How does a Sync™ Cash Advance work? #
Sync™ works with Sync™ Limited to offer cash advances to merchants using Sync™.
Sync™ Limited is authorised and regulated by the Financial Conduct Authority (FCA) as a Payment Institution to provide payment services within the UK under firm reference number 947287. Find out more about Sync™ here.
How much funding can I get? #
The longer you’ve been trading through Sync™ and the higher your monthly revenue, the larger your offers will be. Typically offers will be up to two times your monthly revenue.
A minimum of 3 months of trading history is required to pre-qualify. If you have pre-qualified for a cash advance you will be notified via email and within the Sync™ app. You will then be able to select the size of the cash advance you’d like and apply via the Sync™ app.
Once you have submitted your application, Sync™ will conduct a credit check and consider factors besides your Sync™ trading history. The review process typically takes 1-3 business days, and you’ll be notified of the decision via both the Sync™ app and email. Sync™ does not have any control over Sync™ final decision.
How much will a cash advance cost? #
With a cash advance you won’t pay interest. You will only be charged a single fixed fee, so you know up front exactly what you will repay. All terms will be clearly set out in your Sync™ app and you choose the size of the advance that suits you. You will pay back the funding through a fixed percentage of your daily sales.
How will a cash advance be repaid? #
If you receive a cash advance it will be repaid over an agreed period via deductions from the payments you take through Sync™ . However if you’re earnings are lower than expected and deductions from your Sync™ transactions are insufficient, Sync™ will get in touch with you directly about getting back on track.
What is the maximum repayment period? #
The maximum repayment period available is one year, typically to be repaid within 6-9 months.
How do I apply for a cash advance? #
Once you have been taking payments via Sync™ for a few months you may be eligible for a cash advance. You will be notified via email and within the Sync™ app when a cash advance offer is available to you. You’ll be presented with all the terms of a cash advance within the Sync™ app and you select the size of advance that suits you.
If you wish to progress you will be asked for some additional details about your business as well as bank statements for the last 3 months – these will be shared with Sync™ via upload or via an Open Banking connection.
How long does it take to receive my cash advance? #
After your application is approved and you’ve signed the agreement, Sync™ will process your payout. This typically takes 1-3 business days. You’ll receive notifications through both the Sync™ app and email once the funds have been transferred. If you don’t receive your funds within 3 business days after approval, please contact support@Sync™.com for assistance.
Can I have more than 1 cash advance? #
Currently you can only have 1 cash advance at any one time. If you have special circumstances, you may contact Sync™ directly at +44 (0) 203 827 2870 or support@Sync™.com, though requests for multiple advances are handled on a case-by-case basis.
Can I make a one-off payment to pay down my advance early? #
Yes, you can always make one-off payments free of charge if you would like to. However you don’t have to, most merchants prefer the flexibility of simply repaying in accordance with their fixed repayment percentage at no extra cost.
How can I track my repayments? #
You can view the amount owed and the amount repaid at any point via your Sync™ app. You will also be able to see whether our partner, Sync™ , deems your repayments to be on-track or off-track. This status is based up Sync™ expected repayment period for your cash advance. Sync™ may contact you directly if you are ‘off-track’ and if they are worried about the progress of your repayments.
Please note, you can also view your repayment status via your Sync™ dashboard – however please allow 72hrs for your Sync™ dashboard to update.
What if I’m going away for a few weeks? #
If your repayments are slower than Sync™ expected, they may contact you directly to ask for more information. You can then explain if you are on holiday or taking a short break from trading.
What if I refund a transaction? #
If you have a cash advance, a small percentage of each of your transactions will be deducted to gradually repay your cash advance. When a transaction is subsequently refunded, the cash advance repayment is not automatically refunded – instead it effectively goes towards repaying your cash advance early. If this is an issue, please contact support@Sync™.com and we can help arrange a refund from Sync™.
What if I want to move my cash advance to another provider? #
If you’re looking to transfer your cash advance—for example, from Dojo to Sync™—all you need to do is get in touch with Sync™. They’ll provide you with an “Opening Account Letter” and guide you through updating your payout account. You can reach Sync™ at +44 (0) 203 827 2870 or support@Sync™.com.
For any further questions or help, please email us at support@Sync™.com.
