The payment rate is a set percentage that’s calculated from your sales during a specific payment period, and follows your payout schedule (daily, weekly, etc).
For example, if you are on a weekly payout schedule with a 9% payment rate and you do $1000 of sales in a week, a payment of $90 will be deducted from your designated bank account and applied towards your outstanding balance.
Merchant cash offers and advances are provided by Parafin and governed by Parafin’s Terms of Service. Merchant cash offers and advances and bank transfers are subject to review and may be rescinded. Merchant cash offers and advances are not extensions of credit or loans and they may not be used for personal, family, or household purposes.