What you need to know
Here’s what you need to know about our fees and repayment of advanced funds for Instant Advance:
Fees
The Instant Advance fee is assessed on the full repayment amount. Say your Advance is $10,000 and the remittance is $8,000, it will be charged on the $10,000.
The fee is displayed as a weekly fee in your Advance Report. You can also see the daily breakdown of the weekly fee on your fee report.
Repayment when you have Instant Advance only
The Advance is getting repaid from a percentage (usually 25%) of each marketplace payment. There are two options for Payability to collect the repayment:
|
Marketplace Payment |
Bank account debits (ACH debits) |
|
Payability is the deposit account on your marketplace. After each marketplace payment is deposited into our bank account, we take the repayment percentage (usually 25%) to pay down the Advance. The remaining 75% is added to your available balance. |
Your own bank account is the deposit account on your marketplace. After each marketplace payment is deposited into your bank account Payability will initiate a same-day debit for the repayment percentage (usually 25%). The remaining amount of the marketplace payment remains in your bank account. |
Our Sales team will advise which repayment option is best for your account.
Repayment when you have Instant Advance & Instant Access
Read more about Instant Access here.
The Advance is getting repaid from a percentage (usually 25%) of each marketplace payment. The remaining 75% of your marketplace payment will repay the advanced funds from Instant Access.
There are two options for Payability to collect the repayment:
|
Marketplace Payment |
Bank account debits (ACH debits) |
|
Payability is the deposit account on your marketplace. After each marketplace payment is deposited into our bank account, we take the repayment percentage (usually 25%) to pay down the Advance. The remaining 75% repays the funds advanced through Instant Access, so there won’t be a reserve to be released. |
Your own bank account is the deposit account on your marketplace. After each marketplace payment is deposited into your bank account Payability will initiate a same-day debit for the full payment (25% for Instant Advance, 75% for Instant Access). |
Our Sales team will advise which repayment option is best for your account.