Other Business Funding and Factoring Services
TemPay can provide factoring services to any business that regularly invoices creditworthy commercial customers. Payment terms must be under 90 days and products or services need to have already been delivered. TemPay has factored companies within the following industries:
- IT contractors
- Security services
- Auto industry
Your application for factoring can be approved within 24 hours so you can be factoring invoices with us the very next day providing you with the immediate cash flow you need to help you with expenses such as payroll, insurance, rent, utilities and more.
Here’s how the factoring process works:
1. TemPay checks your customer’s credit to establish a credit limit. This process can be completed within minutes so you are able to complete orders in a timely manner. TemPay’s credit process ensures that you are doing business with creditworthy customers.
2. You send your invoice(s) to TemPay by email with proof that services were performed or product was received.
3. TemPay verifies that services were performed or product was received.
4. Once approved, you mail your invoices illustrating TemPay’s remit-to address on each factored invoice. TemPay in turn wires funds up to 90 percent or more of total invoices you are looking to factor.
5. Once payment has been received at our lockbox for factored invoices, TemPay sends you the unadvanced portion less our fee.
TemPay offers a dedicated credit collection representative along with a client relations manager to assist you in all facets of the factoring process.
Your accounts are monitored 24/7 through Dun & Bradstreet to ensure that your customers remain creditworthy.