When do they take daily sales percentage?

[JoshuaCanty]

I recently got a loan and noticed they did not take the 12% from my daily sales yesterday, do they take it daily before transferring to my bank? Not sure how this works

[ryanwanner · Accepted solution]

Hello @JoshuaCanty !

The loan proceeds are usually pulled at time of swipe, so your balance only shows the sale less the 12% and swipe fees. When it's time to transfer your funds to the bank, your balance shows what is left after all the fees and loan payments are taken out.

If your loan is less than 24 hours old, your first payments were probably delayed due to the timing of approval. You should see the payments start with today's sales. If you don't or the loan is over 24 hours old, I recommend reaching out to the loans team at the customer support number. Something probably didn't trigger the repayment requirement, and they can take care of that. Better to fix it now than wait for the loans department to get mad at you!

[JoshuaCanty]

Thank you! I will see how it goes today, I really appreciate your feedback!

[Twpchair]

Hello, as @ryanwanner stated it is usually a day behind. Mine on late Friday deposit didn't kick in till Monday. They didn't forget about ya! 😆 (we wish)

[marielmt]

Hi @ryanwanner!

That's a great question, I'd be happy to clarify.

Your current loan has a specific loan repayment start date as outlined in the agreement.

Loan repayment starts two business days (48 business hours) after your loan origination date and time. The repayment start date may not coincide with the acceptance date or deposit of the loan funds to your linked bank account. Any card transactions completed on days prior to the repayment start date will not be subject to the repayment rate.

Hope that helps, please feel free to reach out to us directly if you have any other questions!