The repayment occurs automatically with every Marketplace payment.
If you have multiple Marketplaces, payments received from each Marketplace would be applied towards the repayment of your Instant Advance. This may lead to an earlier payoff and result in a higher rebate release!
Your repayment percentage for Instant Advance is an agreed upon percentage of your total Marketplace balance, so every time Payability receives a payment from your Marketplace, the percentage of that payment will be applied towards repayment of your Instant Advance.
You can review the current status of your Instant Advance from Reports > Instant Advance Report in your Payability Dashboard. You can see a video walkthrough of the reporting here.
The Instant Advance is repaid once the Balance Remaining is $0.
Once you see that the Balance Remaining is very close to, or the same as, the Early Repayment Rebate we can manually apply the rebate towards your final payment and pay off your Instant Advance.
If you wish to do this, you will need to email or call us on the day this is reflected on the Instant Advance Report.
The mechanism for repayment works differently based on payment configuration of your account.
Directly from the Marketplace payouts: When Payability is the deposit account on your Marketplace, when the Marketplace payment is received the repayment percentage is used to make payments toward your Instant Advance.
Bank account debits (ACH debits): If you are utilizing your business bank account to make payments toward your Instant Advance, when the Marketplace sends a payment to your bank account you will see a Payability debit for the repayment percentage of that payment.
In both payment configurations the same example applies: if your Marketplace payment is $1,000 and your repayment percentage is 10%, $100 is made as a payment toward your Instant Advance. The only difference is the origination of the payment -from the Payability deposit account or your bank account as a debit.