FAQs

Frequently Asked Questions from our Customers

While some of the questions and answers below are general questions, we know every customer is unique. Call us and let us answer your specific questions, we’re OPEN 24hrs a day: 1-844-261-FUND.

WHAT IS FACTORING?

Factoring is a financial transaction and a type of debtor finance in which a business (you) sells its accounts receivable (i.e. invoices) to a third party (Quickpay Funding, called a “Factor” or “Factoring Company”) at a discount to meet its present and immediate Cash needs. Factoring is the sale of receivables, whereas invoice discounting (“Assignment of Accounts Receivable” in American Accounting) is a borrowing that involves the use of the accounts receivable assets as collateral for a Loan. (Wikipedia, 2015)
WHAT INFORMATION DO YOU NEED FROM ME?

Quickpay Funding will assign you an experienced Account Executive. To get you started, we will need a signed application, Copy of your ID/Drivers License, Insurance Certificate, Articles of Incorporation/Organization, and your W9. For the actual funding, we will ask for a copy of your invoice, rate sheet – purchase order – and signed bill of lading. You can fax this information to us (858-264-6999) or scan and email it to us at sales@quickpayfunding.com .
WHEN WILL I RECEIVE MY PAYMENT?

Once your dedicated Account Executive receives your documents, your application will be reviewed and your paperwork that you have submitted will be validated by our Underwriting Team. Then, you will be notified immediately of your status. After approval, your payment may be received in as soon as 1-2 business days.
HOW WILL I RECEIVE PAYMENT?

Quickpay Funding can send your money directly to your checking account via ACH or send a bank wire to your designated bank account. For our Transportation clients, we can also fund to your Quickpay Funding “Fuel card,” a Com Check, or Express Code. Your funding will be processed within 1-2 business days once your paperwork is complete.
HOW DO I GET PAPER TO YOU WITHOUT A FAX MACHINE?

Remember when sending a clear clean fax required an expensive machine and even a dedicated land line. Today, you can send a fax using your smartphone for free! There are several ways to send your signed documents to us that may not cost anything.
WHAT IF I HAVE BEEN REJECTED BY OTHER LENDERS?
In some cases, rapidly growing businesses cannot secure enough working capital from banks and find that Factoring offers access to additional capital when they need it most.
WHAT TYPES OF BUSINESSES DO NOT QUALIFY FOR FACTORING?
Businesses that cannot utilize factoring are companies that provide retail services to the public or who receive immediate payment by cash or credit card. As a general rule, retail establishments such as restaurants, stores and gas stations do not qualify for factoring.
WHAT WILL FACTORING COST AND HOW IS IT CALCULATED?
The cost to the Seller for Factoring their invoices is generally a percentage of the gross amount of the invoice that can be structured in a variety of ways. As calculated on a monthly basis, that percentage is generally between 1.5% to 6.0%, depending upon the volume and number of the invoices being factored, the creditworthiness of the Debtors and the amount of time that the invoices remain outstanding.
WHAT TYPES OF SERVICE LEVELS DO YOU OFFER TO YOUR CLIENTS?
Our customer service is second to none. Our client service team is 100% bilingual in English and Spanish. We are open longer hours and more days then most of the competition and our representatives are available to assist our customers with any funding request (Monday through Friday 9am – 12 am EST, and Saturdays 9am – 6pm EST).
HOW LONG DOES IT TAKE TO GET APPROVED?
We pride ourselves on our ability to fund deals quickly, accurately review and approve the client’s information. Approval and Funding can happen in as little as 2 business days from receipt of all required information, including a factoring application, invoices, and backup.
WHAT FEES OR RATES AM I CHARGED?
There are no interest rates in factoring. All receivables are purchased at an agreed advance rate with a set fee. Other fees may apply depending on the products selected and type of service requested (i.e., Fuel Advances, Rush Processing, Purchase Order Funding, etc.)
HOW DOES THE “QUICKPAY FUNDING WAY” WORK?
Quickpay Funding offers factoring services to clients in many specialized industries. We qualify the client and document the relationship quickly and facilitate the process for you.
WILL ALL CLIENTS QUALIFY?  WHAT ARE THE RESTRICTIONS?
Quickpay Funding evaluates the quality of the account receivables presented for purchase. We base most of our funding decision on the credit quality of the invoices and account debtors presented by our clients. Please click on our list of qualified industries.
HOW MUCH CAN THE CLIENT QUALIFY FOR?
We offer our clients Account Receivables Purchase Facilities that will accommodate their business. AR limits are set based on Account Debtor balances & needs.
WHAT ARE THE ADVANCE RATES OFFERED?
Once approved, we purchase invoices and advance our clients a large percentage of the total invoice amount (generally between 80% – 90%). Advance percentages depend greatly on the industry, account debtor credit ratings, & client qualification).
HOW SOON CAN I RECIEVE MY FUNDS  HOW OFTEN CAN I FUND?
Funding can happen in less than 2 business days once completed contracts are received with all back-up and required invoice paperwork. Our client’s fund when needed and are eligible for Quickpay Funding Fuel Advances (for clients in Transportation), which provides up to 50% of the confirmed invoice amount once the load is picked up and Purchase Order Funding (for clients in other Industries).
WHAT HAPPENS AFTER FUNDING?  WHO COLLECTS?
We wait for the invoice to be paid from the account debtor and then subtract any fees owed (if not paid on time, we collect from the account debtor). Any remainder is then placed in a reserve account for the client (AR Reserve Account) and released as agreed.
ARE CLIENTS ABLE TO MONITOR ACCOUNT PAYMENTS AND BALANCE?
All active clients are given access to their online account where you can monitor all funding’s, check debtor’s credit for free, and submit your paperwork.
WHY SHOULD I REFER DEALS OR PARTNER WITH QUICKPAY FUNDING?
With over 150 years of combined industry experience our team is time tested for excellence. First we believe that customers should get the most out of their money, so we created specialized programs to work with the account debtor’s payment practices.
I HAVE BIG PURCHASE ORDERS AND/OR THINKING OF OFFERING EQUITY TO RAISE FUNDS.
With Factoring, you keep all your equity and work with a trusted partner. Unlike companies that go to shows like “Shark Tank”, our clients don’t have to give up their hard earned equity in order to grow their business.
HAVE SALES ORDERS FROM CUSTOMERS BUT LACK THE FUNDS TO FULFILL THEM?
Most foreign and some domestic manufacturers require payment in advance or confirmed Letters of Credit before beginning production or shipping the finished goods. Our Purchase Order Funding/Trade Finance Program provides for Supplier Payments or Letter of Credit to foreign or domestic manufacturers for the cost of finished products.
MY BANK IS UNWILLING TO FUND INVENTORY IN TRANSIT, CAN YOU HELP?
As your business grows, Quickpay Funding’s programs will enable you to meet your cash flow needs with increased cash advances. This certainty of available funds allows you to purchase advantageously from suppliers and make payments to accounts creditors.