Payability – Amazon Sellers Beware
Firstly, the following is my opinion, do your own research.
We used Payability for a few months assuming we were paying ~2% of what we were being loaned. That’s typically how a loan works. You take out a loan and the lending company charges a percentage on what is loaned. This is NOT the case with Payability.
They charge you ~2% of GROSS SALES- meaning everything you sell regardless of whether you take payment or not, they are going to charge you for.
So this 2% they advertise is complete bs in my opinion. It came out closer to 6% for us.
Basically, for the luxury of using their service, Payability will charge you 2% of your GROSS SALES on Amazon.
We assumed if we didn’t take payment during our non-busy times, we wouldn’t be charged anything, but we were wrong.
When you call them to complain, they will tell you it was written in plain English on their site. But this is counterintuitive and frankly BS because that’s not how loans work.
Seems scammy to me but again just an opinion.