Wayflyer provides funding to eCommerce companies by purchasing a percentage of your future revenue up to an agreed amount. What this means is that you will transfer us a specified percentage of your future sales until Wayflyer receives the total amount it has purchased from you. This means that if your sales slow down, so do the transfers to us. No interest applies to our cash advance so you will know the total cost before you accept your offer.
We like to keep things simple and we hate surprises. A fixed fee is applied to the total amount of funding you get. This is typically between 2% and 8% of the funding but it all depends on your business. Signing up and applying for funding is completely free. There are no origination fees, no annual fees, no monthly maintenance fees, no documentation fees, no interest rates and no other hidden fees.
If we provide you with a cash advance of $100,000, we will apply a fee which is typically between 2% and 8% of the advance amount but it all depends on your business. If, for the example, the fee was 4% or $4,000, the total amount of your future sales that will be remitted to Wayflyer is $104,000. You will remit an agreed percentage of your daily sales until the amount of $104,000 has been transferred to us.
Typically, yes. Once you have worked with us for a while, we get to know your business and things like your seasonality better. If your sales are strong, your business is growing and performing well, you will usually be able to get more funding and at even better terms.
Typically each day, remittances are made from your bank account to Wayflyer by an Automated Clearing House (ACH) Pull or a Direct Debit depending on your country.
This amount is calculated each day by multiplying the Remittance Rate in your contract by the Sales collected through your online store that day.
Therefore, the amount varies in line with your sales.The ACH pull or Direct Debit continues until the agreed amount has been remitted.
This is the bank account to which we send the cash advance and from which remittances are made. You may have multiple bank accounts on file but you can only have one designated bank account with Wayflyer.