NOWaccount is a provider of accounts receivable financing (A/R Financing) or invoice factoring services. It provides businesses with an option to get paid immediately even when their customers require invoices or follow a late payment schedule. In this review, we shared the fees and rates available.
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Summary of NOWaccount User Reviews
As of the date this article was written (09/05/18), there are no recent user reviews of NOWaccount Bank online. If you are a past or current NOWaccount customer, leave a review to help other small business owners who are deciding whether or not to use the company.
NOWaccount’s annual membership fee costs $350. If you want to be paid within five business days (Immediate Payment), the one-time service fee varies from 3% – 3.5%, based on the terms of the invoice. If you choose to get paid when your customer pays the invoice (Traditional Payment), a flat $5 administration fee per invoice applies.
(paid within 5 days)
|*Surcharge for customers outside the US and Canada is 1.00%|
The company also offers a Guaranteed Payment option which allows you to get paid when your customer pays. However, if your customer doesn’t pay, NOWaccount will provide the full payment for a flat 1.25% fee.
No enrollment or monthly service charges are required to access the NOWaccount payment system. You just need to pay the annual membership fee plus the transaction fees.
Check out the list below of some of NOWaccount’s features.
- Get paid in as little as five days
- Prevent lost or stolen checks
- Improve cash management
- Flat and one-time service fees
- Guaranteed payments
Helpful Lenders Resources
6 Best Accounts Receivable Financing Companies 2019: Fundbox vs. BlueVine vs. Fluid — Accounts receivable financing is based on various factors like size, credit score, age, and whether it’s an individual or a group who’s applying. After looking at the most popular options and some of the newest players in the space, we decided to review Fundbox, BlueVine, and Fluid.
What Invoice Factoring Is & How It Works — Invoice factoring is a type of accounts receivable financing that converts outstanding invoices due within 90 days into immediate cash for your small business. Check out this article to learn more about it.
How to Improve Your Invoice Factoring Application: A Step-by-Step Guide — Unlike traditional loans that often require personal credit scores as part of the application and approval process, factoring lines of credit are typically backed by a company’s assets and are considered the primary factor for approval. Read this article and learn how to do your factoring application properly.
Does NOWaccount require a minimum invoice amount?
There is no minimum invoice amount required. However, there is a minimum fee of $5 per transaction.
Can my business use NOWaccount for all of its invoices?
You may choose to use NOWaccount with select customers or with all of your customers. Immediate Payment and Guaranteed Payment require credit approval for the customer. When you request credit approval for a customer, you need to inform NOWaccount the credit limit you are seeking for that customer. You will be notified via email once your customer is approved, then you may begin submitting invoices for that customer.
How long does it take to get enrolled in the NOW Network to start using NOWaccount?
It takes minutes to apply online, and enrollment is typically completed within 7 to 14 days.
NOWaccount Overview Video
This video provides an overview of NOWaccount’s main features.