eBay China recently debuted a new financing program designed to support credit-worthy Greater China sellers who want to expand their cross-border trade.
The scheme is a partnership with Ping An Financial Technology (part of Ping An Group, one of China’s largest integrated financial service firms). Eligible sellers can receive loans of up to RMB 1,000,000 (about U.S. $160,000) quickly, with no collateral.
“We want to provide more value-added service to Chinese sellers who export overseas and support their business growth. This initiative is one way we’re working to achieve that goal,” said John Lin, CEO of eBay Greater China (at far right, with Ping An officials).
Cross-border trade is a rapidly growing area for small- to medium-sized sellers in China, with many sellers looking to expand their business on eBay. However, when looking to fund that expansion, many find it difficult to prove their creditworthiness to banks.
“eBay sellers are trustworthy with high credibility—this is the basis our partnership is built on,” said Martin Wu, Chairman of Ping An.
As part of the eBay and Ping An loan program, CBT sellers are offered an array of innovative payment solutions, such as payback options, interest rate by day and revolving credit extensions.
Perry Wu, a first-trial user, loves the service. Wu started selling model airplanes on eBay more than five years ago, and needed money to expand his CBT business and build a warehouse in the UK. This financing solution came up just in time.
After a two-week application process, Perry was awarded RMB 450,000, and he thanks eBay for helping him overcome his financial obstacles. He said, “I am very glad that eBay can offer a program like this to sellers. With this support, I’m very confident that I can continue serving my global customers.”