Jamaica -based micro-financier 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,” said Christopher Barrett, chief executive officer, Sprint Financial. “Our retailers generate close to US$60 million in PayPal revenues per month. However, they have been afflicted by settlement periods of up to 90 days and with rates as high as 25 per cent, exclusive of PayPal’s own settlement fees.”

Recently, the microfinance institution signed a Memorandum of Understanding (MOU) with home-grown 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 (JMEA).

“The JMEA has already secured a special settlement rate for its own members doing business online, and other forward-thinking organisations 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 accounts. 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.

Sprint Financial specialises in loan products catering to Jamaicans islandwide and across all social strata. The company also focuses on convenience through the use of technology to aid in the ease of application for loans, as well as their repayment. It provides various methods of processing applications and transactions that don’t actually require the physical presence of clients. To this end, Sprint Financial has become a pioneer in personal and business financing through the expedient provision of innovative loan products that facilitate both business and recreational activities.