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FAQ

General
expand_more What type of funding does Betterbanc offer?

betterbanc offers investment capital with offers ranging from $5k to $250k through a revenue share agreement. We charge a flat between 6-15% fee on our capital with repayments in line with daily or monthly revenues, taken as a percentage of sales. This is not an interest rate. We don’t take equity, personal guarantees, warrants, or hidden fees. The amount accessible is based purely on your actual business performance.

expand_more How is betterbanc different from other funding options?

Unlike venture capital, betterbanc gives founders the opportunity to raise growth capital without giving up control of their business. Equity is one of the most expensive ways of raising working capital, but many founders are also wary of subjecting their businesses to the interest rates of traditional debt. That’s why our funding offers a fair and flexible alternative that’s better for founders

expand_more What fees are associated with taking an advance?

There is no fee to apply for an advance. There is a fixed fee associated with every advance which is decided based on your overall business health. It has no periodic nor compounding interest. You will know exactly how much you are paying up front before you accept the offer and that fee will never increase throughout the repayment process.

expand_more How is my fee rate determined?

The flat fee is based on the data analyzed. We take your revenue data, business metrics, and market data into consideration when determining your unique offer and the fee associated with it.

Application Process
expand_more Does my business qualify?

To qualify, you must fit into the below criteria: 1. At least 12 months operating history 2. Average monthly revenue of at least $5 000 up until $250 000 in annual online revenue in the past year 3. Headquartered in USA & business must be incorporated (ie. corporations or limited liability companies)
We will be adding new geographies in future. Make sure to check back at another time to see if you meet our criteria.

To see if your business qualifies, complete the 3-minute application on our homepage and we will get back to you within 24 hours to confirm your eligibility.

expand_more How long does the process take?

You can access funds in as little as 24 hours of applying online. The first step is to see if you qualify by completing the 3-minute application on our homepage.

The entire process (application, offer, negotiation, approval, sending funds) can be completed in as little as one to two business days. Larger advances and applications requiring special considerations or analysis may take longer.

Data
expand_more What data will I need to provide?

To receive funding from betterbanc, you don’t need to share any business plans, cap tables, or pitch decks.
All we need is to verify your business performance. So we’ll ask you to connect us to your business’ existing sales and marketing platforms like Stripe, Shopify and Facebook. We’ll also connect to your bank or you can email us your last 6 month bank statements.

expand_more Why do you need my bank account information?

We use your financial information to determine your eligibility for a betterbanc Advance as well as for Advance maintenance and processing. We ask that you link this information to our platform so we can assess your business performance quickly and in an automated manner. The bank account(s) you connect to betterbanc are also the bank account(s) from which we will debit your advance repayments via ACH or Direct Debit Authorization.

expand_more Is my data secure?

betterbanc secures your data with bank-level encryption.All information you share with us is secured during transport and at rest. We also limit what we have access to.

For example, we can never at any point see your login information for any of your connected accounts. In addition, we only have “read” level access to the data you share with us – in other words, we are never able to change or modify in any way your shared data.

Accessing funds
expand_more How quickly can I access the funds?

Once you sign an agreement with us, the funds should be available to spend the next day.

expand_more Is it possible to get additional capital as my business grows?

Yes, our funding can scale with your business. If your company has grown significantly, contact your account manager to discuss your options.

Repayment
expand_more How is the advance repaid?

We understand that your business will fluctuate from month to month, so our repayments are tied to your sales. We agree a percentage of revenue with you, which you will then share with us until the advance and flat fee is repaid. This means that if the market slows or your sales drop, your repayments will drop too

We will automatically collect the repayments, either by connecting to your payment processor or by direct debit so you don’t need to worry about remembering.The repayment percentage is decided when negotiating the terms of your advance. We typically take 5% to 25% of future revenue to keep cash flow in your day to day operations. We work with you to determine a rate that will be acceptable for everyone.

expand_more When do repayments begin?

Repayments will begin on the date agreed on your Offer Letter. This is typically the 2-3 days after you receive the investment in your bank account.

expand_more What percentage of revenue will I need to share with betterbanc?

Most businesses share 5-25% of future revenues. We’ll agree the final percentage individually based on your budget and business needs.