Frequently Asked Questions
Are my receivables held as collateral?
Yes, VendorPayment requires a first position on all accounts receivables while you are financing.
How do my customers know where to send payment?
When VendorPayment purchases an invoice we work with your customer to make sure that payment is sent to the proper channels. For state and local agencies, we work with your contracting officer so they know where to send payment. If you work with the Federal government, we use the Assignment of Claims Act to be written into the contract as the payee.
What about the locations of your customers?
VendorPayment purchases credit worthy invoices from anywhere in the world.
Do I have to finance all of my invoices?
No, you are always free to decide which invoices you would like to finance.
What types of industries do you serve?
VendorPayment specializes in financing government and municipalities receivables in almost all industries. Some examples of clients we have served include manufacturing, staffing, contractors, medical, wholesales, professional service, oil and gas, freight brokers.
What is the difference between VendorPayment and a bank loan?
With VendorPayment you get a simple, streamlined application process with a quick approval. Best of all, you incur zero debt! Because of this – big, medium and small businesses alike benefit from factoring.
How do you finance receivables?
Once you deliver goods or services to your buyer and send them an invoice, you can submit that unpaid invoice to VendorPayment for financing. VendorPayment will verify the invoice and send you up to 85% of the invoice value. Once your customer pays the invoice, VendorPayment collects the advanced amount plus a small fee and sends you the remaining balance.
How do I receive my money when I finance my invoices?
VendorPayment can transfer funds by ACH or wire to your account, send a check through any overnight service or US mail.
We have an easy signup process to get your business enrolled and paid in a few days.