Shopmonkey Capital, Powered by Stripe

Shopmonkey Capital

Shopmonkey has partnered with Stripe to offer eligible businesses access to fast, flexible financing through the Shopmonkey Capital program. Stripe helps Shopmonkey identify merchants using Shopmonkey Payments who may be eligible for this financing, so be on the lookout for an email from Shopmonkey about eligibility for Shopmonkey Capital, powered by Stripe.

Eligibility

Shopmonkey businesses are automatically reviewed for eligibility daily. Shopmonkey will contact you via email if your business qualifies for an offer. The criteria for eligibility are based on several factors, including your transaction volume and history with Shopmonkey Payments.

Offer Structure

If eligible, you’ll receive an email from Shopmonkey with your personalized offers and you can choose the one that works best for your business. Each offer will outline the following:

Financing amount: The dollar amount that will be deposited into your bank account
Flat fee: The fee you'll pay over time in exchange for the financing amount (there are no other fees and or compounding interest)
Total amount owed: The sum of the financing amount and the flat fee
Payment rate: The percentage of your daily card transactions processed through Shopmonkey that will be withheld to pay the total amount financed*

Here’s an example offer you may receive:

Financing amount: $17,000
Flat fee: $1,700
Total amount owed: $18,700
Payment rate: 12%

Hypothetically, if you were to accept the example offer above, you would receive $17,000 in the bank account associated with your Shopmonkey account within 1-2 business days of being approved, along with your usual payout. Stripe would then withhold 12% of your daily transaction total in addition to the usual processing fees until you've paid the total amount owed of $18,700 (the $17,000 advanced plus the $1,700 flat fee).

Payment

You would pay the financing over time through a percentage of your transactions according to your payment rate. The payment process will begin automatically 1-2 business days after the funds have been deposited into your account.

If you would prefer to pay faster or pay the entire outstanding balance, you can arrange to make a manual payment in addition to the withheld amounts by clicking the ‘Make Payment’ button on your loan overview page. There are no additional fees for early payment.

Please Note: Paying early does not guarantee subsequent financing offers. Accounts are automatically reviewed for additional offers daily, and Stripe will reach out to you via email if you qualify for any additional offers.

Shopmonkey Capital offers financing types that include loans and merchant cash advances. All financing requests are subject to a final review prior to approval. Shopmonkey Capital loans are issued by Celtic Bank, powered by Stripe. Shopmonkey Capital merchant cash advances are provided by YouLend.

*Stripe Capital loans have a minimum amount due each payment period, and if the minimum amount that you pay through sales doesn’t meet the minimum your account will be automatically debited the remaining amount at the end of the period. If your loan has a fixed payment, Stripe stops withholding from your Stripe sales when you meet the fixed payment amount. The payment terms for your offer will be detailed during the application process.

Still have questions? Feel free to reach out to us through the chat icon. Thanks for reading!

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