Is NOWaccount right for you?
Companies based in the US who sell to business or government customers (located anywhere in the world) can use NOWaccount to win more business with bigger customers. NOWaccount can also be used for exports. If your customers won’t prepay you or pay with a credit card and they take more than 5 days to pay, NOWaccount can help you grow. NOWaccount is perfect for businesses that want a competitive edge to win contracts from larger accounts. Want to grow your company faster? NOWaccount can help.
Can any company have a NOWaccount?
Companies are pre-qualified based on their company’s Small Business Financial Exchange (SBFE)-powered credit score, which is provided by both Dun & Bradstreet* and Equifax*. To find out if your company qualifies, take a couple of minutes and complete this short form. You’ll receive a response in one business day indicating if you have a qualifying score. If you do not yet have a qualifying score, you will receive information that can help you establish a qualifying score.
NOW Corp also evaluates other business information as part of the approval process. NOW Corp does not collect personal information or review personal credit scores, and no personal guarantees are required with a NOWaccount.
*NOTE: A contractual relationship with D&B or Equifax is not required for a company to have an SBFE score. An SBFE-powered score is not the same as a typical self-reported D&B score.
Is NOWaccount factoring?
No, NOWaccount is not factoring. Unlike factoring, NOW Corp charges a one-time, flat service fee. The fee is based on the terms that are offered to the customer, not when or if the customer pays. Companies who use NOWaccount know exactly what the transaction fee will be—no surprises or scary rate escalations.
The payment you receive via your NOWaccount, within a few days of invoicing, is your actual revenue.
NOWaccount is not a loan. Instead, NOW Corp charges a one-time fee to process each invoice. No liability is booked on your balance sheet when using NOWaccount. You simply get paid faster. Choosing to get paid with your NOWaccount feels just like accepting a credit card from your customer for payment but your customer doesn’t have to use one. They still get their invoice and pay when and how they always do.
If you deliver the appropriate goods and/or services and your customer doesn’t pay the invoice (due in no part to your actions), NOW absorbs that loss. When you use NOWaccount, you no longer lose sleep wondering when or if your customer will pay.
What happens if a customer is late paying or does not pay their invoice?
We recognize that invoices are rarely paid within the terms stated on the invoice—that’s why we exist! If the customer doesn’t pay through no fault of your own, NOW Corp will absorb the loss.
We encourage NOW Corp clients to continue to reach out to their customers to check on payment status. When an invoice becomes 90 days past due, NOW Corp will not be able to process new invoices to that customer.
If your customer doesn’t pay the full invoice amount due to a legitimate dispute they have (i.e., products/services were not delivered as agreed) you are responsible for resolving the dispute by delivering the products/services or issuing a credit memo to the customer. If a credit memo is issued, you are responsible for repaying NOW Corp the amount credited.
Does NOWaccount integrate with accounting systems?
NOWaccount integrates with QuickBooks Online to automatically process invoices and book the journal entries associated with the transaction. Read more about QuickBooks Online integration here.
We’re adding new integrations with other partners—check back to see if your system is supported.
How can NOWaccount help me win more business and grow my revenue?
Companies of all sizes use NOWaccount as a tool to help them secure new clients, win larger orders and contracts and grow.
Many companies consider NOWaccount to be their secret weapon for sales growth. With NOWaccount you can offer extended terms in exchange for larger orders or contracts, knowing you will get paid immediately with your NOWaccount. With NOWaccount you can win a competitive bid by offering terms your competitors cannot. With NOWaccount you can confidently take that big order knowing you will be able to pay your staff and vendors on time.
Many NOW Corp clients report they have been able to triple their revenue in less than a year because they are paid immediately.
I'm comfortable with my cash flow. Why would I need NOWaccount?
If you are fine waiting 30 days to get paid then getting paid in less than five days can be AMAZING!
Unless a customer pays with a credit card, you’re tying up your own capital in accounts receivable every time a customer doesn’t pay immediately. It’s like lending your money to your customer, for free. They benefit from keeping your money longer (without penalties or interest) while your company suffers a drag on growth and in some cases struggles with paying vendors and employees on time. The larger the customer, the slower that they pay! Borrowing money from a line of credit does not solve the problem—you pay interest on money that you “lend” for free. Borrowing simply covers up the pain and enables the problem to grow.
When you use NOWaccount, you receive your revenue within a few days of invoicing so that you can use your own money to grow your business faster while making it stronger. Having no liabilities associated with your NOWaccount payments improves your company’s balance sheet and credit score too.
NOWaccount can also help you increase revenue by giving you the competitive edge that you need to secure bigger deals with larger customers.
If you’re an existing NOW Corp client with questions, reach out to your Client Relations Manager at:
Get paid even faster by integrating QuickBooks Online with NOWaccount.