Invoice Bazaar, a supply chain finance platform, and PayTabs, a payment solutions provider, have partnered to support small and medium-sized (SMEs) e-commerce businesses in the UAE with working capital solutions.

Dubai-based Invoice Bazaar enables the businesses to leverage its banking network and obtain working capital solutions in an automated manner, while PayTabs facilitates the payment processing.

Once sales data is shared with PayTabs, Invoice Bazaar’s automated engine makes a credit decision based on a firm’s rating and historic and weekly sales data. Liquidity can be distributed in 72 hours from the time of signing up to the service, taking the form of a revolving line of credit.

According to the UAE Ministry of Economy, SMEs represent over 98% of the total number of companies operating in the country and contribute 52% of the GDP from non-oil sectors.

SME’s that have used Invoice Bazaar’s working capital solutions will now be able to access PayTabs’ features, including simplified electronic invoicing processes and a dashboard to help manage transaction data and billings.

“More SME businesses will be able to take their stores digital and accept mobile and online payments seamlessly and securely via PayTabs’ B2B solutions,” reveals the Dubai-based payments provider in a statement.

CEO and founder of PayTabs, Abdulaziz Al Jouf says: “Our partnership enables more e-commerce sellers to streamline their payments and invoicing so they can focus on digitising and scaling up their businesses to meet the pressing demand for online shopping at this time.”

Anand Nagaraj, founder and CEO of Invoice Bazaar adds that partnering with PayTabs helps it to provide more customised solutions to smaller firms suffering in tough business conditions.

The news follows Invoice Bazaar linking up with RSA Global, a Dubai-based supply chain solution and digital freight forwarding provider, to help businesses obtain liquidity to pay their suppliers. The partnership with Invoice Bazaar enables RSA Global to introduce financing options to its customers to receive cash against inventory held at RSA facilities.