When businesses struggle, most of the time it isn't due to low sales or inefficient management, it's due to cash flow problems.
The factor's profit is $10, but they were out of pocket for two weeks and took on the risk of non-payment. I don't mind that they make a gain on the transaction, as it means I have funds available immediately and I don't have to wait before I can buy more stock.
This is exactly how Payability works, except for a lower fee. For marketplace sellers, the amount you are due from Amazon every two weeks is effectively an "invoice" which you sell to Payability. They take a fee and in return make your Amazon payout available to you much more quickly.
The innovation in this service is taking the age-old practice of factoring and making it available to Amazon sellers and vendors.
You sign up via the Payability website. After creating an account, you'll be asked to enter your personal and business information, including your business' legal entity and tax ID. Payability then generates a contract using that legal entity, which is made up of a factoring agreement and a validity agreement. This is to ensure you are checking that your stock is authentic, and you adhere to Amazon's terms of service.
You then need to sign the contract, which can be done online using DocuSign. You will also need to upload a form of photo identification and proof of your business address, such as a utility bill or the first page of a bank statement. This is required by the US government to adhere to the KYC (know your customer) regulations.
It may seem like a lot of steps, but the whole process can be done in little more than ten minutes.
So not only does Payability provide the quickest way to get your Amazon payouts, you can sign up and get your first payment in only 24 hours.
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