Sprint Financial launches payment platform for online traders
Christopher Barrett, CEO Sprint Financial.
Jamaican based micro-finance company, Sprint Financial has entered the local Fintech arena with the introduction of its new online B2B product, SprintFinx.com.
Online traders will now be able to receive PayPal settlements within 24 hours through Sprint’s innovative factoring product, at rates starting at 7.33 per cent inclusive of PayPal fees and charges.
“For years, Jamaican online merchants have been plagued by e-commerce gaps that have affected the growth of Jamaica’s potential e-commerce ecosystem. Our retailers generate close to $6 million in PayPal revenues per month; however, they have been afflicted by settlements periods of up to 90 days and with rates as high as 25 per cent, exclusive of PayPal's own settlement fees,” said Christopher Barrett, CEO Sprint Financial.
Recently, the microfinance institution signed an MOU with homegrown technology firm, Avaris Interactive to license its Fintech platform ClickCapital. The software is used by regional financial technology firms to support the delivery of online financial services and will be a key component for SprintFinx.com.
The new product has been in quiet beta testing since January 2019, and the product has already garnered the support of the Jamaica Manufacturers & Exporters Association, the JMEA.
“The JMEA has already secured a special settlement rate for its own members doing business online, and other forward-thinking organizations are engaging us in such discussions,” added Barrett.
Sprintfinx.com is now accessible online, where verified accounts are approved for use within 24 hours of submission. Merchants will then be able to request settlements 24 hours a day, seven days a week for their funds to be transferred to their local commercial bank account.
Sprintfinx will also accommodate digital payment options such as MyCash and Quisk. The added advantage of the new service allows users to develop a credit history with Sprint Financial, which facilitates guarantees, and easier access to bridge loans in quicker turnaround times.