As reported yesterday, it appears that Amazon possibly had issues disbursing funds into seller’s bank accounts. Judging by the comments in the previous post there is a lot of uncertainty and concern among sellers on how this may affect their cashflow. Amazon have had a problem, but small businesses don’t have the luxury of deferring their bills. Also, in the critical period running up to Christmas, sellers cannot afford to miss out on opportunities that could make or break their year.
That’s why iwoca, the leading e-commerce lender, has decided to step in; they will offer interest-free funding for up to 2 weeks to affected sellers to ensure that they won’t lose out. Sellers need to sign up on iwoca’s website and send their account manager evidence of the failed disbursement before withdrawing funds. Furthermore, they will fast-track applications to make sure eligible sellers have access to funds swiftly.
“We don’t want any seller to miss out during this critical period. We have already heard from a number of customers who have concerns about upcoming disbursements and want to make that sellers don’t get hit by a potential lack of capital” says Christoph Rieche, co-founder of iwoca. “Sadly, we may not have enough funds for all sellers but the offer stands until we run dry“‘
19 Responses
What? No Wonga.com?
More power to the fantastic guys at IWOCA but I’m confused.
I thought the problem was that the “Failed Disbursement” emails were sent in error – not that disbursements had actually failed to take place.
The emails I’ve received from Amazon all state: “We got in touch with you because, due to a technical problem, you have received a notice informing you that one or more payments were not processed correctly. Please ignore this notice: all disbursements are being made usually in your bank account.”.
So…if the disbursement did in fact happen correctly why the need for IWOCA to step in?
Steve
I don’t have as much due in as those 2 sellers (I wish) but the amount that I should have received Friday is enough to seriously effect my cash flow, and it’s not pending to go in Monday either so I am really starting to panic, Amazon’s attitude seems to be it has been sent so should be with you by now so it’s not our fault it’s the banks faults, strange how it can be so many different banks that are at fault?
I think Amazon themselves had a cashflow problem last Monday/Tuesday/Wednesday which is why this ‘issue’ arose.
I don’t think they had the cash to pay sellers so they delayed disbursements and blamed a technical glitch. Same happens every year with them around this time.
They talked about the 15th/16th being the dates they had issues but disbursements supposedly made on the 14th have still not appeared either. Have they actually got the money to pay sellers everything they owe now and have they actually made the transfers or is this just good old fashioned stalling? :-/
A company as big as Amazon with a cash flow problem?
We are all in the Whitlingham – (Norfolk expression)
Best
I would have thought that the real reason is that Amazon and perhaps Paypal are being cute and lending “Spare” money(ie your money) out on the short term money markets and benefiting from the interest earned.
i’ve still not had my payment that was from 14th 🙁