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      GoSite Capital

      Frequently asked questions and answers about your capital advance

      GoSite has partnered with Parafin to provide capital advances for eligible customers who use the GoSite Payments tool.

      Upon acceptance of the offer, all communication & customer support is to be handled directly with Parafin:

      FAQs:

       

      How do I know if I'm qualified for a Capital Advance offer?

      GoSite Capital is currently in Beta and only available to GoSite customers who have consistently used the GoSite Payments tool for at least 1 year.

       

       

      How do I sign-up?

      If you were pre-approved you should have received an email from gositecapital@gosite.com. If you find this email and are still having issues accessing the onboarding form, reach out directly to gosite@parafin.com.

       

      Once you have accessed the sign-up flow, you will be taken through a one page form with 3 requirements:

      1. Select the offer that makes sense for your business.

      2. Confirm banking information is accurate (no need to resubmit since you're a GoSite Payments customer).

      3. Accept the offer.

       

      Do I have to pay interest?

      No - there are no interest rates, and your fee will never change.

       

      How does repayment work?

      When you initially go to choose your offer, you will select the funding amount that makes sense for your business and the system will automatically calculate your repayment fee. There are no interest rates, and your fee will never change.

       

      To repay your capital advance - you do nothing. Simply continue using the GoSite Payments tool as normal and we'll take a percentage of your daily sales and put that towards your repayment.

       

      Example:

      1. You accept the below offer on 1/1/21.

      • $30,000

      • Offer 10% Fee = $3,000

      • Total owed = $33,000

      • Estimated Repayment Start Date: 1/5/21.

      2. On 1/1/21 you receive an email confirming your advance amount & that the transfer has been initiated.

       

      3. On 1/3/21 (2 days later), you receive $30,000 in your bank account.

       

      4. It's now 1/5/21 the day that your repayments begin.

       

      5. You charge a charge 2 customers on 1/5/21.

      • $100 - Pool Cleaning

      • $200 - Pool Cleaning + Shock which the customer pays for in-person.

      6. You receive both payments from the customer within 24 hours on 1/6/21 at 12pm.

       

      7. GoSite will scan your account to locate the GoSite transactions processed at 11:59pm on 1/6/21.

       

      8. GoSite see's 2 transactions were processed & withdraws the 10% repayment fee.

      • $100 * 10% = $10

      • $200 * 10% = $20

      • Total towards repayment = $30

      • Fee remaining: $2,970

      • Remaining Capital Advance Balance = $32,970

      👉 Your Fee will NEVER change

       

      What happens if my revenue slows down?

      You are contractually obliged to repay your capital advance. The estimated repayment time frame is within 1 year based on your spending habits with GoSite.

       

      When do I need to repay the loan?

      Repayment is flexible and happens automatically whenever you use the GoSite Payments tool. If your relationship changes with GoSite you will be held liable for repayment directly through Parafin.

       

      How do I view the activity for my Capital Advance once repayment has begun?

      You can view activity in the customer portal. To access the customer portal, locate the email confirming your Capital Advance - this will include a link that takes you to a personalized view of your dashboard.

       

      How long does it take to receive the funds after accepting the offer?

      After accepting the offer the funds are initiated immediately however, it may take 1-2 days for the money to appear in your bank account.

       

      Can I repay my capital advance early?

      Yes, you can make a payment in the form of a lump sum. To do so, reach out to Parafin customer support by calling 1 (858) 295-6554 or emailing gosite@parafin.com.

       

      Can I get more capital if I need it?

      You will be eligible for more capital after your repayment of your initial capital advance is finalized.

       

      How does GoSite / Parafin know my bank account?

      Parafin is setup to use the same bank account connected to your GoSite Payments account. Upon accepting the offer, you agreed to give Parafin access to the bank account used for your GoSite Payments account.

       

      For more details review the Terms of Service here: https://parafin.com/TermsOfService.pdf

       

      I need help logging into the GoSite Capital Portal.

      GoSite has partnered with Parafin to offer small business capital advances. If you have any issues with your GoSite Capital Dashboard, please reach out directly to Parafin by emailing gosite@parafin.com or calling 1 (858) 295-6554.