Overview
Fergus has partnered with Stripe to offer eligible businesses access to fast, flexible financing through the Stripe Capital program.
In this article, we'll cover
Eligibility
Offer structure
Payment
Eligibility
Fergus businesses are automatically reviewed for eligibility on a daily basis, and we'll send you an email if your business qualifies for an offer. Eligibility is based on a number of factors including your transaction volume and history with Fergus Payments.
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 personalised offers and you can choose the one that works best for your business. Each offer will outline:
The financing amount: The amount that will be deposited into your bank account
The flat fee: The fee you'll pay over time in exchange for the financing amount — there are no other fees or compounding interest
The total amount owed: The sum of the financing amount and the flat fee
The payment rate: The percentage of your daily card transactions processed through Fergus Payments that will be withheld to pay the total amount owed
The minimum payment: The minimum amount required to be withheld from payments over the period agreed to in the offer. Any remaining minimum payment balance will be deducted from your attached bank account.
Here's an example offer you might receive:
Financing amount | $17,000 |
Flat fee | $1,700 |
Total amount owed | $18,700 |
Payment rate | 12% |
If you accepted the example offer above and were approved, you would receive $17,000 in the bank account associated with your Fergus account typically in as soon as 1–2 business days, along with your usual payout. Stripe would then withhold 12% of your daily transaction total - in addition to the usual processing fees - until you've paid the total amount owed of $18,700 (the $17,000 financing plus the $1,700 flat fee).
Payment
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 1–2 business days after the funds have been deposited into your account. The more sales you process through Fergus Payments, the faster you'll pay.
There are no additional fees for early payment. If you'd prefer to pay faster or pay the entire outstanding balance, you can arrange a manual payment in addition to the withheld amounts. To make manual payments, please visit the Fergus Capital Dashboard.
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.
Paying early doesn't guarantee subsequent financing offers. Accounts are automatically reviewed for additional offers on a daily basis, and we'll send you an email if you qualify for any additional offers.
To see a daily summary of your payment progress, see the financing overview page in your Fergus Dashboard.
Please Note: Financing is provided by Fundbox, an external finance provider, with payments facilitated by Stripe. Funding amounts, rates, and terms are based on review and approval of a completed application, and are subject to change. Financing offers might require additional documentation.
Thank you for taking the time to read our article. If you have any questions, please get in touch via support@fergus.com