COVID-19 Response Accelerates Walmart’s Supplier Payments
Wednesday, March 25, 2020
As concerns grow about the current state of the economy, at least one large company is including quicker payments to suppliers as part of its COVID-19 response plan. Walmart recently announced steps to accelerate payments:
- Speeding up its supplier on-boarding process.
- Eliminating eligibility requirements.
- Adding two additional banks to its supply chain financing program.
“Capital is increasingly maxed for some suppliers as their business models change and shift,” the announcement said. “More than two-thirds of our 18,000 suppliers are small and medium sized businesses who could benefit from this newly enhanced program.”
The company is also waiving rent for small businesses operating out of its stores for the month of April. This includes more than 10,000 hair and nail salons, optometrists, restaurant franchises, veterinary clinics, local and regional banks.