Frequently asked questions

Answers to commonly asked questions

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.

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.

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.

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.

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.

We charge a flat fee starting at 1.5% of your net, not gross sales.

Net sales = Gross sales minus marketplace fees and refunds.

Our fees start at 1.5% of your net sales. How we determine the exact fee will depend on:

  1. 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).
  2. 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.

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.

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 support@storfund.com 

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.

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.

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.

FAQ

Most frequently asked questions

Answers to commonly asked questions

Applying

Storfund is a UK-based fintech providing financing to marketplace sellers. It was founded in London 2018 by long-time friends George Brintalos and Akbar Ahsan. Read more about Our story.

We have an easy three step process.

Step 1: You apply online. This is 2-3 minute process, we only need basic company information and your permission to view your sales volume for the last 12 months.

Step 2: We set up a call to hear more about your business. If you are interested in using Storfund, you grant us access to your marketplace sales data, based on this we will make you a fee offer.

Step 3: You provide us with ID, sign our agreement and if required, complete a personal guarantee.

Step 1 of the application process takes 2-3 minutes. If you complete this one of the Storfund Account Managers will contact you for an informal discussion, and the information you have supplied will ensure the meeting is tailored to your business.

Our service has been designed to meet the needs of high-growth marketplace sellers. To ensure it is suited to your business, we apply the following eligibility criteria.

– Your monthly turnover must be at least £25,000, €30,000 or $35,000.

– Your business must be a registered company, a limited liability partnership or similar incorporated entity.

– Your business established for at least 12 months, and must have been active on your marketplace for at least six months.

– Your account health must be in “good standing.”

– Your business must be registered in Canada, EEA, UK or US, and under certain circumstances, China, Hong Kong or Australia.

Providing you are based in Canada, EEA, UK or US (and under certain circumstances, China, Hong Kong or Australia), you can apply to Storfund.

Our service is available on 18 Amazon marketplaces plus Back Market, Cdiscount, Fyndiq, Octopia, PcComponentes, Rakuten and +350 Mirakl marketplaces including Leroy Merlin, Conforama, BUT and Media Markt.Our service is available on 18 Amazon marketplaces plus Back Market, Cdiscount, Fyndiq, Octopia, PcComponentes, Rakuten and +350 Mirakl marketplaces including Leroy Merlin, Conforama, BUT and Media Markt.

No. We can only work with businesses that are set up as a registered company, limited liability partnership or similar incorporated entity.

No, unfortunately not. As Amazon does not have an API for Vendor Central sellers, we are unable to read sales data.

In order for us to perform our due diligence checks we need to see your marketplace sales data (Seller Central if you are an Amazon seller). This will also allow us to calculate the fee we can offer you.

On Amazon, please note, we have to ask for ”view and edit” access as “view only” isn’t possible on all parts of Seller Central. We will never edit any of your information and all of your data is protected by our signed agreement.

To verify your identity when applying, you will be asked to provide:

1. Name, date of birth and residential address for all shareholders who hold ownership of 25% or more.

2. Name, date of birth and residential address for all directors.

3. One of the following documents in PDF format:

Company constitution
Articles of incorporation
Certificate of incorporation

4. Bank statement dated within the last three months showing one full month of transactions.

5. ID to complete verification for all shareholders over 25%.

6. Your VAT number.

As part of our due diligience we carry out verification checks on each business we work with. To do this we partner with Detected, who will store all your documents securely.

Yes we do carry out an Experian credit check.

In some cases, a personal guarantee may be required from sellers. This is a fairly standard/ fairly commonplace practice in (unsecured) financing and it is just a way to formally secure our position as we do not have any other form of guarantee on the credit we cash advance.

Once you have been accepted as a client, we will open an additional bank account for you. You will need to change your account with your marketplace to this new account.

Your new bank account allows Storfund to receive payouts from your marketplace ie it enables us to get repaid for the funds we have advanced to you. The new bank account is in your name but funds are transferred directly from this account to us.

Yes. We are registered and supervised for anti-money laundering purposes only by the UK’s Financial Conduct Authority. Our FCA Firm Reference number is 807894.

This can vary dependent on type of business and location. Your account manager will be able to advise once you have applied.

Yes. Everyone that joins us receives their first two weeks free. If you decide the service isn’t for you, you can cancel at any time.

If you would like to speak to us before applying, email us at hello@storfund.com with your preferred contact number and location and an account manager will be in touch.

Our account managers speak a variety of languages including; Arabic, English, Farsi, French, German, Greek, Hindi, Italian, Mandarin, Polish, Spanish, Urdu.

Yes, we do. If you refer a seller to us, you will receive £1,000/ €1,000/ $1,000. New clients must meet our eligibility criteria and use our service for one month (they will also benefit from our two-week free trial).

Fees

We charge a low, fixed % of your net sales, and no other fees. Visit our pricing page for more information. The actual % will be agreed with your account manager once you have applied.

Net sales = Gross sales minus refunds and marketplace fees, including advertising fees eg Amazon PPC

Having the “request transfer” button will result in a lower cost. This is because our 2% fee is based on a 14 day repayment cycle. If you press the button daily your daily rate will actually be 2%/14. You will also receive 20% of whatever Amazon pays us when you press the button, with no delays.

Here’s an example to explain this clearly:

On day 7, $5,000 out of a total Amazon balance of $10,000 are available. On day 14 Amazon will settle the full amount.

A. If you do not click on the request transfer button and wait for Amazon to disburse automatically on the 14th day your Storfund fee will be:
10,000 x 2% = $200

B. If you click on the request transfer button on day 7 you will pay a fee of
5,000 x (2%/14) x 7 days = $50
PLUS you will receive 20% of the $5,000 Amazon payout.
Then on day 14, when Amazon pays out the remaining $5,000 you will pay:
5,000 x (2%/14) x 14 days = $100
Total fee = $150

Our fees start at 1.5% of your net sales and how we determine your exact fee will depend on:

– The overall health of your business, such as: speed of growth, return rates, any suspensions or red flags on your marketplace account.
– How many marketplaces you use our service on.

No.

Your fees are calculated daily. For example (can we show the formula here?)

Storfund will invoice you monthly.

Using the service

Storfund finances matured receivables. Simply put, we advance you money that you are owed from your marketplace, on sales you have actually made. The benefit of this is that your cash flow isn’t delayed by lengthy marketplace payment terms.

No. Our service is invoice financing, or factoring. Unlike a loan, we don’t charge interest and our funds doesn’t appear as debt on your balance sheet.

You will receive 80% of your net sales each day (Net sales = Gross sales minus marketplace fees and refunds)

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.

No, there is no limit to how much you can receive from us each day. Our funding means we can provide our clients with up to £5B/5.8B EUR/$6.2B.

This could happen if more than 20% of your sales are refunds. If you continue to sell, we will adjust what’s owed to us in the next marketplace payout. One of the team will contact you to understand the circustances more fully and provide advice based on our experience with other clients.

We are unable to make payments on weekends and UK public holidays. As a UK business we are unable to make payments on UK non-business days when payments systems are closed; you will receive your funds the following business day.

We pay in the same currency as your marketplace, unless you request a different one.

We pass on our wholesale FX rate, we don’t make any profit on currency conversion.

Because the Storfund service is directly integrated/embedded with the marketplace, an API sends us your sales data daily. This means there’s no need to request payments or submit sales data.

We comply with applicable UK and EU regulations concerning the protection of your data.

Yes, you can cancel anytime, please speak to your account manager. If there are outstanding fees due to us we will arrange the repayment of these with you.

Yes, you can do this from your dashboard under Store.

You can use your advance to pay for anything related to your business, such as restocking, paying suppliers or marketing costs.

If you wish to cancel and there are outstanding fees due to us, your account manager will work with you to arrange the repayment of these.

Yes, you can export all of your data into excel from your Storfund dashboard.

Not currently, however this is something we are working on developing. For now you can export all of your data from your dashboard.

In the event of any irregularities in your performance data, we may need to temporarily pause your Storfund account while we investigate.

Yes. We will pay your advance amount daily, providing it exceeds £200 (or its equivalent in local currency); on any day the advance is less than this you would not receive payment from us that day, and payment would only be made once your aggregate amount equals or exceeds £200.

For example, if you were due £100 from us on Monday you would not receive a payment; but if Tuesday’s due payment is £150, then you will receive £250 on Tuesday. The minimum payment applies to each marketplace you sell on and each location within a marketplace, e.g. Amazon France and Amazon Germany; the threshold is not on your combined totals.

On days the amount due to you falls below £200, you will receive payment once your accrued advance equals or exceeds this amount. Marketplace payouts are not subject to a threshold so you would receive these as normal.

Ask away

If you can’t find answers to your questions on this page, get in touch.

 

If you are a client, contact your account manager; if you are thinking about using Storfund, fill out the form and we’ll be touch.