True story: you wanted to use your money to increase your inventory for this upcoming Black Friday Sale but you just can’t do that because you have to wait for two-weeks before you can access your funds and Black Friday Sale can not wait for your situation to get resolved. That just doesn’t happen. Blame timing. The same is true whether you are on retail arbitrage or private label seller. Whatever type of seller you are — you know that opportunities come and go in a matter of hours and having the funds, and yet unable to access it, is frustrating.
Payability answers the need for creative financing solutions for small-medium size businesses with presence in digital marketplaces like Amazon. It allows you the capability of getting paid when you need it. While Amazon payments may be prompt, there is that two-week waiting time when you would want to use your money to grow your business. Refill your inventory faster and make money quicker by having that access to your funds when needed. While traditional business loans would require longer wait time and a grueling vetting process, Payability only needs your seller historical data with focus on pre-existing KPIs that Amazon has set.
Currently, Payability caters to less than a thousand users but the qualifications are quite easy– the same KPIs that Amazon cares about:
- 90 days of historical sales or aged to at least 3 month
- Customer performance metrics such as rate of returns
- Ratings and reviews
- Other details: credit check, existing loans on the business
The average time to close or to get approved is 7 days at the most. Unfortunately, Payability is available only to USA, Canada, UK and Australia sellers. You’ll be surprised at how many sellers are not accessing the program not because they do not have the necessary requirements but because they are suspicious of anything too good to be true! Well nothing this good is for free but later on I’ll discuss with you the fees.
Long term benefits.
If you are looking to create or improve your business credit report then you are in luck, Payability does that. It submits your transactions to aggregators such as Dun and Bradstreets. Easy access to your funds ensures that you avoid stockouts, and remain in the Buy Box longer!
How it works.
Having one of your KPI’s flagged does not mean that you get denied outright. Payability will advance LESS than normal and normal is usually at 80% of your pay-out. One important thing to note is that Payability flags accounts even when you are already signed up. You can access your yesterday’s sales today. The sign-up process takes as little as 10-15 minutes and as I mentioned earlier, the average time to close: 7 days!
How about fees?
The Payability pricing scheme covers two products: Instant Access ― flat fee of 2% of gross sales ― and Instant Advance ― 0.5% to 1% per week. Signing up for an account is free –Payability Team
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Scale your business and sign up with any sales volume. The dynamic pricing model allows sellers quick access and high transparency– no surprises! Other related fees are with ACH or Wire Transfer. These settings on your account on how you want to get paid can be changed anytime. The wire fee is usually set at $8 while ACH is for free. Transfer funds on pre-funded MasterCard is also zero charged.
How about if you change your mind?
Let your Payability team know by sending them 90 day notice for cancellation. No early termination fee, AT ALL.