Uniquely, Rabobank uses bol.com sales data, with the prospective borrower’s permission, in order to make quick lending decisions. This saves the bol.com partner a lot of work and time. Thanks in part to the available sales data, the bank can determine within 15 minutes how much the partner can borrow and under what conditions. The loan is then concluded between Rabobank and the borrower. To be eligible for Flexible Financing, bol.com partners can bank with Rabobank, ING or ABN AMRO. Bol.com does not receive a commission on loan applications.
Catching seasonal peaks
The repayment terms take into account the actual turnover of the bol.com partner. They can pay off the loan from Rabobank within 3 to 12 months. The loan can be used, for example, for investments in stock to absorb so-called “seasonal peaks,” such as summer sales spikes in barbecues or air conditioners.
Marcel Gerritsen, Director of Strategy & Innovation Commercial Banking at Rabobank: “As a cooperative bank, we want entrepreneurs to bank in the way that suits them best – and where it suits them best. For example, by offering our services through accounting programs and sales platforms where entrepreneurs conduct their business on a daily basis. That saves them a lot of time. We call this “banking as a service.” Once the entrepreneur gives permission to share their data with us, we can immediately calculate what is financially possible. The actual turnover then determines the financing costs. Our partnership with bol.com is a good example. We strengthen each other and help bol.com’s partners to grow. As a trusted and established bank, we are fully equipped to handle money and data with great care. This offers users confidence and certainty.”
Margaret Versteden, Director of Platform at bol.com: “Bol.com is a platform is a platform for entrepreneurs. Sixty percent of our turnover is now done by partners of bol.com. That is more than 43,000 partners and we actively support them in successfully selling through our platform. Bol.com believes in the power of collaboration, because only together with our sales partners can bol.com offer its customers the best shopping experience. We are happy to work with established, local parties who develop additional services for our sales partners. Rabobank is a good example in the field of financing. The sales history of bol.com partners can now help them obtain a flexible loan that is unique in the Dutch market. This financing helps partners to cope with seasonal peaks more easily.”
How does it work?
• The sales partner fills in details about their company and the desired loan amount. They then link to their bol.com sales data and give permission to share transaction data from relevant bank accounts (from Rabobank, ING or ABN AMRO). Finally, the sales partner shares some financial data from their most recent final annual figures. With this information Rabobank can quickly calculate financing possibilities. Here you can find all the conditions.
• The sales partner looks at the indicative offer. It contains the amount for which they are eligible, the interest and closing costs, duration, minimum repayment and conditions.
• Does the sales partner want to receive a final offer? Then they can send the request. Rabobank will then contact them within 1 working day to schedule a video call. In the video call, the sale partner discusses the application and can ask questions. If the sales partner is not yet a Rabobank customer, the process of becoming a Rabobank customer will also be completed. The sales partner does not have to switch from his or her current bank and no additional costs are involved.
• If everything is in order, the sales partner signs the financing agreement and the loan is paid into their account within 4 working days.
• The sales partner pays off the loan within 3 to 12 months. The repayment terms are determined on the basis of turnover via bol.com and automatically debited from the borrower’s account by Rabobank.