Glossary
Adjusted revenue
Also called: true revenue, underwriting revenue
One-sentence definition
Adjusted revenue is the portion of a merchant's gross deposits that represents real customer revenue — after stripping out lender deposits, self-transfers, circular flows, daisy-chain inflation, and other non-revenue patterns.
Key takeaways
- The number underwriting committees can defend.
- Replaces "total deposits minus fraud" with a confidence-weighted calculation.
- Defensible in collections because every subtraction is named.
- The difference between adjusted revenue and gross deposits is often material.
Why it matters for MCA underwriting
Funders that underwrite on gross deposits can fund against numbers the merchant cannot sustain. The adjusted-revenue figure is the conservative, defensible alternative — the number that survives both the credit committee and the collections file when a deal goes bad.
How Vyaso detects adjusted revenue
Vyaso re-underwrites every credit on the statement, weighting it by the certainty that it represents real customer revenue. The result is the adjusted-revenue figure visible in the dashboard waterfall.