Coming in at Number 3 on the Most used tools list is Payability. This is the newer service for FBA Sellers that gives you daily payouts for a fee. Having to wait 2 weeks for a payout in Q4 would have killed me. With Payability I got to turn my money daily. They even pay you same day now. Here is a little break down of a typical week using payability.
- Stuff sells on day 1
- Stuff ships on day 1 and 2
- Day 3 my payability balance is updated with what shipped
- Day 3 I ask for Transfer to Bank
- Day 3 the Transfer hits Bank and I shop and ship
So in that example you can turn your money in 3 days instead of every 14. If you really hustle you could be making 4.5 times more by using the service. The charge is only a 1% fee each time you want a transfer. They do hold 20% of your payout for the 14 days to cover any rush of returns or if your money gets held for suspension or review. I will list below who I think this service is good for and who I think does not need it.
People who would benefit:
- Fast turning inventory ( sells within a week of hitting warehouse)
- Not enough credit to leverage
- People who are waiting for there payout before they can shop again and are missing out on all kinds of deals
- People who hustle to shop and ship every day
People who would not benefit:
- People who tend to buy Longer turning inventory
- Private label people who buy 1000 units of product and do not need money back right away
- People who have higher limit credit cards that can earn extra benefits like cash back and points for hotels
Here are a few common FAQ that I get each time I mention this service:
- How do not trust a new company? The company has been around for a while offering this service to Vendor and Vendor express Amazon sellers so they are not new
- Isn’t this just a high interest payday loan? It is not even close to a payday loan. This company charges a fee of 1%. It is not loaning you money and at no time is there any type of interest charge. If you call this a payday loan then when you get charged $3 at the atm you need to start saying that is a loan too. This service is no different than an ATM charge for taking your money out.
- Have you had any problems? I been using them since October and the only problem I had was they once held my 20% a few days longer than I thought needed. I contacted Brent and they cleared it up right away.
- Do you have any specials? Yes, Payability will waive the Min monthly fee of $250 during your free trial if you use our affiliate link Here and throughout the post
If you are interested please follow our affiliate link Payability.com . A good contact at the company is Brent and he was very helpful to me.
Come back tomorrow for our Number 2 tool and then on New Years Day I will reveal my number 1 tool.
Steve
