Wayflyer vs. dash.fi Review for Ecommerce Businesses
Wayflyer and dash.fi are online services designed to help businesses manage their money. These platforms can help companies spend money, track finances, and scale sustainably, putting them on a better path to growth.
If you’re looking for help tracking your company’s finances, we’ll break down what you need to know about Wayflyer and dash.fi’s services.
What is Wayflyer?
Wayflyer is a business that provides “flexible funding and actionable insights to the world’s fastest-growing ecommerce businesses.” It does this through three solutions—Funder, Scaler, and Amazon financing.
Funder is Wayflyer’s lending service, offering loans ranging from $10,000 to $20 million. This funding comes as a merchant cash advance, meaning you receive the money upfront and can use it for inventory, marketing, labor, or any other costs.
Wayflyer will take an agreed-upon percentage of future sales to pay the loan off, minimizing risk to your business. Unlike typical loans, Wayflyer doesn’t charge interest on your balance. Instead, it only charges a one-time transaction fee ranging from 2% to 8%.
Loan offers are tailored to your specific business, and you’ll get multiple options to choose from. For example, you might get an offer for a $100,000 loan, a 3% fee, and repayment through 12% of daily sales, or a $200,000 loan, a 5% fee, and repayment through 18% of your sales.
The amount you can borrow will depend on your company’s age and sales record—no credit checks are required. Wayflyer claims it can provide loan offers within hours and fund loans in days.
Scaler is another loan option, but unlike Funder, it targets large ecommerce companies. A business must earn $20 million or more each year in revenue to be eligible.
Unlike Funder, which offers a lump sum of cash up front, Scaler is a line of credit. Companies that qualify can get access to a line of credit for up to two times their monthly revenue. You can draw funds from the line whenever you need to, so long as you don’t exceed that limit.
Wayflyer charges a simple fee on each draw instead of interest, so you don’t have to worry about variable rates or unpaid balances. It also offers a credit review every few months based on a company’s performance to determine if it can access more funding.
As its name implies, Amazon Financing is explicitly designed for ecommerce businesses that sell on Amazon. As part of the application process, you’ll link your Amazon Seller Central store to your Wayflyer account, giving the lender the information it needs to make tailored loan offers.
After that, the service works much like Funder, letting you borrow between $10,000 and $20 million to spend as needed.
Wayflyer aims to be more than just a lender. To help customers improve their marketing performance and make the most of their funding, Wayflyer offers Insights.
Through Insights, Wayflyer gives customers access to marketing experts and advice on how to grow their businesses. It includes an analytics dashboard you can use to track marketing campaigns and identify trends.
Pros & Cons of Wayflyer
Like any company, Wayflyer has several pros and cons to consider.
Financing with no credit check
Work with experts to grow your business
Few services other than lending
Doesn’t offer virtual cards
Wayflyer vs. dash.fi
While Wayflyer and dash.fi are both financial platforms dedicated to ecommerce businesses, they specialize in different areas. It’s a good idea to compare their services to your business’s needs to determine which is right for you.
Wayflyer and dash.fi offer financing to businesses in two different ways.
Wayflyer offers loans in the form of merchant cash advances in which companies get cash upfront and repay it over time by sending a percentage of their daily sales. Loans from Wayflyer can be large, and sufficient to help a business buy inventory or scale up.
Dash.fi, on the other hand, offers financing through virtual credit cards. This financing isn’t intended for high levels of borrowing or long-term funding. Instead, it’s designed to make tracking and managing spending easier for companies by creating virtual cards for different purposes or departments.
Dash.fi also has the benefit of offering rewards on the card, paying 3% cash back on the first two months of spending.
Analytics and dashboards
Dash.fi offers a powerful dashboard that business owners can use to keep track of their company’s money and advertising spending, along with integrations to popular accounting tools like Quickbooks.
You can also use dash.fi’s virtual cards and dashboard to track spending on different ad campaigns.
Wayflyer also offers a dashboard through its Wayflyer Insights service. This dashboard focuses more closely on tracking sales and marketing performance, so you can track which campaigns bring in the most customers and produce the best return on investment.
Wayflyer and dash.fi have very different requirements for businesses that want to sign up.
Wayflyer’s primary loan, Wayflyer Funder, has four basic requirements. To be eligible, you must:
Be an ecommerce business that sells products online
Have monthly sales of $20,000 or more
Be in business for at least six months
Be incorporated in a supported country, including the United States, Canada, United Kingdom, Australia, New Zealand, Ireland, Spain, The Netherlands, Belgium, Germany, or Sweden
Dash.fi has less stringent requirements when it comes to the size and revenue of your company. The primary requirement is that your business must be incorporated in the United States.
Neither company requires a credit check or personal guarantee to get financing.
Wayflyer and dash.fi are slightly different services—Wayflyer focuses much more on offering larger loans and financing deals to ecommerce businesses, while dash.fi concentrates on virtual credit cards aimed at advertising spending. Determining the best platform will depend on your company’s financing needs and goals.
Despite their differences, both companies serve online companies needing loans, and some businesses will find that they can benefit from working with both.