Walmart is introducing an early invoice payment program aimed at diverse supply chain partners.
Along with its Sam’s Club warehouse club subsidiary, Walmart is partnering with financial technology company C2FO to offer an expanded early payment program for diverse and minority-owned businesses.
Building on Walmart’s existing early payment programs, this new option provides an interface hosted by C2FO, which enables eligible suppliers to hand-select the invoices they would like to request early payments on. Walmart will independently fund this opportunity at the outset, with plans to team up with leading global and minority-owned banks to provide additional funding capabilities.
Walmart and Sam’s Club have long offered supplier diversity initiatives. According to Walmart, in 2020 it sourced more than $13.1 billion in goods and services from diverse suppliers and has committed with the Walmart Foundation to donate $100 million over the next five years to the Walmart.org Center for Racial Equity.
“Today’s retail environment is particularly unique, and more than ever, businesses need to constantly change and grow to keep pace with customer needs,” Scott McCall, chief merchandising officer, Walmart U.S., and Megan Crozier, chief merchandising officer, Sam’s Club, said in a corporate blog post. “Through this latest effort, Walmart and Sam’s Club can help build equity and foster greater awareness of diverse and minority suppliers.”
Qualified diverse businesses can take advantage of this new financing opportunity starting May 3. Diverse suppliers can learn more about this new program here.