> For the complete documentation index, see [llms.txt](https://docs.eiva.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.eiva.money/risk-factors.md). # Risk factors Depositing carries risk. These are the ones we think matter, in rough order of how likely they are to affect you. \[Solicitor to review this page alongside the risk disclosure] Payer default. The company owing an invoice doesn't pay. Verification, underwriting, payer limits and the reserve reduce this risk; they don't remove it. Concentration. Early on, a small number of payers make up most of the pool. A limit of \[payer cap, N%: Alpha] per payer applies from the first invoice, but the pool is only as diversified as the invoices in it. Currency. Deposits are in USDC; invoices are paid in sterling. \[Who bears the movement between off-ramp and settlement, and how it's hedged, if at all: Alpha] Stablecoin. USDC is issued by Circle and can be frozen, lose its peg, or be unavailable on a network. The vaults hold USDC, not dollars. Smart contract. Idle USDC is staked in \[idle venue: Alpha], which carries the risks of that protocol. The vaults themselves are Safe multisigs. Issuer. The note is an obligation of Eiva Receivables 1 Ltd. If the company fails, repayment depends on what it holds, which is the vaults and the invoices. \[Ranking against the intercompany loan from Orthyrus Ltd: solicitor] Operational. Eiva's team, processes and software have to work: verification, off-ramp, collection and the multisig. The ledger exists so you can check that they do. Liquidity. You can withdraw from Open at any time, but a standard withdrawal is paid as invoices settle and can take longer if they're late, and the instant sleeve is limited. The 6 and 12 month notes need 45 days' notice to redeem. No note can be sold or transferred. Regulatory. \[Regulatory status, and what would change if it changed: solicitor] Tax. Interest is paid gross and nothing is withheld; your tax position where you live is your own responsibility. \[Confirm no UK withholding applies: tax adviser] --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.eiva.money/risk-factors.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.