FAQ
Got a question or seven? You'll probably find your answer here. If not, we’re pretty easy to get ahold of. Don't think of Onramp as a one-time funding source; we're your working capital teammate, here for the long haul.
Connections | Funding | Costs | Repayment | Application
Connections
Each store requires a unique set of credentials to connect with Onramp. We make connecting easy with detailed instructions specific to each store type, and the connection only has to happen once. It’s typically only two or three data elements that you’ll cut and paste into Onramp’s store connector form fields. Once provided, we do the rest.
We use your online sales data for underwriting necessary to extend funding solutions to you. It's automated financing integrated with your actual sales performance. This means less work for you and faster access to capital!
We use your store data to underwrite funding opportunities for your business. Unlike traditional lenders who require you to conform to their standards, we use your direct sales and inventory history to provide financing plans specifically tailored to you.
Yes! We use financial industry best practices and encrypt all data in transit and at rest. We use industry-standard authentication, monitoring, prevention, and alerting tools to conform to Open Web Application Security Project (OWASP) standards. Because we focus on higher-level sales performance data, we try and avoid retrieving PII customer data so as to limit any potential data breach exposure.
Funding Solutions
Right now, we provide funding for inventory purchases. We are working to expand our solution to fund a broader range of working capital requirements in the coming months.
You need an online sales history of typically more than 6 to 12 months with products that have a proven history of sales and inventory turnover.
We offer a range of financing solutions. We believe that cash advances have a place in the ecosystem, but that they need to be optimized for eCommerce sales and inventory turnover to ensure alignment with cash flow performance.
No! Our financing products do have a term, but they don’t have a set payment schedule. Funding is optimized to sales forecasts and payments are synchronized with your actuals sales based on the inventory that is tied to each loan.
Payments for Onramp funds are synchronized with your sales based on the inventory that is tied to each funding event. We typically expect each financing will be repaid in 60 to 120 days - with actual paybacks synchronized with actual sales.
Yes! We extend multiple funding events that are synchronized with your inventory and working capital needs. This is designed to minimize your outstanding balance which reduces associated expenses. Onramp funding is designed to minimize expenses to online sellers - everything we do is meticulously aligned in sellers’ best interests to reduce your expenses while facilitating your growth.
We typically approve online sellers for funding in 24 to 72 hours. The first time you request funds, it should take a day or two. Each subsequent funding event should typically be approved in under one business day.
When financed inventory units are sold and payment for that sales is received by you (for instance tied to an Amazon Settlement). You pay per unit of inventory when you receive sales receipts.
The Onramp application environment provides all these details. We also include these details in your statements.
Costs
The Onramp application for funding is free to sellers.
Interest or Fees are charged on all funding events. We believe charging and collecting based on sales receipts is the fairest way to align with your sales performance. We comply with all State of Texas and Federal laws regarding interest, fees, and usury laws.
So long as automatic payments are in place, there is never a late fee, as we collect when you receive your sales receipts.
No, we don’t believe you should be penalized for paying off funds early.
Repayment of Funds
Onramp provides an automatic payment solution that calculates amounts due based on your sales and then triggers payment based on your receipt of sales proceeds. Basically, when you get paid for selling, you make a payment to Onramp.
We’ll inform you of the expected payback period based on your specific funding needs. We anticipate most funding events will be repaid in 3 to 6 months. We issue multiple funding events to ensure you have adequate working capital available. Don’t think of Onramp as a one-time funding source; we’re your working capital teammate here for the long-haul.
Yes, you can prepay and pay off your financing any time within the Onramp application.
Onramp Application
We partner with payment partners who are exclusively focused on providing the best, most secure payment capabilities. This includes the data collected to enable payments. Once you’re registered, we retain a payment token that allows us to not return specific account details that could be used to compromise your account. We use read-only access to your online sales channels, meaning we’ll never publish data or otherwise interfere with your selling ability.
We use HTTPS, AES256, and TLS 1.2 along with other industry-leading security practices. This means we protect you while on our site, we encrypt all data between the site and our servers, and we encrypt and restrict access to our servers. We're serious about protecting you and your data.
In order to extend funding, we’ll need you to connect your online marketplaces sales channels (e.g. Amazon, and in the future Walmart and other marketplaces) and in the future, your online shopping cart(s) (e.eg. Shopify, Bigcommerce, Magento, etc.). Once approved, you’ll also need to connect a bank account so we can verify your online channels match the same business where you conduct your banking. We’ll use this to distribute funds to you and to collect payments from you. The banking connection process will collect information used to comply with USA Patriot Act and Know Your Customer Laws, and will require verifying entity and owner information, common for opening most modern financial accounts.
Given we need to pull back historic data, it can take 12 to 24 hours to retrieve the data necessary to determine the funding we make available to you. We appreciate your patience while we retrieve data. Once you are connected, there is nothing more you’ll need to do.
As long as you keep your free account active with Onramp, we’ll continue to maintain the connection to your Amazon and other connected accounts. This connection allows us to continuously evaluate your sales and inventory turnover performance to offer funding opportunities aligned with your business needs.
Ready for Onramp?
Ready to solve your funding challenges, reduce costs, and get back to doing the things you love? We’re ready to help.