Network Norcross Introduces a new value added service, NOWaccount®
Helping Norcross Small Business Suppliers Grow Fearlessly!TM
Network Norcross is focused on delivering innovative solutions to help our business community grow and thrive. With NOWaccount, an innovative new payment solution for small businesses that sell to business and government customers, you can Get Paid NOW® on invoices to the customers you choose and put your revenue to work growing your business.
For the same or less than the cost of accepting a credit card, you can receive your actual revenue in days, while your customers continue to receive your invoice and pay according to their schedules. Similar to accepting a credit card for payment, except you choose when to use it rather than your customer, NOWaccount also does not interfere with your customer relationships. For your customers, NOWaccount works just like their current accounts payable process. The only change is the remittance address on the invoice. They continue to make the payment out to your business and send it to a P.O. Box or an electronic bank account number.
Unlike a loan or factoring, NOWaccount is not debt and actually strengthens your balance sheet, enhancing your ability to secure additional sources of capital, such as loans and lines of credit. With NOWaccount, you can offer trade credit to your customers without having to wait for payment, take on added payment risk, or chase down customer payments. If your customers take 30, 60, or even 90 days or more to pay, NOWaccount lets you turn your receivables into cash – all for the same or less than the cost of accepting a credit card for payment.
- You choose which customers to enter into your NOWaccount.
- You receive approval decisions on your selected customers within 48 hours.
- All of your selected customers' invoices are submitted into your NOWaccount.
- Customers may be removed at anytime. Once removed, they may not be reentered for 12 mos.
- NOWaccount pays 90% of the invoice amount within 5 business days (less the extended payment term or international surcharge*, if applicable).
- You receive the 10% reserve, less the 2.5% fee, 30 days after invoice maturity (minimum 60 days after purchase).
- Your fee is based on the payment terms you offer, not when, or if, the customer pays. Fee equals:
- 2.50% for up to Net 30 Day terms (0.25% surcharge* applied for extended 30-day terms)
- 2.75% for up to Net 60 Day terms (2.50% fee + 0.25% extended 30-day term surcharge*)
- 3.00% for up to Net 90 Day terms (2.50% fee + 0.50% extended 60-day term surcharge*)
- 1.00% international surcharge* for customers outside the U.S. and Canada
- $35/mo. service fee (waived by Network Norcross)
- You have no credit risk on the customer.
- NOWaccount assumes liability for customer payments.
- You are responsible for satisfying legitimate customer disputes.