This article outlines everything you need to know about repaying your Viably working capital funding.
Working capital repayment with Viably operates through a structured settlement process, aligned with the customer's cash flow and receivables schedule. This process is designed to keep your cash flow healthy while you ready funding, prioritizing your growing business.
Here's an overview of how it works:
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Funding Process: Viably provides short-term funding based on a business's expected receivables, such as ecommerce sales on platforms like Amazon, Shopify, or others. Once funding is approved, the amount is credited to the business's Viably Global Account, and a funding fee is deducted at the time of disbursement.
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Repayment Structure: Repayments, referred to as "settlements," are scheduled to align with the business's revenue cycles. For example, settlements are often made bi-weekly, following a pattern that matches the business's marketplace payouts. The amount due at each settlement is calculated based on the business’s net sales during that period.
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Settlement Calculation: Viably uses connected commerce and bank data to track a business’s sales and calculate how much of the advance should be repaid at each settlement. Viably ensures that the total amount withdrawn for repayment does not exceed the actual receivables generated.
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Withdrawal Process: On each settlement date, Viably checks the balance in the business’s connected Viably bank account. If the account does not have sufficient funds, Viably will attempt to withdraw the funds from a secondary connected bank account via ACH debit. If funds are insufficient, the settlement will be marked as partially or fully late.
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Late Settlements: In cases where the business cannot meet the scheduled repayments, Viably continues to attempt to withdraw the required amount. If a settlement remains unpaid, the account is marked as "in collections," and additional measures may be taken, including restructuring the repayment plan.