Stripe Capital for Australian Businesses

MyTime has partnered with Stripe to offer eligible businesses access to fast, flexible financing through the Stripe Capital program. Funding offers are based on existing Stripe payment volume and history, eliminating the need for lengthy applications. Eligible businesses receive a pre-approved funding offer with a single, fixed fee and no compounding interest or hidden costs. Repayment is automated through deductions from daily sales, with payments that adjust to sales volume, higher on busy days and lower on slower days.

This article covers eligibility requirements, offer structure, repayment, and frequently asked questions.

CONTENTS

• Eligibility
• Offer Structure
• Repayment
• FAQs

Eligibility

MyTime businesses are automatically reviewed for eligibility on a daily basis, and we'll send you an email if your business qualifies for an offer. The criteria for eligibility is based on a number of factors including your transaction volume and history with MyTime. Eligible businesses will receive an email if they have an offer available to apply for.

Offer Structure

If eligible, you'll receive an email with your personalized offers and you can choose the one that works best for your business. Each offer will outline:

• Financing Amount: The dollar amount that will be deposited into your bank account
• Flat Fee: The fee you'll pay over time in exchange for the financing amount – there are no other fees or compounding interest
• Total Amount Financed: The sum of the financing amount and the flat fee
• Payment Rate: The percentage of your daily card transactions processed through MyTime that will be withheld to pay the total amount financed

Here's an example offer you might receive:

• Financing amount: 17,000 AUD
• Flat fee: 1,700 AUD
• Total amount financed: 18,700 AUD
• Payment rate: 12%
• Minimum Payment: 475 AUD

If you accepted the example offer above and were approved, you would receive 17,000 AUD in the bank account associated with your MyTime account within 1–2 business days. MyTime would then withhold 12% of your daily transaction total in addition to the usual processing fees until you've paid the total amount financed of 18,700 AUD. If the total payments deducted from your sales does not cover the minimum payment requirement, then your Bank Account will be debited the remainder of the minimum balance for that period.

Repayment

You'll automatically pay the financing over time through a percentage of your transactions according to your payment rate. The payment process will begin automatically approximately 5-7 calendar days after the funds have been deposited into your account. The more card sales you process through MyTime Payments, the faster you'll pay.

You're expected to pay a minimum amount every payment period. If the total payments deducted from your sales cover the minimum payment requirement, then you'll continue to pay back your loan through a percentage of your transactions.

However, if payments deducted from your sales over that period happen to fall below the minimum payment requirement, you'll be required to pay the remaining amount. Stripe automatically debits your bank account or account balance for the balance needed to meet your minimum payment. You can view your minimum payment amount in the Dashboard or in your loan agreement.

Financing provided by Fundbox. All financing requests are subject to final review prior to approval.

FAQs

• How do you determine who qualifies for an offer? 

Eligibility is determined based on a combination of factors, including overall sales volume and history with MyTime. Eligible Australian businesses will receive an email and Dashboard notification if they have an offer available to apply for.

• Do I have to pay interest? 

No, you'll pay one flat fee that doesn't change. You won't pay any interest on top of this fee.

• Will applying for an offer affect my personal credit rating? 

No, there is no personal credit check. All offers are based on sales volume and your history with MyTime.

• Can I request a different offer amount? 

When you log into your MyTime Dashboard, you can use a slider to choose a custom amount (up to the maximum offer amount). The loan fee and payment rate adjust based on the amount you choose.

• When do I need to pay the flat fee? 

You'll automatically pay the flat fee through a percentage of your sales until the total amount financed is paid. The fee isn't charged up-front.

• How does payment work?

Payment is collected automatically through a percentage of your MyTime sales as they're processed, which means you pay down more when business is busy and less if things slow down. As long as you meet your minimum payment requirement, what you pay each day adjusts to your sales.

• What's a minimum payment? 

A minimum payment is the minimum amount that you're expected to pay every payment period. That period will be determined during underwriting and based on the total term of your loan offer. If your automatic daily payments don't meet this minimum, the remaining amount will be collected by direct debit from your linked bank account at the end of the period. You can view your minimum payment amount in the Dashboard or in your loan agreement.

• How do I make my minimum payment?

If your payments deducted from sales cover the minimum payment requirement for payment period, no action will be taken. If you've not met the minimum payment amount by the end of the payment period, Stripe will automatically debit your bank account or account balance the balance needed to meet your minimum payment. There's no action needed on your part.

• After my application is approved, how quickly will I get my funds? 

If your application is approved, you'll see the funds in your bank account typically in as soon as 2 business days. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.

• Can I have my Capital funds paid out to a card? 

We currently don't support disbursal of funds to a card. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.

• What happens when my offer expires? 

Each offer is available for 30 days. After that point, your business will automatically be re-evaluated to see if you're eligible for an additional offer.

• Can I pay my loan early? 

Yes, you can make additional payments or pay the total amount financed in full at any point by clicking the 'Make Payment' button in your Dashboard. There are no additional fees for early payment.

• Will paying early qualify me for a new offer? 

After you pay the total amount financed, we'll automatically evaluate you for a new offer. Paying early doesn't automatically qualify you for a new offer.

• How should I report these funds on my taxes? 

Tax reporting is often dependent on your specific situation, so we encourage you to talk with a registered tax agent to ensure appropriate accounting. In general, Stripe Capital funds wouldn't be considered taxable income at the time of receipt, and the amounts withheld to satisfy your obligations aren't tax deductible. Stripe and its financing partner, Fundbox, do not provide tax, legal or accounting advice.

• Who can I contact to learn more about the Stripe Capital program? 

If you have additional questions about how our financing program through Stripe Capital works, you can contact our partner, Stripe, at capital+support@stripe.com. If you would like to discuss your active financing please contact, stripe-capital@fundbox.com. Financing is provided by Fundbox. All financing requests are subject to final review prior to approval.