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We first introduced Open with Faire—a programme that offers inventory financing to new independent retail businesses—to our U.S. community in May of 2021. Since then, we’ve helped thousands of retailers grow new businesses using Open with Faire.
Today, to continue to support small businesses around the world on every step of their journey, we’re introducing Open with Faire to our retailer community in Europe. Open with Faire was created to help you get all the inventory you need to open your retail shop. When you apply for Open with Faire, you have an opportunity to receive up to £20,000 in inventory financing, with no added costs, interest, or application fees.
It can be challenging to secure the essential capital needed to finance your shop’s inventory. We’re committed to making it easier for entrepreneurs across the globe to successfully open new retail stores. Read on to learn about how Open with Faire can make a difference in your retail business.
Payment terms
Purchasing with payment terms is a bit like buying on a credit card or with financing. At Faire, we offer 60-day payment terms free of interest, which means you won’t be charged until 60 days after you order. Here’s how it works:
- Apply for terms. Let us know how much you’ll need to stock up for your opening, and we’ll issue you anywhere from £5,000 to £20,000 in 60-day payment terms.
- Purchase inventory using your terms. You won’t pay anything on the day you place your orders, and Faire brands will start working to fulfill your orders right away.
- Sell new products before you pay. Start selling through your new inventory and pay 60 days later.
“Open with Faire was extremely valuable for me. I don’t think I would have been able to get even half of the selection for my general store without the high 60-day payment terms. A wide selection of high-quality products really helped me establish credibility from day one.” —Josh Blancas, The Ground Floor
Why do I need payment terms to open my store?
By the time you open your shop’s doors, you’ll want to have a thoughtful assortment of curated products already lining your shelves. A fully stocked store builds credibility with your customers from the start.
When opening a new store, inventory can make up over 50% of your opening costs, and cash flow is often the most challenging problem that new business owners face. Payment terms enable retailers to stock up, even without cash on hand.
That’s why we’re committed to providing new store owners with 60-day payment terms to use to purchase inventory. You can buy from 60,000 high-quality brands on the Faire marketplace and pay 60 days later, giving you time to sell products in your shop before ever paying for them.
“The Open with Faire programme was invaluable for us. Our store opening got delayed by several months due to permitting issues, and as such we had to tap into our funds reserved for products to pay for rent and construction. We were on the verge of losing everything. Only thanks to Open with Faire, we were able to fully stock up our store and open the store.” —Jeanette Florez, Cherry Block Butcher
