Kabbage, "Kabbage Launches Online Hub to Help Boost Sales for U.S. Small Businesses" (March 18, 2020)

Summary

Kabbage announcement dated March 18, 2020, that Kabbage launched an online hub for small businesses financially impacted by COVID-19, where anyone can buy online gift certificates from participating small businesses. Consumers can purchase certificates for any amount between $15 and $500, and revenue from sales is deposited as soon as the next business day. Kabbage states that Kabbage will not profit from the effort. Co-founder and CEO Rob Frohwein and co-founder and President Kathryn Petralia are quoted, and the site will remain in operation until further notice.

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Community , Company , News , Technology

Kabbage Launches Online Hub to Help Boost Sales for U.S. Small Businesses Impacted by COVID-19

Kabbage calls on everyone in the U.S. to buy gift certificates from participating small businesses to provide immediate financial support

March 18, 2020

Kabbage Inc ., today launched www.helpsmallbusiness.com to support small businesses financially impacted by COVID-19. The initiative is a call-to-action across the U.S., enabling anyone to purchase an online gift certificate from participating small businesses to provide them with crucial financial support. Certificates can be redeemed in full after they’re issued or in the future when the crisis has subsided. All revenue generated from gift certificate sales will be deposited via Kabbage Payments as soon as the next business day to participating small businesses to aid their ability to withstand cash-flow gaps caused by COVID-19.*

In minutes, U.S. small businesses can sign up for free on www.helpsmallbusiness.com to immediately seek financial support through gift certificate purchases from individuals throughout the U.S. Kabbage will also provide businesses a unique URL to easily share their personalized page with customers via text, email, web, social media or print. Consumers can purchase multiple certificates for any amount between $15 and $500. Once certificates are purchased, small businesses will get an immediate notification and can use free technology offered by Kabbage to scan, verify, track and fulfill gift certificates when redeemed.

“The impact of COVID-19 on small businesses requires the support of a nation,” said Kabbage co-founder and CEO Rob Frohwein. “If there is a local small business that you love, they need your patronage now more than ever. Many businesses are closing and others are seeing reduced demand. The site is a means for the millions of small businesses that employ more than half of all employees in America to continue making sales and to feel your commitment to their long-term success.”

“We encourage everyone to think beyond consumer goods and consider all service providers such as local handymen, lawn care providers, dry cleaners and laundromats; they all need our support,” said Kabbage co-founder and President Kathryn Petralia. “Many weddings, birthdays and vacations are being postponed due to social distancing. Think about the small businesses you would have approached for those activities and purchase certificates to plan for future dates.”

Kabbage will not profit from its efforts to support small businesses during this challenging period, and it is actively working with organizations in the payments ecosystem to eliminate or significantly reduce any associated transaction fees. Kabbage’s goal is to provide small businesses with a unique solution to generate revenue during this extraordinary time. The site www.helpsmallbusiness.com will remain in operation until further notice.

*Transactions that are processed by 5 p.m. ET will be deposited in the merchant’s bank account the following banking day. Any transactions that are processed after 5 p.m. ET will be deposited in the merchant’s bank account within two banking days. Settlements may be delayed if transactions are flagged for review.

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