Online businesses have to be nimble and quick on their feet, or they don’t survive. There are new competitors popping up every day, and one misstep can set your business back months—or even years—in terms of market share.
Amazon’s Synchrony, an automated payment service that automatically replenishes your customers’ Amazon accounts on your behalf, can help you run your eCommerce business smoother than ever before.
What is Amazon Synchrony?
Amazon Synchrony is a great way for sellers on Amazon to secure loans for their business. It is a service offered by Amazon that allows its sellers to take out loans between $2,000 and $750,000 with interest rates ranging from 7.25% – 29.99%. Learn more about how you can use it as an Amazon seller in order to grow your business effectively.
Features of the Amazon Synchrony
Amazon has brought in a number of features for their Amazon Synchrony program. Amazon Synchrony is actually just a revolving line of credit that is used by retailers. The features and benefits of Amazon’s revolving line of credit are listed below.
1. It offers customers an easy way to buy more products from your business because they don’t have to go through the hassle of entering out their payment information each time they make a purchase.
2. It offers you, as a retailer, an opportunity to sell more products without having to worry about increasing your profit margins or decreasing your shipping costs because it allows you to finance some or all of your orders with interest-free financing.
3. You can use Amazon Synchrony to pay off any other existing balances on your account so that you can avoid paying multiple interest rates on those different balances.
4. You can use Amazon Synchrony to help pay off another merchant account balance so that you can consolidate all of your purchases into one merchant account balance instead of using multiple merchant accounts for separate businesses (if applicable).
Tools, tips, and strategies for utilizing this tool
Today, we are taking a deeper look at Amazon’s newest financing tool, Amazon Synchrony.
This new addition is aiming to make your life easier as an ecommerce business owner. With more and more purchasing being done online, amazon synchrony is certainly a great way for businesses that sell on amazon marketplace get access to financing with interest rates starting at 6%. What exactly does it offer? Let’s take a closer look…
No Credit Checks
There are no credit checks needed to use Amazon Synchrony . So you do not have to worry about being declined because of poor credit or any other type of issues you may have in regards to your finances. They also do not require a minimum monthly sales volume, so even if you are just starting out, they can still help you get access to financing.
Maximum Amount Available
When it comes to how much financing is available through amazon synchrony, there is no limit on how much money you can receive. They do not have a minimum amount that you need to borrow and they also do not set a maximum amount either.
This means that if your business needs $10,000 or $100,000 or even more in financing for your inventory or other expenses then Amazon Synchrony will be able to help you get what you need.
No Prepayment Penalty
One of my favorite features of Amazon Synchrony is that there are no prepayment penalties . This allows you to pay off your balance at any time without having to worry about paying extra fees because you wanted to pay off your balance early.