Factoring Details

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We factor invoices on a transactional rather than an invoice-by-invoice basis. You may do one transaction per day consisting of any number of invoices. Your rebate will be paid after we first collect enough to repay the 80% advance and our fee. Any amount collected in excess of that total is your rebate.

We advance you 80% of each transaction amount in the form of a wire transfer to your bank account. The unadvanced 20% is called the "Discount," because we buy your invoices at a 20% discount. However, that does not mean that we keep the entire discount. On the contrary, you will receive a portion of the 20% in the form of a "Rebate" if your invoices are paid in a timely manner. The difference between the "Discount" and the "Rebate" is our "Factoring Fee." Also, there are 2 "Rebate Plans": "Plan 1" and "Plan 2." Plan 1 is like a "volume discount," and is reserved for very large transactions with invoices payable by Fortune 500 customers. Plan 2 is for all other transactions. There is only a one percentage point difference between Plan 1 and Plan 2.

We will consider advancing 90% regarding invoices payable by Fortune 500 companies after we have had sufficient collection experience at an 80% advance to demonstrate that your customers for whom you want a 90% advance pay in less than 60 days. There is no rebate regarding 90% advances.
Requirements.

The main concept is that our factoring program is entirely paperless & web-based. Therefore, we don't accept paper invoices for factoring, which is one of the things that sets us apart from "Old School" factoring companies. You can either create your invoices using our exclusive, Online Invoice Creation form, or you can create your invoices offline in Quickbooks and upload the invoice data to our server & database using our Exclusive Quickbooks Integration technology.

We don't verify invoices the "Old School" factoring company way: burdening you your customers with phone calls. Instead, we confirm the invoices in a minimally invasive way using email and special web pages. Details.

Our server automatically sends reminder emails to accounts payable 5 days before each invoice becomes due and once a week after they are past due, and stops sending the emails upon receipt of payment.

We need the documents that support your right to invoice your customer, such as:

• Purchase Orders
• Delivery Receipts
• Paper Timesheets

Here's the test. an invoice will not prove the debt. So, assume your customer failed to pay you and you had to sue to collect. What documents would you have to put into evidence if you had to prove that your customer owes the money?. These are the same documents we need you to fax or upload to us.

You may either fax them to us using our fax technology or upload them from your computer system. In either case, they will be stored indefinitely for you in our virtual filing cabinet, free of charge.

We offer many free web services for your convenience and productivity, such as:

• Free text messages (SMS) to your cellphone alerting you of all important events, such as:
• New Customer Approved for Factoring
• New Customer Contacts Approved
• New Invoice Approved
• Money Was Wired to Your Account
• Accounting journal entires are automatically displayed on a web page so you can easily keep your accounting system in balance.