Wayflyer provides funding to eCommerce companies which is then paid back using a percentage of your daily revenue.
For every funding offer, there are three terms to be aware of;
No. We like to keep things simple and we hate surprises. 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.
Repayment is linked to your sales. We usually target 2-5 months but it will depend on your specific needs and the results of the application process.
Yes. You can make manual payments toward your balance at any time and there is no charge or penalty for early repayment. If you wish to do this, contact your Customer Success Manager.
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.
The funding is provided directly by Wayflyer and your contract will be with Wayflyer. There are no 3rd parties involved.
On a standard cadence, typically each day, repayments 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 Repayment 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 (Direct Debit) continues until the total amount is repaid.
This is the bank account to which we send the funding and take repayments from. You may have multiple bank accounts on file but you can only have one primary payment account with Wayflyer.