FAQs:
Frequently asked questions
Everything you need to know about the product and billing.
General
You can withdraw any available funds that appear in your eFunder account once outstanding invoices are uploaded and vetted by our team. We transfer up to 95% of the advance and move the remaining cash reserve to your account once your clients fulfill the invoices.
Absolutely! You can download eFunder on your Android or Apple smart device and access the platform from practically anywhere. You can quickly retrieve everything you need to view and track through your exclusive client ecosystem.
This is the most convenient option for SMEs who need instant working capital to fund different requirements under the sun, whether it has to do with production, inventory, fulfilling orders, or scaling your business. Unlike a bank loan, a vendor advance allows you to receive regular, immediate cash that you’re already entitled to through pending invoices. You stand to receive a higher advance if your business’s sales and performance history look good.
We are not providing a loan, and therefore do not charge any interest. We simply charge a daily fee based on the purchased receivables till the due date. If we receive the money earlier, you’ll receive a rebate on our fees. Contact our accounts team to check your rate
We do not store your sales data with us, we only access the invoice and receivable amounts and other necessary details required to process factoring services digitally. We also do not do a credit check like a bank but simply connect to your accounts to check your eligibility (click here for your KYC document list). We determine your risk rating and come up with the best possible offer
Just fill in our simple 5 min form in our mobile app / web and upload your documents there. You can also email your documents to accounts@efunder.ai and we will get you started.
We are currently working on building our global money transfer solutions and will soon provide a solution for any registered country based in different parts of the world to access our cashflow solutions in an easy and convenient manner.
No, all you need to do ensure you have read our Early Payment Agreement (terms and conditions) on our platform and accept the same. We will need you to sign an authorization letter confirming who will be using your account and your bank account details along with the final commercials that we jointly agree upon. Any changes to our Early Payment Agreement will be immediately notified to your email as well as via our app and web platforms.
Onboarding process
eFunder’s onboarding process is simple and quick and done within 24-48 hrs. Once we have the required information to process your documents, your client ecosystem will be up and running in no time.
Yes, you will need to change your bank account, which we can help you with once you grant us access to certain permissions. We are legally bound to set up a bank account only to factor in your receivables.
If you wish to discontinue your services with eFunder, we can transfer the remaining receivables to your bank account. If you wish to resume services in the future, you can pick up from where you left off so that you won’t have to start the process all over again.
eFunder account
Yes, you will be changing your bank account, or we can do so on your behalf once you grant us required user permissions. We are legally bound to only change your bank account for purposes of factoring your receivables. If you choose to discontinue our services, we can either revert it back to your designated bank account or continue to transfer your money to our reserve from where it can be withdrawn so you don’t have to go through the process again if you want to resume our services in the future.
Yes, you will need to change your bank account, which we can help you with once you grant us access to certain permissions. We are legally bound to set up a bank account only to factor in your receivables.
If you have provided all the required KYC documents and enabled account permissions / integrations, you will be able to access your account in 24-48 hrs
Yes, you will be changing your bank account or we can do so on your behalf once you grant us required user permissions. We are legally bound to only change your bank account for purposes of factoring your receivables. If you choose to discontinue our services, we can either revert it back to your designated bank account or continue to transfer your money to our reserve from where it can be withdrawn so you don’t have to go through the process again if you want to resume our services in the future.
Working capital
eFunder requires basic documentation as part of the KYC verification process. Besides that, for assessing your working capital facility size, all we need is access to your online sales dashboards and last 6 months bank statement.
Daily Advance
You need to have 6 months seller central performance. However, feel free to reach out to us even if you are a new vendor and we will see how to accommodate you. For further details, click here
For your sales on your marketplace account, we read your data through our API and deposit 80-90% of your sales to your Funder.ai wallet daily. You can drawdown this amount minus our fees immediately. Remaining amount will be transferred to your reserve account the day the marketplace settles your balance.
Receiving your earnings daily boosts your cash flows while giving you more control of your business growth. As this is for online marketplace sellers, most of whom are budding entrepreneurs, you may realize the need for faster access to cash and the ability to make timely investments in products. Our marketplace customers use this opportunity to buy more inventory on better terms, avoid stockouts, and drive more sales through targeted marketing on a daily basis.
Vendor advance
Our team will be happy to assist vendors who are new to the market and need an advance to support business endeavors.
Our advanced, user-friendly management system allows you to track the status of payments and claims in just a few clicks. You will be immediately notified of changes and updates during your partnership with us.
You need to have at least 3 months sales as Vendor to the proposed client or if you are also a marketplace seller for 6 months. However, feel free to reach out to us even if you are a new vendor and we will see how to accommodate you.
For all of your vendor sales, our systems will automatically show all your approved invoices in our app / web and all you need to do is select which invoices to factor. You will see how much advance we are giving you, fees charged and the net payment that you receive in your bank account in 24 hrs. We will collect the receivables for the factored invoices from your client ecosystem and if we collect any surplus on our advances, we will add them to you reserve account. You can immediately draw down on the reserve account in full.
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