Witz Group Funds Opportunistic Vendor Purchases via Quartix
Witz Group (“Witz”) developed a unique one-stop-shop model for traditional retail brands that want to leverage the largest e-Commerce platforms to boost their own sales. As more and more retail brands chose to partner with Witz, Simon Feldman, Witz’s VP Finance needed to fund Witz’s growing working capital needs. With Quartix, Witz found a digital, corporate-grade Buy Now Pay Later solution that allows Witz to strategically cater to vendor-specific payment terms.
The Client: A one-stop-shop link between tradition retail brands and e-Commerce giants
Many retail brands struggle to enter e-Commerce and this is due to their lack of experience, talent and time. Witz provides a one-stop-shop for health & beauty brands to sell over 25,000 products and grow their brand on Amazon, Walmart.com, Ebay, and more. They help brands with offering everything from purchasing inventory and fulfilling orders to marketing services, brand management and data analytics.
The Challenge: Supporting rapid growth by increasing purchasing
As a part of its one-stop-shop model, Witz buys product wholesale at low prices and reselling them online and through exclusive partnerships with brands. In order to buy large quantities of goods and pay vendors quickly, Witz needed access to a flexible, uncommitted liquidity source, to be able draw funding quickly and repay easily to avoid unnecessary expenses.
The Solution: On-demand, same-day funding for opportunistic vendor purchases
Quartix unlocked an unsecured, uncommitted Buy Now / Pay Later credit line to Witz, giving Witz access to Quartix’s digital platform and capital. When a payment was approved by Witz, Quartix sent Witz a digital offer to get the funds needed to make a timely payment to the vendor. Witz could accept or decline the offer based on its capital needs at that point in time. Witz is also able to choose when it wants to repay Quartix, having the ability to pay back months down the road. The process is completely transparent to Witz vendors.