Frequently asked questions
Answers to commonly asked questions
What countries and marketplaces are covered by Storfund?
Our service is available on 18 Amazon marketplaces (North America, Europe, Japan, and Australia) as well as on Back Market, Cdiscount, Fyndiq, Octopia, PcComponentes, Rakuten and Unilae.
Your business must be registered in Canada, EEA, UK or US, and under certain circumstances, China, Hong Kong or Australia.
Who is eligible for the Storfund service?
Sellers need to be active on the marketplace for at least 6 months and in good standing. Your sales should average £25,000 per month (or equivalent). If you are active on more than one marketplace that we support we will evaluate based on your combined sales volume.
Why do I need to verify my business? What documents are required?
The Storfund service includes our Global Wallet feature. You will be issued bank accounts in multiple currencies through our partner payment service providers who need to conform with financial regulations as outlined by regulators across the world (FCA, SEC etc.).
We require the following information:
- Incorporation details such as registered name, legal form, address of registration, trading name, registration date and incorporation number.
- Name, address, proof of identity and proof of address of the director(s) of the business entity.
- Shareholders registry. You will need to provide us with an official document stating the shareholders of your company and submit proof of their identity and address.
- Bank statement from your company’s business account.
- A short description of what your business does and where, as well as a link to your marketplace store.
- Supplier invoices over the last 6 months.
Storfund will never share any of your data with anyone else and rest assured, we store all of our sellers’ information securely.
How does the daily cash flow work?
Storfund reads your data through the marketplace’s API and deposits 80% of your sales to your Storfund Global Wallet daily; the remaining 20%, minus our fee, is transferred to you the day the marketplace settles your balance.
For example, if your sales, net of marketplace fees, are €1,000 on any given day, Storfund will transfer €800 the very same day. The remaining €200, minus our fee and any refunds, are credited to your Global Wallet on the day of the scheduled marketplace payout.
Why do you advance 80% and not 100%?
The reason we advance 80% of your daily sales, and not 100%, is because we allow for any refunds you may have to make. This saves you having to pay us back, so you can make refunds out of your 20% 'buffer'.
Over time, as we get to know you and your business better, it may be possible to increase the advance amount.
What will I pay?
We charge a flat fee starting at 1.5% of your net, not gross sales.
Net sales = Gross sales minus marketplace fees and refunds.
How do you decide what my fee is?
Our fees start at 1.5% of your net sales. How we determine the exact fee will depend on:
- How quickly does your marketplace pay out? If your marketplace takes a long time to pay out eg 30 days rather than the standard 14 days, then our fee will be higher because we are advancing money to you for a longer period (which means we carry more cost).
- How healthy is your business? We will look at your return rate, your speed of growth and any red flags on your account. Of course one element of health is the size of your turnover, but this is less important to us than your business’s overall health.
Can I receive all of my international sales into my home currency daily?
Yes. Storfund converts your international sales into your preferred currency with the real exchange rate. Daily conversions of your international sales means that Storfund takes the risk of unfavorable currency movements off your shoulders and protects your hard-earned income.
What is the Global Wallet?
Your Global Wallet functions as your easy alternative to a bank account. It allows sellers to receive daily revenue from Storfund or disbursements from marketplaces. You can hold and manage money in your multi-currency Global Wallet; pay suppliers, service providers, employees and transfer funds to your traditional company bank account at your convenience.
How long does a payment or transfer take to reach the recipient’s bank account?
It depends on the type of transfer, the time of the day that the transfer is instructed as well as the recipient bank. In general, transfers instructed early in the morning before the cut-off time will most likely reach the recipient’s account the very same day. For more information reach out to email@example.com
What is the conversion fee?
All major currencies are at a 0.4% conversion fee. Major currencies are: AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, JPY, SEK, NOK, NZD, PLN, SGD, USD.
All other currencies are at a 1% conversion fee. Other currencies are considered the following: AZN, BGN, BND, CNY, EGP, FJD, HUF, IDR, ILS, INR, KRW, KWD, LKR, MAD, MGA, MXN, MYR, OMR, PEN, PGK, PHP, PKR, RUB, SAR, SBD, SCR, THB, TOP, TWD, TZS, VND, VUV, WST, XOF, XPF, ZAR.
What are the transfer fees?
If you are sending money from your account to another bank account, we charge a small fixed fee. Note that we’ll also charge the conversion fee (see previous) if you send money to a different currency. Indicatively, sending funds to another GBP account from your GBP wallet will cost 0.70 GBP; sending EURs from your EUR wallet will cost 0.85 EUR and sending USDs from your USD wallet will cost 0.50 USD.
How do I move money between my Storfund Wallets and my own account?
Like any other recipient, you can add your own bank account. There is also an option to automate daily the transfers to your own or other bank accounts by setting up auto-forward rules.
Do I have to change my bank deposit method if I stop your service?
No. You can stop the daily payments and not change your bank details on Amazon or on Cdiscount so you don’t have to go through the same process when you would like to resume our service in the future. Once you stop the service, you will receive the regular marketplace payouts in your Storfund wallet which you can keep using for your money transfers and conversions. If you would also like to stop using our Global Wallet, you will have to replace the receiving account in your marketplace with your own bank account.