Frequently Ask Questions
Get your queries answered here. Feel free to reach out to us for further assistance
- does Funder.ai Charge to use?
We are not providing a loan, and therefore do not charge any interest. We simply charge a daily fee based on the purchased receivables till the due date. If we receive the money earlier, you’ll receive a rebate on our fees. Contact our accounts team to check your rate
- How do I qualify for a Vendor Advance?
You need to have atleast 3 months sales as Vendor to the proposed client or if you are also a marketplace seller for 6 months. However, feel free to reach out to us even if you are a new vendor and we will see how to accommodate you. For further details, click here
- How soon can I access my Funder.ai account?
If you have provided all the required KYC documents and enabled account permissions / integrations, you will be able to access your account in 24-48 hrs
- Is there an agreement to sign?
No, all you need to do ensure you have read our Early Payment Agreement (terms and conditions) on our platform and accept the same. We will need you to sign an authorization letter confirming who will be using your account and your bank account details along with the final commercials that we jointly agree upon. Any changes to our Early Payment Agreement will be immediately notified to your email as well as via our app and web platforms.
- What information is required to be shared?
We do not store your sales data with us, we only access the invoice and receivable amounts and other necessary details required to process factoring services digitally. We also do not do a credit check like a bank but simply connect to your accounts to check your eligibility (click here for your KYC document list). We determine your risk rating and come up with the best possible offer
- How do I qualify for Accelerated Daily Payouts?
You need to have 6 months seller central performance. However, feel free to reach out to us even if you are a new vendor and we will see how to accommodate you. For further details, click here
- Can I apply and use Funder.ai if I am outside UAE?
We are currently working on building our global money transfer solutions and will soon provide a solution for any registered country based in different parts of the world to access our cashflow solutions in an easy and convenient manner.
- Do I have to change my bank account on platforms like Amazon, Carrefour Online etc.?
Yes, you will be changing your bank account or we can do so on your behalf once you grant us required user permissions. We are legally bound to only change your bank account for purposes of factoring your receivables. If you choose to discontinue our services, we can either revert it back to your designated bank account or continue to transfer your money to our reserve from where it can be withdrawn so you don’t have to go through the process again if you want to resume our services in the future.
Born out of the need to service good performing small and medium enterprises, both offline and online, Funder.ai aims to digitize factoring services and empower sellers with flexible funding and tailored cash flow solutions. Our easy to use, fully-integrated digital platform allows SMEs access cash against pending invoices (digital factoring) at the click of a button.
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