NOWaccount is a cash flow solution for small businesses that invoice commercial or government customers and have to wait for payment. It allows members to choose how and when they want to get paid for invoices to their approved customers. We compared the most popular NOWaccount pricing options for small businesses.
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You need to pay a $250 annual membership fee to join the NOW Network. There are no enrollment or monthly service charges to access their payment system. If you want to be paid within 5 business days, the fees vary from 3% – 3.5% based on whether you have a net 30-day, 60-day, or 90-day invoice.
(paid within 5 days)
|Membership Fee||$250 per year|
|Net 30||3.00% per invoice|
|Net 60||3.25% per invoice|
|Net 90||3.50% per invoice|
|*Surcharge for customers outside the US and Canada is 1.00%|
You can also choose which transactions you want to guarantee payment on but not receive immediate payment. With Guaranteed Payment, you’ll get paid as soon as your customer pays the invoice. If the customer doesn’t pay, NOWaccount will pay the full invoice amount. There’s a one-time, flat fee of 1.25% for this option.
NOWaccount also allows you to select which invoice you want to process as usual, with no change in timing or risk. With Traditional Payment, you get paid if/when your customer pays the invoice. The payment is processed through the NOWaccount lockbox. There’s a flat $5 administration fee per invoice.
One downside to NOWaccount is that you have less control over which individual invoices you can sell. While you can choose which customers you want to put on your NOWaccount, all invoices from a particular customer are subject to the fee. In other words, you can’t choose to sell only some of a particular customer’s invoices but not others. You can remove a customer at any time, but then you can’t add them back for 12 months. While this lack of flexibility may be a problem for businesses that want to factor the occasional invoice, NOWaccount is designed for businesses that need a longer-term, more comprehensive solution.
To learn more about how this works, read out ultimate guide to how invoice factoring works.