Hey guys, here's Ted with OAXRAY and today we are going to talk about a payment service
wich will pay you every single day from your amazon payment so you won't have to wait 14
days, and I'll tell you what I think about it.
So, I actually got the question about something called „Payability" the other day.
Payability is a service.
Essentially instead of getting a payout every 14 days which is amazon standard, they essentially
send you the money ahead of time so for instance, today, let's say I made $5000 into my amazon
account, and they pay me that $5000 today, and tomorrow when I make $3000 they pay that to me tomorrow
So, I get payouts every single day, instead of having to waiting 14 days to the end of amazon
pay period.
Now, there are a few things about this site I'm going to go over.
First, you have to have a 90 days sales history on amazon, and that's essentially what they
doing, they'll look at your sales history, and they establish that you are selling every
single month and that your account is in good standings.
And then they will start giving you these loans.
What they are really is loans against your money on amazon account.
Now I've looked at this, and I am unable to actually to find out what happens if your
account get's suspended, or somehow they don't get their payment on time.
But just from the initial feel of this site, and what you actually get it's going to
be very, very expensive money to borrow.
So, let's go over here on your instant access price estimator , and I want to use an easy
number, so I'm going to click over here to $100.000 as your monthly payout, and your
fee is going to be $2.000 for a $100,000 monthly payout, so that means that you are paying
2% on the money that you are receiving.
Now, your payout cycle is every 14 days, so that means that your 2% is not going to be
2% per month, it's actually going to be 2% per 14 days, but whenever we look closer
we notice that they advancing you your money every single day so the 1st day advance money
is on 14 day loan, and the last day they advance you money is on the 14th day is 0 day loan, so whenever
you actually average out every single day, you actually end up with a 7 day loan.
They essentially on average loaning you money for 7 days, and they are charging you 2% for
that 7-day cash loan.
So I actually love the idea of payability, but whenever I look the numbers, it seems
it is a huge cost to an average buyer.
And I'm coming at that just by the number they are giving us.
If your payouts are $100.000, they are charging you 2% on that 100.000, from what I can read,
so that means you are paying $2.000 if you generate $100.000 in revenue.
And what that really means is on average trough out the month you are actually only borrowing
$25.000 for the entire month, so just to put that in numbers for you, in math for you.
So, I'm just gonna go to a google spreadsheet, and I will explain it simply to you.
The first day that you are borrowing your pay period, let's just say you borrow 5.000,
and the next day you borrow 5.000, and we go out to 14 days.
Day 1, they only loaning you 5.000, 2, 10.000, 3, 15000, and then on average you gonna have
a loan out of $25.000 and they are charging you $2.000 to borrow $25.000 for the week,
so that is where numbers don't add up to me, it's actually going to cost you 8% of
your actual, of what you are actually holding their money at any one given time.
So, 8% per month, you multiple that by 12 and we are talking of 96% of interest rate
per year on your money, and it's your money anyways, you are going to get paid for it.
It's a pretty secure loan because they know that amazon is going to pay them, or facebook,
or whatever is that you work with.
They actually work with a bunch of different companies.
So, they are pretty secure that they are going to be paid, but they are charging you a lot.
If you actually took a loan of $50.000 at an 18% rate per year.
We are talking about $750 in charges on a $50.000 loan that you can take out.
I guess that benefit of payability is that if you can not qualify for one of these loans,
even at high-interest rate of 18%, would be better, would be actually less than half of
what a company like payability is charging you, you are actually better off with 18%
loan, than you are with this payability loan.
So, I would take that into the count before I go out with any of these companies.
You have to actually break it down week by week, and figure out what an actual interest
rate is on your money and this thing is just so expensive that I cannot get behind anyone
singing out for it unless you are really hurrying, even if that is the case, you have to remember
that if amazon suspends you and then don't get paid, I'm sure that there is a whole
bunch of things that you are going to have to look into on what happens when they don't
get paid on time, when payability doesn't get paid on time.
Everyone who is seeing this pop-up in your news feed, take a look at the fee's, see
what you can do on your own because this thing sounds very expensive for an amazon seller.
Thank you guys very much, have a great day and make some money using OAXRAY.
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