Sunday 12th of August 2018 12:16:27 PM
I can't heap enough praise on Payability or the service they offer! We signed on like 6 weeks ago and last night my wife and I realized that neither one of us knew when our next Amazon payday was because for the last 6 weeks EVERY DAY has been payday! LOL! If you're an Amazon seller, you know what it's like only getting your sales money released to you twice a month. Payability puts an end to that! With Payability, you get access to 80% of your Amazon sales money right away and 20% on your usual Amazon 'payday'. The remaining 1% is paid to Payability as a one-time fee. The application process is a bit much to take in. If you're an untrusting person, you might be swayed by posts made by other people telling you to 'stay away'! I saw several posts dismissing Payability as a 'payday loan' or predatory lender of some sort. I'm assuming those are the same folks that scoff at everything or they just didn't even LOOK at the details. There is no 'lending' going on here. Here's how it works. Let's say 1. You do 1000 in sales on Amazon on Monday. 2. On tuesday morning, Payability logs into your Amazon account and downloads your sales. 80% of those monies are IMMEDIATELY available to you in your Payability account. The other 20% are held in reserve. You can initiate a transfer of the 800 available dollars right away. If you initiate that transfer by 3:30pm eastern, it will likely be in your bank by the NEXT DAY. The remaining 200 dollars of your sales for monday are placed into your 'reserve account' at Payability. 3. On Tuesday, you do 2000 dollars in sales on Amazon. So Wednesday morning (around 9am) Payability logs into your account, records your sales, places 1600 dollars into your 'available funds' account and another 400 dollars into your reserve account (which is now at 600 dollars). And so on, and so on, and so on. There are a few things that have to happen for this business model to work. You are going to have to create a user (a SUPER USER actually) for Payability in your Amazon account. You will need to give them FULL ACCESS to your Amazon account. They need this for several reasons. They need to be able to log in and see your sales numbers for one thing. How can they buy your receivables if they don't know how much you have in receivables? Also, you will need to set the bank account information at Amazon to reflect Payability's bank. Amazon will no longer be making payments to YOUR bank. Honestly, yeah, I was a little hesitant at first. But I took the plunge and I'm glad I did. It's a small company. Their support has been infinitely friendly and patient, and most importantly, when we crunched the numbers this week, they all seemed to be dead-on. The only difference was that we had access to our money the whole time. Well that, and the fact that our Amazon payday is now able to sneak up on us instead of us waiting for it!