Alibaba extends 60-day financing to U.S. cross-border B2B buyers
As small businesses' cash flow tightens during the pandemic, Alibaba Group is enabling SMBs to postpone payments for 60 days on cross-border e-commerce purchases.
Through a partnership with MSTS, an Overland Park, Kan.-based B2B credit provider, Alibaba is introducing the option for small and midsize businesses to pay for goods up to 60 days after they're shipped instead of paying upfront, according to a Tuesday press release from Alibaba.
Participants select Alibaba.com Payment Terms from the online retailing giant’s website.
“This is possible for Alibaba.com because we know the buyers and sellers on our platform, and financing is offered for transactions that we know are real,” said John Caplan, the e-commerce website’s president of North America and Europe, in the release.
Alibaba also is launching a series of digital trade shows to help offset the loss of live events due to coronavirus-related travel restrictions. The e-commerce giant plans to run 20 virtual trade shows over the next 120 days through its new Online Trade Shows USA division, the press release said.
The first livestreamed event, to take place next month, is for wholesalers and buyers of nutrition and supplements products, the press release said.
Alibaba simultaneously rolled out an option for B2B customers to pay for ocean and air shipping within its e-commerce platform. Alibaba.com Freight is offered through a partnership with Freightos, a digital freight marketplace based in Miami Beach, Fla.