Having a constant and dependable supply of goods is one of the key factors to any online retail business. In a bid to ensure a solid supply chain, Chinese e-commerce company Jingdong announced today a new financing service called “Jing Bao Bei” for its suppliers, which promises a financing approval process that takes less than three minutes.
Whether or not that turns out to be true remains to be seen. However, the fact that Jingdong — which operates the site JD.com — is keen to see its suppliers get their hands on funds speedily to grow their businesses, is an indication of its commitment to ensuring the efficiency of its supply chain.
More than ten thousand of Jingdong’s suppliers can apply for financing from the company without any form of guarantee or mortgage, with the whole application process done online. Suppliers can decide the amount of financing and repay time, with the longest period being 90 days.
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