COVID-19: A Letter from the CEO

COVID-19: A Letter from the CEO

To the Payability Community: 

Over the past few weeks, the COVID-19 pandemic has significantly transformed the daily lives of billions of people across the globe. In this time of unprecedented change and uncertainty, I wanted to personally reach out to assure you that the health and safety of our employees, our customers, the eCommerce ecosystem, and the global community are and always will be our first priority. Our second biggest priority is to ensure Payability is financially strong and able to continue providing capital to you, the eCommerce sellers. Our risk team has been paying close attention to the spread of this virus since mid-January. Thanks to steps we have progressively put in place since that time, Payability is open for business!

eCommerce sellers have suddenly become mission critical to our nation’s survival. A month ago, eCommerce represented roughly 12% of total retail purchases. Today, it is likely more than 50%.  In breakneck speed, you as eCommerce sellers have become the lifeblood of supply to America. The work you will do in the coming weeks and months will feed, clothe, comfort and clean Americans across this great nation – and we stand by to partner with you and provide you with the capital you need to fulfill that mission. We are committed to and able to fund good sellers that operate with integrity and transparency through this incredibly trying time.

I have complete confidence that our modern society will get through this, but not without some adjustments to our day-to-day behaviors. If we all do our part to slow the spread, hopefully we’ll give our hospitals time to react to the spike in hospital stays and our scientists time to get a vaccine tested and widely produced. We don’t need to panic, we just need to be concerned enough to change our behaviors. 

I’d suggest that as humans we have a responsibility to protect everyone among us, especially the weak and infirm. So those of us who are healthy and young (I nearly qualify for both of those) have a responsibility to make sure we don’t put others who are more compromised at risk. While we can’t currently hold large gatherings or visit many of our loved ones, it’s important that we stay connected. The same technology that allows us to work from home can also help you stay in touch. So go ahead and send an email, get on a video call or call those you care about just to tell them you are thinking of them.  

Payability employees safely working from home to fund eCommerce businesses during this critical time. 

Let’s brace ourselves for some hard work ahead as we react to the new realities each day. If we stay diligent and productive, I’m confident Payability and the eCommerce community will fulfill our duty of supplying America with the goods it needs. In doing so, we will not only survive this episode, but will thrive on the other side. We will get through this together (but at a safe distance).

Stay Safe and Healthy,

Keith Smith, Co-Founder and CEO of Payability

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Keith Smith
Keith Smith is the Co-founder and CEO of Payability, a FinTech company that provides financing and payment solutions to eCommerce sellers. Its patented technology utilizes machine learning algorithms to underwrite customers based on sales quality and historical eCommerce performance - rather than simply looking at personal credit scores. Previously, Keith founded and ran multiple startups, including; CyberMortgage, Zango, and BigDoor. Keith lends his time to early-stage startups via Techstars and serves as an adviser, investor, and board member for multiple tech startups.

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