iZettle Cash Advance
About Cash Advance
What is an iZettle Cash Advance?
iZettle Cash Advance is essentially an advance on your future sales. It gives you access to capital that can help expand your business – your way. Choose the amount of cash you need and repay it effortlessly with a percentage of your card sales. You should be able to repay your loan within 12 months but no later than 18 months and the only cost is a fixed and totally transparent fee. We require a minimum of at least 6% of your total Cash Advance amount + the fixed fee every 60 days.
iZettle Cash Advance is not a traditional loan since we only charge one fixed fee and repayment is flexible – you repay more when your sales are up and less when things slow down. A traditional loan comes with an interest rate and fixed monthly or yearly installments.
What is Cash Advance for?
iZettle Cash Advance is financing tailored to your business and its unique needs. Advance can be used for whatever you need to grow your business, from new coffee machines to taking on more staff.
How much money can iZettle give me as a Cash Advance?
The Cash Advance you're eligible for depends on your card sales with iZettle. We try to offer you an amount that you'll be able to repay within 12 month but no later than 18 months. To make sure you don't take on too much, we never offer amounts that would need a higher repayment rate than 25% of your daily card sales.
When will my Cash Advance arrive?
Your money will be paid out the next day and should appear in your bank account in 1-2 business days, depending on your bank.
What are the requirements to be eligible for a Cash Advance?
Your eligibility for a Cash Advance is tied to the volume and frequency of your card sales with us. When we think you're ready for a boost, we’ll email you an offer and you can sign up for it under the Funding tab at my.izettle.com. In the meantime, simply keep running and growing your business – iZettle Cash Advance will be here when you’re ready for it. An offer is valid for 7 days until a new evaluation is made to see if you still qualify.
Key criteria to meet in order to qualify for a Cash Advance:
- Meet a minimum threshold of £2,000 in card sales volume of per year, processed through iZettle. This number also helps us determine the amount of your Cash Advance offer.
- Be an active iZettle merchant for at least 8 months showing a steady or growing number and frequency of card transactions.
Please note that these are the minimum requirements necessary to be eligible for a Cash Advance offer. We also look into additional data regarding your iZettle account, business performance and financial history to be able to determine if you are eligible and how much money we can offer you.
Cost & Repayment
How much does it cost?
We charge only one fixed fee on your iZettle Cash Advance, based on the amount you choose. This fee plus your Cash Advance amount are repaid each day from your card sales. There are no other hidden costs.
How do I pay the one-time fee?
The fee for your Cash Advance is based on the amount you choose to borrow. It will be gradually repaid together with your loan amount in small fractions, until the total is paid off.
Example: If you take a £5000 Cash Advance + fixed fee of £700 you will repay £5700 gradually through your card sales (calculation based on a representative fixed fee of 14%).
If you take longer time to pay off your Cash Advance, the fee does not increase. However, you have a maximum payback period of 18 months by which time you are required to repay your Cash Advance in full.
Your iZettle transaction fees will be paid separately from your Cash Advance fees.
How do I repay my Cash Advance?
You automatically repay your Cash Advance each day from your card sales. Every time you make a card transaction, we'll take a set percentage until the Cash Advance is paid off. That means the amount you repay each day will vary based on your sales: if you make fewer sales, then your daily repayments will also be lower. We've designed Cash Advance to be flexible so that your business can easily manage repayments.
Please note that while the amount you repay each day can rise and fall, you do need to make minimum repayments. We require a minimum of at least 6% of your total Cash Advance amount + the fixed fee every 60 days.
Example: If you take a £5000 Cash Advance you’d be required to repay at least £342 every 60 days (calculation based on a representative fixed fee of 14%).
We estimate that you should be able to repay your Cash Advance within 12 months but the maximum payback period is 18 months, when you will be required to settle your Cash Advance repayment in full. If we notice that you’re not making transactions often enough, we’ll get in touch via email to check in and see how we can help you.
What happens if I don’t pay off my Cash Advance in 12 months?
If you have trouble repaying your Cash Advance, our support team will contact you to help with alternative payment arrangements. You are expected to repay your full Cash Advance amount within 18 months.
How long will it take to pay back my Cash Advance?
We base your repayment percentage on your current card sales and we estimate that you’ll repay the Cash Advance and the one-time fee within 12 months. The maximum payback period is 18 months, when you are required to settle your Cash Advance in full.
When do I start making repayments?
We’ll start deducting the repayment percentage from your card sales as soon as we have sent the money to your account.
What happens if I stop using iZettle before I’ve paid off my Cash Advance?
If you stop using iZettle, then you’ll have to pay off the balance of your Cash Advance in one lump sum.
Can I adjust the daily percentage of card sales used to repay my Cash Advance?
You cannot adjust the percentage once you've agreed to it and received your Cash Advance. However, you can repay the total amount you owe at any time. All you need to do is contact us and we’ll let you know how to make the payment.
Where can I find the Cash Advance reports I need for bookkeeping?
You can find all transactions related to Cash Advance in your account statement at my.izettle.com.
- Log in to my.izettle.com
- Go to Sales and click on Account statement
- Select a time period and filter by Advance
You can also download a detailed report of the repayments in your Cash Advance dashboard by clicking "Export report" at the Funding tab at my.izettle.com.
Am I allowed to repay my Cash Advance in one go?
Sure! You can repay the total amount of your Cash Advance at any time. All you need to do is contact us and we’ll let you know how to make the payment.
Into which account will my Cash Advance money be deposited?
Your Cash Advance is repaid from future sales and therefore your money will be deposited into the same account you use for iZettle sales deposits. For legal and security reasons you cannot choose to have the money deposited in another account.
Cash Advance Top-up and renewal
How and when do I pay it back?
We will automatically take a percentage of your daily card sales to pay back your total Cash Advance (the previous Cash Advance + extension fee + the top-up amount + new fixed fee). This percentage is agreed upon when you sign up and always stays the same. As with your original Cash Advance, the amount you pay back each day varies based on your card sales. If your sales go down, you pay back less. And if they go up, you pay back more, as long as you make steady repayments of at least 6% of your total Cash Advance amount every 60 days.
Each time you take a top-up, your repayment period resets back to 12 months, giving you a full year to pay off your previous Cash Advance balance and the new top-up amount. The maximum payback period is 18 months, when you are required to pay your Advance balance and the new top-up amount in full.
How much does a top-up cost?
You pay two fees for your top-up, one for the new amount that you loan and one for extending the repayment period on the amount you have left from your previous Cash Advance.
Example: If you have a top-up offer for 5.000 and 2.500 left to pay back on your previous Cash Advance. Then the fee for your new Cash Advance amount of 5.000 would be 500 and the extension fee to extend the period for your loan of 2500 for another 12 months would be about 150 (fees can vary).
Does the repayment percentage change with a top-up?
It can change or remain the same, depending on the amount you choose. The repayment percentage is based on the total amount of your Cash Advance. So if you take a top-up, then we add the new amount to your current Cash Advance to come up with your daily repayment percentage so that you can easily repay it in a year.
When does iZettle start taking repayments?
We’ll start deducting the repayment percentage from your card sales as soon as we have sent the top-up funds to your account.
Will I be able to sign up for an additional Advance?
There are two possible ways to get another Cash Advance. The first is to repay the total amount owed and then sign up for a new Cash Advance once we’ve notified you that you’re eligible again. When you’re eligible again, you’ll be given a Cash Advance offer via email, as well as under the Funding tab at my.izettle.com.
You may also be eligible to top up your Advance while you’re still repaying your current one. If this is the case, we’ll give you an offer via email, as well as under the Funding tab at my.izettle.com.