This is the total amount to be remitted to Wayflyer, which is comprised of the Advance Amount + Transaction Amount.

This is calculated as a percentage of the Advance Amount.

For example, if the Advance Amount is $100,000 and we apply a transaction percentage of 4%, the Transaction Amount remitted to us will be $4,000.

This is not an interest rate.

The Transaction Amount is referred to as the Discount Amount in Australia.

This is the portion of your gross sales which will be remitted to Wayflyer in accordance with the Remittance Frequency in the Order Form until the Remittance Total has been remitted to us in full. The Remittance Amount all depends on your business, but for this example, let’s say it’s 12% and Remittance Frequency is ‘daily’. Therefore, 12% of your gross sales will be remitted to Wayflyer each day in accordance with the the Agreement until the $104,000 is remitted to Wayflyer in full.

If you are based in Europe,VAT has been included in the Transaction Amount for each tranche, as detailed in the Order Form, where applicable.

This is the frequency upon which Wayflyer will initiate direct debits to collect the Remittance Amount from your Bank Account.

For example, daily.

This is the currency in which Wayflyer will collect the Remittance Total. The applicable exchange rate will be based on the spot FX rate applied by our bank when the funding (or if the funding is provided in multiple tranches, when each tranche) is transferred to you. This exchange rate will be fixed for each tranche until it has been fully remitted to us.

For example:

Amount + Transaction Amount for a tranche in USD is $100,000.

The exchange rate is set to 1.4 (1 USD = 1.4 CAD) when funds are transferred to you.

This means you will remit $140,000 in CAD for this Tranche.

Each tranche transferred to you is independent of the other. They each have individual Remittance Amounts and run in parallel.

For example:

Tranche 1: 10% of sales are remitted to Wayflyer daily

Tranche 2: 15% of sales are remitted to Wayflyer daily

The total remittance to Wayflyer when both tranches have been sent to you will be 25% of your daily sales (10% for Tranche 1 and 15% for Tranche 2). When Tranche 1 has been remitted to Wayflyer in full, the daily sales will then reduce to 15%.

The Remittance Amount paid to us is dictated by the most recent tranche deployed to you.

For example:

Sales of customer in one day = $50,000.

Tranche 1: 10% of sales are remitted to Wayflyer daily

Tranche 2: 15% of sales are remitted to Wayflyer daily

The total remittance to Wayflyer is based on the most recent tranche deployed, i.e. Tranche 2 = 15%. Therefore, the total amount of daily sales remitted to Wayflyer when both tranches are deployed = $7,500.

The eCommerce platform or card processor that Wayflyer will be connected to. There may be multiple depending on how many stores you have connected.

If you are based in Europe or Canada, the Agreement will continue until either the Remittance Total has been remitted to us or the “Longstop Date“ has been reached if one applies, whichever is earlier.