Jessica Powers October 7, 2021 at 2:11 PM 9 min read

How is Goodshuffle Pro's Stripe Capital Loan Program Unique From Other Loans?

Does your event business need a boost? Chances are, you already have a list of items you’d like to— and need to—  buy for your event company and you know they’d make a huge difference. But where is that money going to come from? While we’re sad to report that money still does not grow on trees, we can tell you that we have a low-risk financial solution to help you grow your company.

Our users and readers are already familiar with our partnership with Stripe for secure, seamless payment processing, built right into the Goodshuffle Pro software. This partnership has proven to be very successful, so we’ve decided to team up with Stripe again to bring our qualified US-based clients exclusive access to Goodshuffle Pro’s Stripe Capital loan program. Stripe Capital provides short-term capital loans, which can help you take on VIP clients, expand inventory, help you comfortably get through the slow season, and more! There are no restrictions on how you spend your funds, so you can grow your business how you see fit. Plus, once you’re approved, funds will be deposited into your account within 1-2 business days!

Eligibility 

Eligible Goodshuffle Pro users will receive an email inviting them to join Goodshuffle Pro’s Stripe Capital program. To be eligible to participate in the program, you must meet the following requirements: 

  • Your business must be based in the United States (We’re currently awaiting a Canadian program- stay tuned!)
  • You must have used Stripe to process payments for at least one year (if you have been using Goodshuffle Pro to process payments, you’re using Stripe).
  • You need to process at least $10,000 USD per year through Stripe. 
  • You must be in good standing with Stripe.

Approval Process

Stripe Capital will not run a credit check to determine your loan eligibility or amount, so there’s no ding to your credit score for applying. Instead, Stripe Capital looks at your past business with Stripe to determine the amount of your loan offers. 

There are some additional steps you can take to increase your chances of approval and to increase the amount of money you’ll be eligible to borrow. These are particularly easy for Goodshuffle Pro users, as Goodshuffle Pro helps you keep track of your financials as well as your inventory. First, make sure you’re processing payments through Stripe whenever possible. Stripe also takes growth and stability into account; an upward financial trajectory and consistent business are both appealing to any lender. Additionally, try to keep disputes to a minimum; while this isn’t always within your control, there are things you can do to cut down on the number of disputes filed by your clients. 

Loan Selection

After approval, you’ll have the option to select one of three offer amounts, which will also display the fees and repayment rates (more on that soon) alongside each offer. You can also opt to select your own loan amount, and Stripe Capital will automatically calculate your fees and repayment rate for the custom loan amount. Stripe Capital will not offer you more than you’ve demonstrated you can repay— their responsible lending practices are one of the many reasons we’ve partnered with them. 

Interest and Fees

In addition to receiving your loan payout fast, you also won’t have to pay any interest on your loan. Instead, Stripe Capital sets a flat fee that is included in your repayment amount. Don’t worry, this fee won’t be a surprise; fees are clearly displayed when you’re choosing which loan offer to accept. 

Repayment

With our Stripe Capital Loan program, repayment is a breeze. When you accept your loan, you’ll see a “repayment rate,” which is displayed as a percentage. This percentage represents the amount Stripe Capital will deduct from each payment you receive through Stripe. This means that you’ll automatically pay more back towards your loan during the busy season, and less during the slow season. Stripe Capital will also inform you of the minimum amount that must be collected every 60 days in order to repay your loan within the designated loan term. 

Once your loan is repaid, you’ll automatically be evaluated for another loan. Each loan offer is valid for 30 days, after which your account will be reevaluated for another loan. You are at no point obligated to accept a loan, and accepting a loan will neither guarantee nor disqualify you from a future loan offer. In other words, there’s no pressure to accept a loan.

Our Stripe Capital loans have already benefited many Goodshuffle Pro users by allowing them to take on VIP clients with high up-front costs, to help during transitional times, and to expand their inventory offerings, which in turn allow them to make more money. Goodshuffle Pro’s Stripe Capital loans are short-term financial solutions that aim to give your event company the boost it needs to remain competitive and succeed in today’s market. 

To learn more, explore our FAQ page about Goodshuffle Pro’s Stripe Capital loan program.

Curious how Goodshuffle Pro can empower growth for your event rental company?

Get a free demo today

 

Get the Newsletter

avatar

Jessica Powers

Jessica Powers is a Data Analyst for Goodshuffle Pro, powerful business software for event companies.