SAN FRANCISCO--(BUSINESS WIRE)--Today Brex introduced new features tailored to solving the cash flow pain points of growing ecommerce businesses. The launch of instant payouts and ecommerce-specific rewards alleviate growth barriers faced by ecommerce companies, and furthers Brex’s mission to reimagine financial systems so every company can realize its full potential.
Brex's new offering allows ecommerce companies instant access to revenue from sales on their online platforms—starting with Amazon, and soon expanding to other sales platforms. For a 1.5% fee, Brex Cash customers who are US-based sellers on Amazon can immediately access their sales revenue, obtaining their funds faster rather than waiting out the usual 14-day delay. Companies no longer need to have their sales payout cycles dictate the pace at which they can reinvest in their business.
Henrique Dubugras, Brex co-CEO, explains how the feature innovates on a pain point faced by online sellers: “We built Brex to break down unnecessary barriers to growth. A big problem small business owners face is weak access to cash flow when they most need it. Companies that sell on big platforms like Amazon or Shopify can experience weeks or months delay between winning a sale and seeing the cash hit their bank account. Instant payouts shortens that cycle so that companies can focus on growing.”
Brex is further differentiating its ecommerce offerings with a rewards program tailored directly to the industry. Via Brex’s refreshed rewards program, ecommerce companies can now earn 1.5X points on digital ads, a major spend category and powerful driver of growth. Additionally, ecommerce companies also earn 8X on rideshare, 5X on travel and 4X on restaurants.
Rewards points accrue automatically on spend from a customer’s Brex card, and therefore can offset the instant payouts fee, helping companies access their sales revenue affordably. For example, a company that takes a $1,000 advance might use that money to pay for ads, thereby earning 1.5% in rewards and offsetting the fee entirely. Growing businesses no longer need to wait to invest in making their next sale.
"Brex’s instant payouts feature has been a game changer, both giving me peace of mind and allowing me to be offensive about investing in my business’ growth. It makes Brex a must for any scaling ecommerce business,” said Alexander Kunz, Chief Executive Officer of OP2 Labs, which sells Frog Fuel protein supplements.
Brex has continually refined its products that serve ecommerce businesses, starting with a card offering and now focusing on other tools to manage cash flow better and more inexpensively.
Instant payouts and ecommerce rewards go live today for eligible US-based sellers on Amazon’s platform. Expansion to other sales platforms is planned in the near-term as the end-of-year shopping season heats up. Get access to instant payouts by signing up for a Brex Cash account at brex.com/cash.
Brex is reimagining financial systems so every growing company can realize their full potential. With an innovative approach to corporate credit cards and cash management, Brex creates a radically better way for their customers to save and spend money. Brex has raised over $400M in funding and is backed by partners including Y Combinator Continuity, Kleiner Perkins, and the founders of PayPal. Learn more about Brex.
The instant payouts Program is offered by Brex Finance I LLC, an affiliate of Brex Inc. and Brex Treasury LLC. The Program is a factoring arrangement and not a loan. You must have a valid Brex Cash account in good standing in order to qualify. Instant payouts is subject to a 1.5% fee. Subject to further conditions. Brex Treasury LLC is an affiliated SEC-registered broker-dealer and member of FINRA and SIPC.