The Instant Advance Report shows the details as well as status of your current and past Instant Advance offers.
The purpose of this report is to display all information on your Instant Advance - the initial terms as well as the current status.
The first section, Instant Advance Details, displays the Total Advance Offer, which is the amount you can transfer to your bank account.
The Total Receivables To Be Collected is the repayment amount for your Instant Advance over the maximum 20-week period. The report also shows the reserve percentage, the weekly cost percentage and amount. The information icons to the left of each line item give more details about what is being displayed.
The Instant Advance Status section, further below, shows the current state of your Instant Advance repayment.
Your Advance is repaid with your bi-weekly Marketplace Payments. Instead of releasing the reserve amount to your available balance, the reserve is applied towards your Instant Advance.
You can review the payments by expanding Total Amount Collected to Date.
The Total Amount Currently Reserved is your current reserve balance. Keep in mind that your reserve is always a percentage of your current Marketplace balance. If your Marketplace balance is $10,000 and your reserve rate is 25%, your reserve balance will be $2,500.
The Amount Remaining to be Collected reflects the Total Receivables To Be Collected minus Total Amount Collected to Date. If you would pay off that amount on any given day, you would receive the Rebate (as of today).
The Amount Remaining to be Collected minus the Rebate (as of today) reflects the actual outstanding amount on any given day.
The Rebate is calculated by taking the maximum total costs for the Instant Advance (your weekly cost times 20 weeks) and deducting the Cost (as of today).
The Cost (as of today) provides a breakdown of the costs on a weekly basis.
