Open with Faire is a program that helps new store owners successfully open their businesses. The program offers $2,500 up to $20,000 in interest-free, 60-day payment terms so new stores can finance the inventory they need. It’s free to apply to the program, and takes just a few minutes to complete. In the application, you can tell us how much in payment terms you’d like, and there’s never any obligation to use all your payment terms. Visit our Open with Faire homepage to learn more.
In addition, Open with Faire provides free, educational guides that cover the fundamentals of how to open a retail store—from how to secure funding, to how to do inventory planning and more. You can explore all the guides via our Open with Faire Academy.
Who is eligible for Open with Faire?
You must be a verified retailer on Faire, and meet one of the following criteria:
- You’re planning to open your business this year
- You opened your business in the last 12 months
- You’re expanding to a next location, or a new storefront (e.g. you’re an online retailer opening a brick and mortar store)
If you don’t meet one of those criteria, we offer standard 60-day payment terms for eligible retailers to shop on Faire. To learn more, visit How do Net 60 payment terms work?
Retailers who are a good fit for Open with Faire have obtained funding for their business, created a website for their store, and have secured a lease or storefront (if they’re a brick and mortar store).
Where is Open with Faire available?
Open with Faire is available in the following locations:
- Canada
- Denmark (excluding Greenland and Faroe Islands)
- Germany
- Italy (excluding San Marin, Vatican City and Livigno)
- Metropolitan France
- Netherlands (excluding the Caribbean municipalities/islands such as: Bonaire, Sint Eustatius, Saba, Curaçao, Aruba and Sint Maarten)
- Norway
- Spain (excluding territories such as: Canary Islands, Ceuta and Melilla)
- Sweden
- United Kingdom (excluding Crown dependencies such as Guernsey, Jersey, the Isle of Man, and the British Virgin Islands, as well as British overseas territories such as Gibraltar)
- United States (excluding US territories such as Puerto Rico, and the Virgin Islands)
What are payment terms?
This is a payment option for eligible retailers on Faire that lets you buy inventory and pay 60 days later. 60 days is longer than most credit cards or vendors give on their own, and it gives you time to sell products before even needing to pay for them.
How is Open with Faire different from Faire’s standard payment terms?
Open with Faire has a separate application for a higher payment terms limit (up to $20,000), which we offer exclusively to new store owners. Visit the application page to get started.
How do payment terms work?
Based on your application and the unique characteristics of your business, Faire will give you a specific payment terms limit. That amount is the total amount of money that you can spend on Faire at any one time with a 60-day payment window; think of it like a pool of money that you can use to buy products on Faire now, and pay 60 days later.
For example, let’s say you receive $15,000 in 60-day payment terms from Faire. You then place an order on Faire totalling $5,000 on April 1st. Once that order is placed, you would then have $10,000 remaining in 60-day payment terms. When you pay off your invoice on May 31 (60 days later), your total payment terms limit would be replenished back to the full amount: $15,000.
Is this a loan?
No, this is not a loan and we do not charge interest on the payment terms we offer. Using payment terms also does not affect your credit or financial standing.
Do I have to use all the payment terms I receive?
No, you can use however much of your payment terms limit that you need. There are no penalties or fees for not using all your payment terms. Most retailers use their payment terms on an order-by-order basis, instead of all at once.
What’s involved in applying to Open with Faire?
First, you can visit the application page to get started. If you haven’t signed up on Faire yet, you’ll be prompted to complete those steps first before applying. The application takes just a few minutes to complete, and asks for details about your store and finances. Faire uses this information to determine how much in payment terms we can offer your business. The more information you provide upfront in your application, the faster it will be for our team to take action on it.
Once you’ve completed the application, our team will be in touch in 3-5 business days to let you know the status of your application. If you receive payment terms from us, those payment terms will be available for use immediately on Faire.com.
How are my invoices paid 60 days later?
The default payment method you have set up on Faire will be automatically charged to pay your invoices when they’re due. You can learn more about paying for orders via What payment methods does Faire accept?