Daily Advance and Wallet
2020 was a banner year for many eCommerce sellers, as online shopping became more important to people around the world. Bienen–Apotheke was no exception.
Bienen–Apotheke is a German pharmacy selling about 60,000 products locally and 3,000-5,000 products abroad. They currently employ over 100 people, with about half of the staff solely dedicated to Amazon sales and the other half working at the 8 brick-and-mortar stores located in and around Munich. Owner Michael Grintz started selling on Amazon in 2015.
“We are growing very fast…my struggle in 2020, it was just to get the money to buy all the stuff I need to do my growth.”
With fast growth due to increased online orders during COVID and fulfilling online orders from 6 of their pharmacies, Michael needed cash flow to purchase the inventory needed to keep up with their high demand. In Germany, funds from Amazon are being received the next day, but for other US and European Amazon sales, they are having to wait 14 days to receive their funds.
Having that daily cash flow coming in is key to helping Bienen–Apotheke keep up with current demand and expand to Australia, Japan, Singapore, China and eventually worldwide.
“…we have to make sure that the we have enough people and enough space just to do all the business which is coming in right now... I’m using every space I have and all hands there.”
Michael found SellersFunding while at an exclusive Amazon conference in Seattle. They were promoting another funding option and when Michael went to Google to read more about the Amazon funding option, SellersFunding popped up instead.
“So I had been invited to Seattle to Amazon and a very exclusive invitation-only eight sellers from the whole board were invited. And we’re sitting in a room with about 60 employees from Amazon, they were saying that there is a service from Amazon for sellers to get their money sooner. And I was sitting there and was typing it… that’s how I found you. I found it on Google.”
Michael started his relationship with SellersFunding by reaching out for Working Capital solutions. Soon he found that collecting daily payments from Amazon in the US to receive funds every day would be the right way to move his business forward. With daily Amazon advances, Michael wouldn’t have to worry about having the needed funds to purchase his inventory to keep up with customer demands and shipping the products on time.
Michael was using Payoneer to collect Bienen-Apotheke’s Amazon payments daily at a 1.5% daily rate. Once they switched to SellersFunding, they are paying a 0.5% rate. A major savings for a high grossing seller.
“You’re a trusted partner… if I have a partner on my side, which offers me money when I need it, then it’s good.”
And Michael knows with global and local expansion, he will see a 20% growth in sales in 2021 and possibly more depending on the COVID-19 related lockdown regulations in Germany and Europe. With the lockdown still in place, many customers have developed a trusting relationship with online sellers and delivery partners for their pharmacy needs.
“It’s more complicated to sell in the rest of Europe and to sell in UK, in the US or Australia, but we will do this. And we will grow in the local market as well. So, I’m just starting to be a successful local delivery partner. As an Amazon customer buying stuff from my pharmacy, if you’re in Munich, you will get the order within the same day without paying any extra costs. Just something to convince the Munich Amazon customers that I’m the best online pharmacy for them.”
Michael plans to continue to grow and partner with SellersFunding to connect all Bienen-Apotheke’s Amazon accounts to SellersFunding, collecting payments daily to increase cash flow to continue to grow locally and abroad.
With daily cash flow, Michael can continue to grow the product offerings, keep current products in stock and provide his local customers with fast, same-day delivery.