Note: Autobooks Capital is not available to all Autobooks users. If Autobooks Capital is not present in your Autobooks account, you may not qualify for Autobooks Capital OR your financial institution may not offer it.
Repayment of an advance draw will be on a weekly basis. The payment will be debited from the checking account you have connected to Autobooks each Wednesday. You can consult the Capital tab within Autobooks to see your draw activity.
If you have multiple active draws, the repayment debit transaction will be a total of all your draw repayments.
Once you repay a draw in full, your advance line available balance shown on your dashboard will adjust within three business days.
Repayment for multiple advances
Each advance will have its own number of weeks to repay. Repayments will occur on Wednesdays, and the total amount owed across all active advances is debited in a single ACH transaction from the checking account you have connected to Autobooks.
For example: say you have taken two draws from your Autobooks Capital line. The first draw has a weekly repayment of $150. The second draw (taken a few weeks after the first one) has a weekly repayment of $100. That means you'll see one weekly debit each Wednesday from Autobooks Capital for $250 to repay both advances.
You can view repayment activity for all of your advances (including past advances that are paid in full) within the Autobooks application.
Early repayment of an advance
At this time, you are not able to pay the entire advance balance earlier than your repayment schedule. We are hoping to have this feature available soon.
Missed repayments
If you don't have enough funds in the checking account for a scheduled repayment you may have your repayment period extended, thus reducing the weekly debit amount. The Autobooks Capital team will reach out to you if this occurs.
If repayment fails for two scheduled payments in a row, the capital advance line will be closed to additional draws and you will be contacted to determine a collection process.
Collection options may include a reduced payment plan or extended terms, depending on your anticipated revenue.
If you cannot afford the weekly payment due to changes in your business revenue, please contact the Autobooks Capital team to explore your repayment options.