The feature lets sellers access sales revenue “within seconds,” the instant payouts website stated, as opposed to the normal payout process, which takes 14 days, according to the announcement.
Brex first announced instant payouts in October and launched it at that time for Amazon sellers only. Now, Brex is expanding the service to Shopify. The instant payouts website noted that the company is looking to bring the feature to other eCommerce platforms such as “Stripe, PayPal, Square and Walmart.”
With instant payouts, “Companies no longer need to have their sales payout cycles dictate the pace at which they can reinvest in their business,” the emailed announcement stated, freeing up cash flow.
“Managing cash flow has always been one of our biggest challenges as an ecommerce business, and the several day order-to-cash lag certainly doesn’t make things easier,” Dianne Pingul, co-founder of HappyGun, a Brex instant payouts user, said in the announcement. “With Brex’s instant payouts feature, we can access cash as soon as customers buy our products, even on nights and weekends.”
To qualify for Brex instant payouts, a Shopify or Amazon seller must have at least one month of operating history and a minimum of $500 in net sales volume per month, according to the website. After a 30-day trial, businesses must route their payouts through Brex Cash, Brex’s cash management platform.
In addition to instant access to their sales revenue, sellers can use the feature to send free ACH and wire transfers domestically and internationally, the website stated. They also have access to various cash back rewards on rideshares, flights and hotels booked on Brex Travel, restaurants and dining.
Each instant payout transfer carries a 1.5 percent fee for Amazon sellers and a 1 percent fee for Shopify sellers, according to the website.