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Who are they
A cash flow solution need for small businesses that provide commercial or governmental customers in invoice and wait for payment.
they are as popular?
NOWaccount has acquired hundreds of customers and has more than $ 100 million invoices.
Similar companies:
BlueVine and Fundbox
who qualify?
companies that provide Invoice commercial or governmental customers in the account and that have a good business credit.
Who they are right for?
companies that routinely account commercial and / or government customers and need a long term solution, they can be paid immediately for invoices to the in 30 to 0 are days overdue.
Uneligible Industries?
No, but no contingency sales and no consumer transactions.
Personal Guarantee Required?
No.
Collateral Required?
No.
Approval Time?
take less than 5 minutes in and receive funding within 5 working days. First enrollment takes about 2 weeks, but once you are enrolled and begin submitting invoices, they are paid within a few days.
Where they borrow / operate?
all 50 states. You can even create your invoices to international customers.
How much capital can you get?
sell can receive up to a line of credit $ 1 million and there is no minimum.
Cost / rate?
Apartment 1 fee of 2.5% for NET 30 bills, 2.75% for NET 60 bills or 3.00% of NET 0 bills. There is also a $ 50 setup fee, fee $ 35 monthly processing and 1% surcharge for bills to international customers.
How payments work?
NOWaccount pays you 0% of the billing front within 5 working days and the remaining 10% less the fees 30 days after the invoice due date, regardless of whether your customer receives the invoice or has not paid. NOWaccount does not remain visible during the entire process. You get a bank account number and mailing address in your company get "name and your customers can continue to make the payment under your business' name.
paperwork / documentation required?
None. There is a simple 1-page application form. Once you are approved, you will NOWaccount give a bank form, where you specify where you want your money deposited and a trade agreement in be.
customers Reviews?
Unavailable.
Detailed overview
NOWaccount is a payment solution for businesses that provide customers of commercial and governmental accounting. Instead wait weeks or months to get your money, you can use NOWaccount to pay immediately. NOWaccount was founded 5 years ago, and well-known companies, such as Coca Cola and the Metro Atlanta Rapid transit Authority, NOWaccount recommend to their suppliers
NOWaccount differs from traditional factors used in three main ways:.
- Lower costs Instead of weekly or monthly interest charges, NOWaccount invites privileges [ equal to 2.5 to 3% of the bill on the based on their maturity. This is the same or less than you would pay in merchant card processing fees, if your customer to pay by credit card. Also NOWaccount is not tied to your customer paying the bill. You get the front 0% of the bill to be paid, regardless of whether the customer has paid, you can download the remaining minus the fees received 30 days after the bill is due.
- No customer contact. you continue to send your invoice to the customer, but with a new remittance address. NOWaccount will provide a new bank account number available and P.O. Box. Your customers can continue to make the payment to you and you pay by check or electronically (since NOWaccount She has already paid, they will take over the payment by the customer and to keep).
- non-recourse. NOWaccount is a non-recourse payment solution. You will receive the payment on account, regardless of whether or when your customer pays. If your customer does not pay the bill when due, NOWaccount your customers can call with a reminder and identify themselves as "demands". You can also buy a monthly statement in your company "Send name. Essentially, saving you the money a bill collection staff recruitment. There are no late fees or interest penalties for your customer When your customer the invoice is not paid eventually for some reason., you are not responsible.
A disadvantage is NOWaccount that you have less control, select on the individual bills that you can sell. While you can, which customers put on your NOWaccount, a ll bills of a particular customer are subject to fees in other words. you can not choose just a few of a particular customer to sell bills, but not others. you can remove a customer at any time, but then you can for 12 months does not add it back. While this lack of flexibility can be a problem for the company, the want occasional invoice to factor NOWaccount is designed for businesses that need a longer term and more comprehensive solution.
The enrollment timetable is longer for NOWaccount compared to BlueVine and Fundbox , Outside the State of Georgia, where NOWaccount based, it takes enroll approximately 2 weeks. However, once is finished enollment, you will receive payment on the invoices you submit within 5 working days.
minimum qualifications
Personal credit Score: N / A. NOWaccount only checks your business credit score in determining whether you can qualify. Although the company would not tell us the minimum required score, they have said that about 65% of the company to get approved nationwide. Most small businesses have a company credit score, even if the are not aware. If you are a new business and have no business credit score, you can build your score by a company opening an account with a financial institution or reporting with a business credit card from a financial institution reporting for a few months.
Note : NOWaccount only checks your Equifax Business Failure Score. They did not check D & B scores or other business credit scores. The Equifax Business Failure Score is a score that is given to a business on his payment history with the lenders on the basis of that report with the Small Business Financial Exchance (SBFE). Not all lenders report SBFE. If you want your improve Equifax Business Failure Score, you can get a business credit card or business line of credit from a bank, which reported the SBFE and pay the balance on time every month. Examples include the Bank of America, Wells Fargo, Chase, Capital One and American Express
in years :. No minimum, although brand new companies usually have not a business credit score
sales :. NOWaccount need any financial information about your company. You obviously need to be sales to make to use NOWaccount
industry exclusions .: No contingency sales, no customer transactions (eg billing health insurers for medical services) and Invoices must Other qualifications for a finished product or service be
:.
- B2B or B2Government Company
- invoices must in 0 days or less due.
- No recent bankruptcies, liens or outstanding judgments.
- you must have a registered business (sole proprietorships and partnerships are fine, but they need a TURN-number have)
collateral required? No
Personal Guarantee required? No, this is one of the stand-out advantages of NOWaccount. NOWaccount is a non-recourse payment solution, so if your customer does not pay the bill for any reason, you are not on the hook and take yet received payment. BlueVine is recourse factor - if your customer does not pay the bill, you can be responsible for the payment. Fundbox is a loan (up to $ 25K), which you must repay within 12 weeks. However Fundbox is not demand personal safety, so if you can not repay the loan, your personal assets are not at stake.
fees and expenses
upfront fees :. $ 50 setup fee
Servicing Fees: $ 35 monthly service fee.
Is cost / interest variable? The fee varies depending on whether you have a 30-day, 60-day or 0-day bill.
as the cost working with NOWaccount
If you sell an unpaid bill NOWaccount are, there are three major costs:
- a one-time registration fee of $ 50
- 35 a $ monthly fee processing ..
- A flat service charge based on the due date of the invoice:
- 2.5% of the bill for 30-day bills
- 2.75% of the bill for 60-day bills
- 3.00% of the bill for 0-day bills
- There is a 1.00% surcharge for bills to international customers.
Compared to account factors as BlueVine and Fundbox , NOWaccount is significantly less expensive. Even if you deleted the registration fee and monthly service fee together with the service fee, the cost as the adoption of a credit card NOWaccount costs through the use thereof.
The money comes to you in two parts. For example, if you have a $ 100,000 NET 30 bill NOWaccount 0% of the email, or 0K $, to your bank account within 5 working days. 30 days after the invoice due date, they will send the remaining 10% minus 2.5% service charge. NOWaccount does not remain visible during the entire process. You have your business a bank account number and mailbox mailing address as the transfer address to use on your invoices to selected customers. Your customers can maintain their normal payment schedule and can continue to make payments in your business' name.
If for some reason, do not pay your client the bill that you do not interfere in any way. NOWaccount insures all their bills against non-payment by the customer, so that you are not responsible.
The only downside to NOWaccount is that all incoming invoices from a selected customer go through your NOWaccount. In other words, if you send invoices every month Bobs widgets, you can not know which choose these bills, and choose to sell NOWaccount. You have to pay the fee for the invoice amount. However, you can remove a customer at any time, but you can not add the customer for 12 months again. The advantage of a service like BlueVine or Fundbox is that you can choose which sets to factor into account. This works well for companies with an occasional need for working capital. NOWaccount is a better choice for businesses that want a long-term payment solution.
Application:
It is to start a simple online application from a page with NOWaccount. It asks very basic information, such as your company name and address. You ask any documents to provide. You only need a bank deposit form fill NOWaccount to say, where to send your money and one of NOWaccount provided dealer agreement.
has unfortunately filled by the paperwork and get approval, it may take a while to complete enrollment before you receive seed funding. Currently outside the state of Georgia, it takes about 2 weeks to enroll. During the registration process is not yet complete, you can in front of customers for pre-approval. However, you must complete enrollment to wait before you can begin submitting invoices for financing. Once your registration is complete, you can begin to bill payments within 5 working days.
What documents are made available? No
Have they need online access to all systems -. QuickBooks, PayPal, bank accounts? No
Are there pull a credit report? If so, at what point in the process? If you apply NOWaccount, only your business credit score are checked. NOWaccount only checks the Business Failure Score from Equifax, not D & B scores or other credit scores Business. Your personal credit score is not checked.
Have report to the credit bureaus? Yes, they report activity to Equifax. They will appear as a merchant service on your credit report, not as a lender. This can help improve your business credit, making it easier to obtain loans and credit from other sources in the future.
Terms
What is the minimum / maximum length of the bill? submitting invoices with payment terms of up to 0. NET
What is the minimum / maximum size of the credit line? There is no minimum and the maximum credit limit is $ 1 million.
Payment Methods & Schedule
timing of payments: You pay nothing directly to NOWaccount. Once you submit an invoice, NOWaccount sends 0% of the invoice to your account within 5 business days. 30 days after the invoice due date, they will send you the remaining 10% after their service fee will be deducted. They are paid, even if your customer does not pay
Payment Initiation: .. Not applicable
Method of payment: your customers continue you can pay electronically or by check and continue the payment to make your business. is NOWaccount you a bank account / routing number or mailbox address to deliver as the transfer address on your bills.
penalties for missing payments: NOWaccount is a non-recourse payment service, which means you are not responsible if your customer does not pay the bill.
What happens to pre-Payment? There are no cost savings, if your customer pays the invoice before the due date because the fee is a flat rate and not calculated on a weekly or monthly basis.
Customer Service
NOWaccount has telephone and email support for borrowers and applicants.
US-based or internationally? US-based. NOWaccount located in Atlanta, GA
Support Hours: 05:09 Monday - Friday EST .. The company said that emails often respond outside of these hours.
Other Lending Products
No.
for your business some money needed? Click here to get our free guide:
How to Get a Small Business Loan obtained
The Bottom Line
NOWaccount is excellent. Payment solution for businesses that provide commercial and government customers account. With NOWaccount, you can immediately instead of waiting paid weeks or months to get your money.
The flat fee makes NOWaccount a relatively inexpensive option. The cost for the same or less than you would pay in merchant card processing fees if you allowed to pay your customers by credit card.
NOWaccount your customers is largely invisible, and is the best because it is non-recourse. This means that if your client does not pay the bill for any reason, you are not responsible.
On the other hand NOWaccount offers less flexibility and provide slower means as Fundbox or BlueVine . All invoices to your selected customers subject to charge; You can use some of a particular customer to sell bills, but not others choose. You can always remove a customer, but you can not add them again for 12 months. Despite this drawback, we think NOWaccount is still a great long-term solution for companies that provide their customers into account and must
to fill the gaps in cash flow <-.!
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