8 figure Amazon Sellers Joe Jakes, Tim Jordan, Leonardo Felisberto from Sellersfunding and Nathan Fox from Payoneer join us in this conversation to discuss multiple options on getting funding, stretching your currency and optimising financial instruments in the current climate.
A bit of a background
- Leonardo Felisberto represents Sellers Funding, they provide working capital solutions for e-commerce businesses in the UK and US.
- Tim Jordan works as consultant for several companies in the industry.
- Nathan Fox representing Payoneer, financial services company that provides online money transfer, digital payment services and provides customers with working capital.
- Joe Jakes is an Amazon seven figure seller, joining us in this episode.
Amazon Loans
- Amazon started restricting inbound shipments.
- A part of the agreement provides that certain conditions need to be met: inventory value and sales and going below the specified benchmark can result to automatic default on the loans.
- Short term relief: Amazon deferred the payment and interests until end of April.
- Long term issue: Lack of sales and lack of inventory.
- There are banks not deferring interests and due dates.
Sellers Funding
- There are different products that cater to Amazon sellers.
- Standard loans
- Hybrid loans
- Criteria for Sellers Funding:
- There is a more conservative approach in lending given the current situation.
- Sellers Funding look at the case by case basis.
- It is a personal conversation now. A person needs to look at all the details and not take everything in a few minutes.
- Strong history is a big positive.
- Solutions on logistics issue and supply.
- 90 day interest only or 60 days grace period,
- Duration is now extended so sellers can recover.
Payoneer
- History is also essential.
- Defect rates and cancellation rates.
- Store performance is the basis.
- Negative metrics are looked into.
Cross border Hacks
- It is difficult to predict what would happen next.
- Be vigilant and assess the market.
- Be mindful not to make drastic decisions.
- Hold more currency in euros and dollars and watch the market.
- Save money by transferring in the same currency as your cross border partner.
- Park funding in different currencies
- Pay in the currency that best works at the time of payment.
- Convince your supplier to accept the currency you choose.
- Get as much credit time as you can.
- Get your receipts in your supplier’s currency.
- If you see the spikes and dives do nor over react.
- Just wait. This is a short term crisis.
- Do not make massive decisions quickly based on emotion.
- Park your currencies so you can maximize them at the right time.
- Have a local presence if you plan to bank overseas.
Credit Cards?
- Credit cards can get you into trouble in the long run.
- If you do use them, use cash backs.
- Stay away from credit cards for now.
- There are factories that are strapped for cash and need money to keep the business alive.
- Some factories require 70% upfront while other factories give amazing terms. No middle ground.
Problem Solving
- Get government assistance to maintain your employess.
- Reach out to your lenders and tell them what your situation is and ask if they could work with you.
- Have money to burn?
- Do dot do anything rash.
- Long-term: prepare for recession.
- Adjust for less expensive items
- Less consumable stuff– prepare your business for these.
- Plan for Q4.
- Brick and mortar businesses will go under.
- E-commerce will come out strong. Put your foot on the gas right now.
Connect with our guests:
- Leonardo Felisberto: leonardo.felisberto@sellersfunding.com
- Nathan Fox: nathanfo@payoneer.com
- Tim Jordan: Private Label Legion Radio
To get help, or if you have any question then get in touch with us: danny@sellersessions.com
If you are looking for help or more information check out: https://sellersessions.com/case-studies/
Our Sponsors:
- Thras.io – Lead Sponsor https://www.thras.io/
- Sellers Alley / YLT Translations – Boat Party https://ylt-translations.com/ & https://sellersalley.com/
- Urtasker – Merchandise https://www.urtasker.com/
- GEMBAH – Care Packages https://gembah.com/
- pingpong – Lanyards https://pingpongpayments.com/
- Alex
- De Lilla – Design and branding https://alexdelilla.com/
SellerSessions LIVE — Tickets SOLD OUT!
Send Danny an email to get on the wait list: Danny@SellerSessions.com
About SellerSessions 2020
- Our venue this year: The David Game Keynote Theatre, with tiered seating.
- This year we are supporting a charity and a portion of the proceeds will be given to Tomy’s pioneering studies for prevention of babies born asleep: https://www.tommys.org/
- We will give away 5 FREE tickets for single-parent Amazon sellers. If you know anyone please get in touch to get the details.
- Confirmed speakers and more to come:
- Brandon Young
- Dr Yev Marusenko
- Destaney Wishon
- Zack Franklin
- Nadine Schöpper
- Liran Hirschkorn
- Ivelin Demirov
- Dr Ellis Whitehead
- Paul Harvey
- And yours truly, Danny McMillan. I will be hosting the show and speaking on a topic.
? Need help with your Amazon PPC?
Check out what we do here: ✔️ SellerSessions.com/Agency/
Take a look at some of our client case studies:
✔️ SellerSessions.com/Case-Studies/
❌No Set up Fees
❌No Long Term Contracts
Unlike some agencies, we do not take:
❌ Percentage of your profit
❌ Percentage of your Revenue
❌ Percentage of your Ad Spend
Get in touch for a free account audit…
Connect with SellerSessions and DATABrill:
- https://sellersessions.com/agency/
- Email: Danny@databrill.com
