instamojo Co-founder and CEO Sampad Swain<\/a> said per the outlet that the current COVID-19 health crisis “has left micro-businesses reeling the under pressure to source funds for procuring raw materials, production, pay wages etc. Through InstaCash we aim to empower micro businesses through digitization.”<\/p>\n As of the beginning of the lockdown, the company has notched expansion of 25 to 30 percent in its customer base. It has also rolled out a mojoPlus offering that lets retailers receive points and use them to receive discounts on the company’s charges.<\/p>\n The current confinement due to the pandemic has affected the country’s micro, small and medium enterprise (MSME) space and caused the closure of a number of companies in addition to the elimination of jobs. At the same time, small to medium-sized businesses (SMBs) have difficulty with liquidity and loan access.<\/p>\n Financial institutions have not been able to meet the need for capital loans since there is not sufficient access to information on small business sales and clients, among other data. <\/p>\n The news comes as Instamojo unveiled<\/a> the rollout of its Instamojo Credit Book that seeks to eliminate manual ledgers by making records digital per news in November.<\/p>\n The ledger, which can be accessed via the firm’s Android app, let companies monitor credit provided to suppliers, clients and vendors; keep track of cash receivables from suppliers, clients and vendors; maintain a centralized record of cash flow; and send reminders for payments that are due.<\/p>\n The Credit Book app, along with its functionality, is complimentary. The firm only reportedly charges for successful payments made through Instamojo.<\/p>\n Tags:<\/b> Pymnts <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.pymnts.com\/news\/b2b-payments\/2020\/instamojo-rolls-out-instacash-loans-for-smb-working-capital\/<\/a>
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To provide retailers with the ability to attain working capital, India-based payment gateway and online shopping platform Instamojo rolled out InstaCash. Retailers can receive loans for as much as Rs 1 lakh ($1,322.26) for a time ranging from seven to 14 days with the offering, The Economic Times reported. Instamojo Co-founder and CEO Sampad Swain said per the outlet that … Continue reading Instamojo Rolls Out InstaCash Loans For SMB Working Capital<\/span><\/a> Continue Reading