Managing cash flow is crucial for any business, especially when waiting for customer payments can create financial strain.
Ordermentum's Accelerated Payments feature offers a solution by allowing you to receive payment upfront for your invoices while your customers continue to pay on their regular terms.
In this guide, we'll cover everything you need to know about how Accelerated Payments works, the benefits it offers, and how you can easily enable it to improve your cash flow.
Table of Contents
How Does Accelerated Payments Work?
Accelerated Payments allows you to receive payment upfront for your invoices, helping you maintain a healthy cash flow. Once enabled, you receive funds immediately, while your customers can continue to pay according to their regular terms.
Automatic Whitelisting and Pre-Approved Funds
When you enable Accelerated Payments, your account is automatically whitelisted for eligible outstanding invoices up to a certain limit. This means there's no need for an application process. For example, if you've been approved to borrow up to £XXXX, you can immediately access these funds to cover any outstanding invoices from customers pre-approved for Accelerated Payments.
Fee and Funding Process
For a 1% fee, you get paid upfront for your invoices. The funds are credited to you immediately, while your customers continue to pay according to their regular payment terms. The funds for these invoices are remitted to you during your next scheduled remittance.
Flexibility and Control
Accelerated Payments offers full control over when you want to use the feature. Whether you need funds for unexpected expenses or planned investments, you can easily activate it. When your cash flow is stable, you can switch it off just as effortlessly.
Why Choose Accelerated Payments?
Immediate Cash Flow: Get paid upfront without waiting for customer payments.
No Approvals Needed: Our system automatically approves eligible invoices, so no additional approvals or changes in payment processes are required.
Flexible Terms for Customers: Your customers with good payment histories can continue to pay on terms that suit them.
Seamless Integration: The feature integrates smoothly into your existing workflow, ensuring no disruptions.
No Lock-In Contracts: Use Accelerated Payments when you need it and turn it off when you don’t.
Protect Your Credit Score: Using Accelerated Payments does not affect your credit score.
Capital for Growth: Utilise the upfront cash for buying inventory, new equipment, or any other business expenses.
How to Enable Accelerated Payments
Step-by-Step Guide
Log In: Access your Ordermentum account.
Navigate to Payments: Your approved amount will be displayed in the top right-hand corner of the screen.
Click "See offer": A box will appear with further information.
Click "Enable funding": This will turn on Accelerated Payments and give you immediate access to your approved funds.
Start Receiving Funds: Begin receiving upfront payments for your whitelisted invoices.
Contact Support
If you have any questions or need assistance with enabling Accelerated Payments, please contact us at product@ordermentum.com.
FAQs
What is the fee for using Accelerated Payments?
The fee is 1% of the invoice amount for accessing pre-approved funds.
Will using Accelerated Payments affect my credit score?
No, using Accelerated Payments does not affect your credit score.
Can I turn Accelerated Payments on and off?
Yes, you can easily enable or disable Accelerated Payments as needed.
How do I know which invoices are eligible?
Eligible invoices are automatically whitelisted up to your approved limit, so you don’t need to apply for each one.
When will the funds be remitted to me?
The funds for the invoices are remitted to you during your next scheduled remittance.
For more detailed information or personalized assistance, please contact your Customer Success Manager or our support team.