Amazon Lending and experiance with new offers
Historically we have used a variety of financial tools for growth and managing accounts payable gap with accounts receivable. Amazon lending was my personal favorite as the terms were good and payment systems were quick and accurate. Now with Amazon Lending out of the picture we have offers from Parrafin which has a terrible reputation, terms and payment systems. The other option is SellerFi which is what I am discussing today.
I am not aware of SellerFi's reputation but our offer has competitive terms so I am exploring it. They are not offering an APR but a "fixed fee" which we have done before at 4% and they are offering 3-11% with a 1 year term.
Unlike Amazon Lending when attempting to use Sellerfi I was redirected to there website and had to apply. Several days after submitting the application I was prompted to upload documents like proof of residence, ID, and business incorperation/ownership documents. This is a big departure from previous lending through Amazon. Marcus by Goldman Sachs nor Amazon Lending required an application or documentation as Amazon provided the sellers data. This is much more like a car or home loan with a bank than fin-tech for ecommerce.
So that was 2 weeks ago.....nothing since...
I doubt I will accept any offer they have at this point. This service is not for ecommerce in my opinion. The "fixed rate" can be a problem, but managable if kept low enough. APR is a better system that lowers costs through amoritization. The term is good at 1 year but no other options is limiting. The amount was competitive but limited to the equivelent of 1 months Amazon revenue. The system for applying and payment is very slow.
All things concidered I would not recommend SellerFi.
Amazon Lending and experiance with new offers
Historically we have used a variety of financial tools for growth and managing accounts payable gap with accounts receivable. Amazon lending was my personal favorite as the terms were good and payment systems were quick and accurate. Now with Amazon Lending out of the picture we have offers from Parrafin which has a terrible reputation, terms and payment systems. The other option is SellerFi which is what I am discussing today.
I am not aware of SellerFi's reputation but our offer has competitive terms so I am exploring it. They are not offering an APR but a "fixed fee" which we have done before at 4% and they are offering 3-11% with a 1 year term.
Unlike Amazon Lending when attempting to use Sellerfi I was redirected to there website and had to apply. Several days after submitting the application I was prompted to upload documents like proof of residence, ID, and business incorperation/ownership documents. This is a big departure from previous lending through Amazon. Marcus by Goldman Sachs nor Amazon Lending required an application or documentation as Amazon provided the sellers data. This is much more like a car or home loan with a bank than fin-tech for ecommerce.
So that was 2 weeks ago.....nothing since...
I doubt I will accept any offer they have at this point. This service is not for ecommerce in my opinion. The "fixed rate" can be a problem, but managable if kept low enough. APR is a better system that lowers costs through amoritization. The term is good at 1 year but no other options is limiting. The amount was competitive but limited to the equivelent of 1 months Amazon revenue. The system for applying and payment is very slow.
All things concidered I would not recommend SellerFi.
7 replies
Joey_Amazon
Hi @Seller_Qbd0RsfZFEZBY,
Appreciate you posting here at the forums and sharing your sentiment and opinion about the Lending program.
I will make sure to share this with the appropriate team.
Thank you,
Joey
Seller_ZWJu6SC7QqWWD
I have also used Amazon Lending in the past and I was very happy with them, it is a shame that they stopped doing it
I have now used Parafin 3 times and each time has been fine. I have never had an issue with them, they like Amazon, are quick and no nonsense applications , I have the money in a couple of days.
I was offered another loan from another site called YouLend, they were the worst, so bad I told them to stop proceeding with my application and stuff it lol
If I use a loan again I will go with Parafin again, I do not understand why people complain about them. There is always two sides to the story.
Seller_oEw5wUNHgJxxP
@Seller_h2uFk7MBIJbj6 Agree, we often used Amazon Lending. We have two payments on our last loan with them. Simple, easy, fast, reasonable costs and the payment just came out every month.
Our loans ranged from $2,000 when we started, to six figure loans as time went on.
We will not use a third party lender. Except our banks that also provide reasonable rates. The timeline for Amazon lending was an hour or even minutes for approval. Our banks take weeks.
Seller_lCB1JudnCSjZU
We spent over two months with the application with SellersFi. They requested a ton of info and then ghosted us. After multiple emails they offered a 350k loan only to ghost us again..... Their application is flawed, their website is flawed, and their communication is flawed. I dropped it after that because who knows what would happen if I needed anything after actually taking the loan. Ended up going with Lendistry and an SBA loan with way better terms and repayments.
Seller_4HsL3GZbyDLea
We're using the offer now offered to many sellers on the Bay. Much easier to deal with. Do you sell there?
Seller_24FzucbyGtgZS
Not to worry. Amazon's new "deferred" payments scheme which adds a phony "negative balance" to your now non existent "standard" sales is a money grab (since they bill you credit card for your money they already are double delaying in paying you in this new illegal double ledger scheme.
So Amazon is now "borrowing" more money from you and NOT paying you interest.
Seller_rr45B3vDsauwa
Agree 100%. We use to do 7 figure loans with Amazon lending, but with the new options we will not do it. We had the same bad response with sellers fi. We had to upload documents, then more, then they didn'jt reply and eventually the loaned timed out. The service and replying was not great all. IMO Amazon should bring back Amazon lending. These other options do not have good customer service imo...I wouldn'jt recommend either of these companies either to be honest.
Amazon Lending and experiance with new offers
Historically we have used a variety of financial tools for growth and managing accounts payable gap with accounts receivable. Amazon lending was my personal favorite as the terms were good and payment systems were quick and accurate. Now with Amazon Lending out of the picture we have offers from Parrafin which has a terrible reputation, terms and payment systems. The other option is SellerFi which is what I am discussing today.
I am not aware of SellerFi's reputation but our offer has competitive terms so I am exploring it. They are not offering an APR but a "fixed fee" which we have done before at 4% and they are offering 3-11% with a 1 year term.
Unlike Amazon Lending when attempting to use Sellerfi I was redirected to there website and had to apply. Several days after submitting the application I was prompted to upload documents like proof of residence, ID, and business incorperation/ownership documents. This is a big departure from previous lending through Amazon. Marcus by Goldman Sachs nor Amazon Lending required an application or documentation as Amazon provided the sellers data. This is much more like a car or home loan with a bank than fin-tech for ecommerce.
So that was 2 weeks ago.....nothing since...
I doubt I will accept any offer they have at this point. This service is not for ecommerce in my opinion. The "fixed rate" can be a problem, but managable if kept low enough. APR is a better system that lowers costs through amoritization. The term is good at 1 year but no other options is limiting. The amount was competitive but limited to the equivelent of 1 months Amazon revenue. The system for applying and payment is very slow.
All things concidered I would not recommend SellerFi.
Amazon Lending and experiance with new offers
Historically we have used a variety of financial tools for growth and managing accounts payable gap with accounts receivable. Amazon lending was my personal favorite as the terms were good and payment systems were quick and accurate. Now with Amazon Lending out of the picture we have offers from Parrafin which has a terrible reputation, terms and payment systems. The other option is SellerFi which is what I am discussing today.
I am not aware of SellerFi's reputation but our offer has competitive terms so I am exploring it. They are not offering an APR but a "fixed fee" which we have done before at 4% and they are offering 3-11% with a 1 year term.
Unlike Amazon Lending when attempting to use Sellerfi I was redirected to there website and had to apply. Several days after submitting the application I was prompted to upload documents like proof of residence, ID, and business incorperation/ownership documents. This is a big departure from previous lending through Amazon. Marcus by Goldman Sachs nor Amazon Lending required an application or documentation as Amazon provided the sellers data. This is much more like a car or home loan with a bank than fin-tech for ecommerce.
So that was 2 weeks ago.....nothing since...
I doubt I will accept any offer they have at this point. This service is not for ecommerce in my opinion. The "fixed rate" can be a problem, but managable if kept low enough. APR is a better system that lowers costs through amoritization. The term is good at 1 year but no other options is limiting. The amount was competitive but limited to the equivelent of 1 months Amazon revenue. The system for applying and payment is very slow.
All things concidered I would not recommend SellerFi.
Amazon Lending and experiance with new offers
Historically we have used a variety of financial tools for growth and managing accounts payable gap with accounts receivable. Amazon lending was my personal favorite as the terms were good and payment systems were quick and accurate. Now with Amazon Lending out of the picture we have offers from Parrafin which has a terrible reputation, terms and payment systems. The other option is SellerFi which is what I am discussing today.
I am not aware of SellerFi's reputation but our offer has competitive terms so I am exploring it. They are not offering an APR but a "fixed fee" which we have done before at 4% and they are offering 3-11% with a 1 year term.
Unlike Amazon Lending when attempting to use Sellerfi I was redirected to there website and had to apply. Several days after submitting the application I was prompted to upload documents like proof of residence, ID, and business incorperation/ownership documents. This is a big departure from previous lending through Amazon. Marcus by Goldman Sachs nor Amazon Lending required an application or documentation as Amazon provided the sellers data. This is much more like a car or home loan with a bank than fin-tech for ecommerce.
So that was 2 weeks ago.....nothing since...
I doubt I will accept any offer they have at this point. This service is not for ecommerce in my opinion. The "fixed rate" can be a problem, but managable if kept low enough. APR is a better system that lowers costs through amoritization. The term is good at 1 year but no other options is limiting. The amount was competitive but limited to the equivelent of 1 months Amazon revenue. The system for applying and payment is very slow.
All things concidered I would not recommend SellerFi.
7 replies
7 replies
Joey_Amazon
Hi @Seller_Qbd0RsfZFEZBY,
Appreciate you posting here at the forums and sharing your sentiment and opinion about the Lending program.
I will make sure to share this with the appropriate team.
Thank you,
Joey
Seller_ZWJu6SC7QqWWD
I have also used Amazon Lending in the past and I was very happy with them, it is a shame that they stopped doing it
I have now used Parafin 3 times and each time has been fine. I have never had an issue with them, they like Amazon, are quick and no nonsense applications , I have the money in a couple of days.
I was offered another loan from another site called YouLend, they were the worst, so bad I told them to stop proceeding with my application and stuff it lol
If I use a loan again I will go with Parafin again, I do not understand why people complain about them. There is always two sides to the story.
Seller_oEw5wUNHgJxxP
@Seller_h2uFk7MBIJbj6 Agree, we often used Amazon Lending. We have two payments on our last loan with them. Simple, easy, fast, reasonable costs and the payment just came out every month.
Our loans ranged from $2,000 when we started, to six figure loans as time went on.
We will not use a third party lender. Except our banks that also provide reasonable rates. The timeline for Amazon lending was an hour or even minutes for approval. Our banks take weeks.
Seller_lCB1JudnCSjZU
We spent over two months with the application with SellersFi. They requested a ton of info and then ghosted us. After multiple emails they offered a 350k loan only to ghost us again..... Their application is flawed, their website is flawed, and their communication is flawed. I dropped it after that because who knows what would happen if I needed anything after actually taking the loan. Ended up going with Lendistry and an SBA loan with way better terms and repayments.
Seller_4HsL3GZbyDLea
We're using the offer now offered to many sellers on the Bay. Much easier to deal with. Do you sell there?
Seller_24FzucbyGtgZS
Not to worry. Amazon's new "deferred" payments scheme which adds a phony "negative balance" to your now non existent "standard" sales is a money grab (since they bill you credit card for your money they already are double delaying in paying you in this new illegal double ledger scheme.
So Amazon is now "borrowing" more money from you and NOT paying you interest.
Seller_rr45B3vDsauwa
Agree 100%. We use to do 7 figure loans with Amazon lending, but with the new options we will not do it. We had the same bad response with sellers fi. We had to upload documents, then more, then they didn'jt reply and eventually the loaned timed out. The service and replying was not great all. IMO Amazon should bring back Amazon lending. These other options do not have good customer service imo...I wouldn'jt recommend either of these companies either to be honest.
Joey_Amazon
Hi @Seller_Qbd0RsfZFEZBY,
Appreciate you posting here at the forums and sharing your sentiment and opinion about the Lending program.
I will make sure to share this with the appropriate team.
Thank you,
Joey
Joey_Amazon
Hi @Seller_Qbd0RsfZFEZBY,
Appreciate you posting here at the forums and sharing your sentiment and opinion about the Lending program.
I will make sure to share this with the appropriate team.
Thank you,
Joey
Seller_ZWJu6SC7QqWWD
I have also used Amazon Lending in the past and I was very happy with them, it is a shame that they stopped doing it
I have now used Parafin 3 times and each time has been fine. I have never had an issue with them, they like Amazon, are quick and no nonsense applications , I have the money in a couple of days.
I was offered another loan from another site called YouLend, they were the worst, so bad I told them to stop proceeding with my application and stuff it lol
If I use a loan again I will go with Parafin again, I do not understand why people complain about them. There is always two sides to the story.
Seller_ZWJu6SC7QqWWD
I have also used Amazon Lending in the past and I was very happy with them, it is a shame that they stopped doing it
I have now used Parafin 3 times and each time has been fine. I have never had an issue with them, they like Amazon, are quick and no nonsense applications , I have the money in a couple of days.
I was offered another loan from another site called YouLend, they were the worst, so bad I told them to stop proceeding with my application and stuff it lol
If I use a loan again I will go with Parafin again, I do not understand why people complain about them. There is always two sides to the story.
Seller_oEw5wUNHgJxxP
@Seller_h2uFk7MBIJbj6 Agree, we often used Amazon Lending. We have two payments on our last loan with them. Simple, easy, fast, reasonable costs and the payment just came out every month.
Our loans ranged from $2,000 when we started, to six figure loans as time went on.
We will not use a third party lender. Except our banks that also provide reasonable rates. The timeline for Amazon lending was an hour or even minutes for approval. Our banks take weeks.
Seller_oEw5wUNHgJxxP
@Seller_h2uFk7MBIJbj6 Agree, we often used Amazon Lending. We have two payments on our last loan with them. Simple, easy, fast, reasonable costs and the payment just came out every month.
Our loans ranged from $2,000 when we started, to six figure loans as time went on.
We will not use a third party lender. Except our banks that also provide reasonable rates. The timeline for Amazon lending was an hour or even minutes for approval. Our banks take weeks.
Seller_lCB1JudnCSjZU
We spent over two months with the application with SellersFi. They requested a ton of info and then ghosted us. After multiple emails they offered a 350k loan only to ghost us again..... Their application is flawed, their website is flawed, and their communication is flawed. I dropped it after that because who knows what would happen if I needed anything after actually taking the loan. Ended up going with Lendistry and an SBA loan with way better terms and repayments.
Seller_lCB1JudnCSjZU
We spent over two months with the application with SellersFi. They requested a ton of info and then ghosted us. After multiple emails they offered a 350k loan only to ghost us again..... Their application is flawed, their website is flawed, and their communication is flawed. I dropped it after that because who knows what would happen if I needed anything after actually taking the loan. Ended up going with Lendistry and an SBA loan with way better terms and repayments.
Seller_4HsL3GZbyDLea
We're using the offer now offered to many sellers on the Bay. Much easier to deal with. Do you sell there?
Seller_4HsL3GZbyDLea
We're using the offer now offered to many sellers on the Bay. Much easier to deal with. Do you sell there?
Seller_24FzucbyGtgZS
Not to worry. Amazon's new "deferred" payments scheme which adds a phony "negative balance" to your now non existent "standard" sales is a money grab (since they bill you credit card for your money they already are double delaying in paying you in this new illegal double ledger scheme.
So Amazon is now "borrowing" more money from you and NOT paying you interest.
Seller_24FzucbyGtgZS
Not to worry. Amazon's new "deferred" payments scheme which adds a phony "negative balance" to your now non existent "standard" sales is a money grab (since they bill you credit card for your money they already are double delaying in paying you in this new illegal double ledger scheme.
So Amazon is now "borrowing" more money from you and NOT paying you interest.
Seller_rr45B3vDsauwa
Agree 100%. We use to do 7 figure loans with Amazon lending, but with the new options we will not do it. We had the same bad response with sellers fi. We had to upload documents, then more, then they didn'jt reply and eventually the loaned timed out. The service and replying was not great all. IMO Amazon should bring back Amazon lending. These other options do not have good customer service imo...I wouldn'jt recommend either of these companies either to be honest.
Seller_rr45B3vDsauwa
Agree 100%. We use to do 7 figure loans with Amazon lending, but with the new options we will not do it. We had the same bad response with sellers fi. We had to upload documents, then more, then they didn'jt reply and eventually the loaned timed out. The service and replying was not great all. IMO Amazon should bring back Amazon lending. These other options do not have good customer service imo...I wouldn'jt recommend either of these companies either to be honest.
