Did you know that ecommerce sales are expected to grow by 10.4% in 2023?
More online buyers mean more potential customers for your business, more sales, and more money in your pocket.
Still, you may need an additional cash boost to invest in inventory, market your products, or cover ongoing expenses.
Even though you are considering Wayflyer, there are several obstacles to successful funding.
For example, you need an average monthly revenue of at least $20,000.
And before making you an offer, Wayflyer will base its decision on your financial and historical marketing performance.
So, it’s safe to assume that not all businesses, especially those just starting, can meet these strict criteria.
Thus, this article will review the Wayflyer alternatives, what they offer, eligibility requirements, costs, interest rates, and other important information.
So, if you want to know more about how these ecommerce loans can help you elevate your business, keep reading!
Wayflyer is a financial technology company that provides financing solutions to ecommerce businesses.
Its primary service is revenue-based financing, based on a percentage of a company's revenue.
Wayflyer provides businesses with access to working capital that they can use for advertising, stocking shelves, and paying employees.
It can be an attractive option for ecommerce businesses because it does not require collateral, and the repayment terms are flexible and tied to the company's revenue.
Still, to get a loan, you should meet Wayflyer's eligibility requirements:
While Wayflyer is a popular choice for ecommerce financing, several other options are available. Here are some of the top Wayflyer alternatives:
Myos is the first asset-based provider that partners with ecommerce businesses on their path to success.
With Myos, you can get 3 types of funding:
Myos offers from €10.000-2.500.000, with a monthly cost of 1% to 3% of the total amount borrowed.
Additionally, there are no fixed costs and no personal guarantees, and you have access to flexible repayment anytime, up to 24 months.
To know if you are eligible, you must meet the following requirements:
The financial process consists of three steps:
1. Inquire – Submit an application for financing based on one or more best-selling goods.
2. Receive funding – Myos pays out your growth capital either after production, dispatch, or the arrival of your goods.
3. Redeem goods – A portion of the items is instantly put up for sale. You can pay off the initial installment and make additional purchases when you obtain your first revenue.
The application process is simple and can be done in less than 5 minutes.
Myos doesn't need extensive documents or private data. Instead, Myos conducts AI product checks based on open data.
You just need to fill in your product's ASINs or EANs and give information on how you scout and fulfill your orders, and you can get an offer in 72 hours!
Fundbox is an AI-powered alternative lender that helps small business owners pay for operating costs by giving them short-term lines of credit and loans.
This lender has a minimum credit requirement and does not charge application costs, origination fees, or prepayment penalties to borrowers.
Still, annual percentage rates (APRs) on credit lines can reach 80%, making the lender an expensive choice for most borrowers.
Fundbox only provides business credit lines.
If you’re one of the borrowers with business checking accounts, accounting software, and credit reports, you can apply for a line of credit ranging from $1,000 to $150,000.
You need to make a payment weekly, and you can choose between 12- and 24-week repayment terms.
Interest rates begin at 4.66% for 12-week periods and 8.99% for 24-week terms.
One of the benefits of Fundbox is that you can use the funding for a wide range of business expenses, including inventory purchases, marketing campaigns, and payroll.
Fundbox could be useful for:
How to qualify for a Fundbox business loan:
The application process is fast, and funding is typically available within a day.
BlueVine is a financial technology company offering financing options to small businesses across the US.
Flex 6 and Flex 12 are two ways for small business owners to get a line of credit that can give them anywhere from $6,000 to $250,000.
Those who select Flex 6 make weekly payments over 26 weeks. In contrast, those who choose Flex 12 make monthly payments for 12 months.
Also, if you make Flex 6 payments for 45 days or Flex 12 payments for 90 days, you can raise your credit line.
The line of credit from BlueVine has additional weekly or monthly costs.
Standard pricing for line-of-credit withdrawals is 1.7% per week or 7% per month.
All 50 US states, except North and South Dakota, offer access to BlueVine's line of credit.
Depending on the program you select, you need to meet the following criteria:
Lendio is an online lending marketplace that connects small businesses with a network of lenders.
Lendio can link business owners to over 75 lenders by filling out a single application.
With Lendio, you can access different types of loans: business loans, lines of credit, SBA loans, equipment financing, merchant cash advances (MCAs), commercial mortgages, invoice factoring, and company acquisition loans.
However, because Lendio is a marketplace rather than a lender, it does not publicize specific terms.
Instead, it will give you access to its lending partner network and help you find the best deal for your needs.
Lendio's credit decisions are based on a company's financial history and performance, as well as data from its online accounts.
One of the benefits of Lendio is that it offers a wide range of loan options, which allows businesses to choose the one that best meets their needs.
The process of applying is easy, and you can complete it online. Usually, funding is available within a few days.
Another Wayflyer alternative for US-based businesses is National funding.
One of the benefits of National Funding is that it offers a wide range of loan options, including equipment financing, merchant cash advances, and business lines of credit.
Small businesses can get loans ranging from $5,000 to $500,000 for 4 months to 2 years, with daily or weekly payments.
You can use the money you borrow for anything that requires operating capital, such as inventory, salaries, marketing, taxes, etc.
National Funding lends up to $150,000 for equipment, but applicants must have a credit score of 575 or higher to be approved.
National Funding is a business lender that, unlike its rivals, gives discounts for paying back loans early.
Any remaining amount on a small business loan paid in full within the first 100 days of the contract will get a discount of 7%.
Suppose you pay off the remaining balance early during the term. In that case, you will automatically get a 6% discount on the remaining balance.
To get funding, you should meet the following requirements:
In conclusion, many alternative financing options are available to ecommerce businesses, including several that you can use as an alternative to Wayflyer.
When choosing a financing option, it's essential to consider the loan amount, repayment terms, hidden costs, and application process.
By carefully considering these things, you can find the best way to get financing for your business.
Myos offers numerous benefits to ecommerce businesses and is a trusted partner for over a thousand online sellers.
So, get your free offer, and unlock your growth potential with Myos today!
There are numerous Wayflyer alternatives, including Clearco, Outfund, Uncapped, Myos, and others. Each platform targets specific businesses and their needs, so make sure you choose the one that benefits you the most.
Ecommerce loans are a great way to finance business growth and expansion, secure new customers, and purchase new inventory. If you need quick and efficient financial help, business loans can be your best source of capital. However, you must repay the loan with interest after a predetermined period.
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