How To Get Paid Faster on Amazon and Beat the 2 Week Wait
So, your sales are through the roof and you’re killing it with your bestselling products. Suddenly, you realize why you became an FBA seller in the first place. The money is pouring into your Amazon account and everything is going great.
There’s just one small problem that could bring it all to a total standstill. Amazon won’t pay you the money you’re making right now for another two weeks. Even worse, your supplier doesn’t give credit and it could take an extra 3-5 days for the cleared funds to hit your account. You need to place an inventory order ASAP or you’ll run out and your metrics will start to suffer. With lead time, shipping time and time to wait for the money to clear, the small problem turns into a huge disaster.
This happened to Manny Coats, host of the AM/PM Podcast for Amazon Sellers. “I had a product that was selling over 50 units per day when I first started out. My replenishment order didn’t come in quickly enough due to cash flow issues and I ran out of stock. By the time inventory arrived, sales had plummeted to single digit sales daily, and it never rebounded to the 50+ units per day it once had. Always having inventory and keeping that momentum going non-stop is ultra critical,” says Manny Coats.
This is one of the most frustrating factors of being an Amazon seller, and it could put the brakes on your winning sales streak. After all, if you can’t order from your suppliers, you can’t fulfill orders and your sales figures are going to take a massive dive. How does being an FBA seller feel now? We know. We’ve been there. Not good. By the time you do get paid and are in a better position, that window of opportunity could have closed. Bad enough on a normal day, but catastrophic during peak times like Christmas and Black Friday.
Why Do I Have To Wait So Long For My Amazon Earnings?
In a perfect world, you’d have access to your funds daily so that you can refill your inventory quickly and keep your sales targets on track and your customers happy. If you’re lucky enough to have an old “grandfathered” account that is eligible for daily disbursement requests, good for you. If you’re a newer seller, you’ll be subject to a 14-day holding period. Once the holding period has passed, the funds in your Seller Account will be disbursed to your allocated checking account. Depending on your bank, it could take an extra 5 days to reach your account making your total wait time 19 days!
So, do you really just have to hunker down and wait it out? Is there any way to beat the 2-week wait and get access to the money you have earned faster? Well, yes, actually there is, and we’re really excited to share it with you!
Payability: The Easy Way To Get Daily Disbursements On Amazon
Payability is a fast and flexible financing solution specially designed for those who generate revenue on Amazon and App Stores. They help thousands of sellers across a number of seller networks to get their hands on their cash so that they can reinvest, spend, save and just put that money to good use. The result is a business you can grow faster, access to funds to put back into your business, happy customers, repeat business and ultimately the best chance of boosting your sales and profits.
So, how does it work? Well, we’ve been testing it out and it couldn’t be easier. If you listen to Manny’s Payability podcast, he’ll give you the lowdown on his own personal experience, and how his business is benefiting from a daily payment schedule.
There are two plans; Instant Access and Weekly Payments. If you are a seller central account holder, you can enroll for Instant Access and get access to your funds the next day. Otherwise, if your payment terms are 30/60/90 like you get with Vendor Central, you can enroll for Weekly Payments that pay you last week’s earnings this week.
The process is this simple:
● Connect the marketplace accounts you want Payability to work with. Payability will monitor your earnings data to assess how much money is available to advance.
● Once approved, Payability will notify you of your credit limits and specific pricing. Typically, you’ll pay one to two percent of your monthly earnings as a fee.
● Get paid. You can choose when and how you are paid. Choose a daily, weekly or monthly schedule and opt to have your funds deposited directly to your bank account (Wire or ACH) or loaded onto a prepaid Mastercard. You’ll earn 2% cash back if you choose the prepaid card. There is no charge for ACH or Mastercard disbursements.
In terms of credit checks and approval, there are credit checks at the company level. Approval takes an average of six days right now, and you’ll need to have been an active Amazon seller for at least 90 days with a healthy selling history at that time. Don’t worry if the approval process takes a few days. Payability won’t lose a beat during the approval process and will ensure you have access to the earnings you have accumulated during the approval window the moment you get the green light as a Payability customer.
For companies just starting out, Payability can be a great way to get your company on the credit ladder and gain access to more traditional forms of business credit that will fund your business further.
Get Paid Today, Grow Your Amazon Business Faster
Payability is currently available to all US and Canadian sellers operating on Amazon.com. However, good news for UK and Australian sellers on Amazon.com. As long as you are trading in US dollars, you can join the pilot program that is currently in progress.
Whether you’re just starting out as an Amazon seller or you’re a veteran seller who just missed out on a daily disbursements account, Payability is well worth a look. If your number one priority is to grow your business and keep your inventory stocked high with your bestselling products, Payability gives you the power to unlock your earnings faster and achieve those objectives.