Peach State Partners with NOWaccount® to Provide Small Businesses with Expanded Access to Growth Capital
Peach State Federal Credit Union is focused on delivering innovative solutions to help our small business members grow and thrive. To enhance your access to capital, Peach State has partnered with NOWaccount® – the first merchant service that works for B2B.
With NOWaccount, you choose which accounts you want to receive payment on NOW®, while your business and government customers continue to enjoy the free and flexible payment terms they require.
If your customers take 30, 60, or even 90 days or more to pay, NOWaccount lets you turn your receivables into cash – all for the same or less than the cost of accepting a credit card for payment.
- You choose which customers to enter into your NOWaccount.
- All of the selected customer’s invoices are submitted into your NOWaccount.
• Customers may be removed from the system at anytime, but once removed,
they may not be reentered for 12 months.
- You receive approval decisions on your selected customers within 48 hours.
- NOWaccount pays 90% of the invoice amount, less any applicable surcharge,
within 5 business days of invoice submission.
- You receive the 10% reserve, less the 2.5% fee, 30 days after invoice maturity.
(minimum 60 days after purchase)
- Your fee is based on the payment terms you offer, not when, or if, the customer pays. Fee equals:
• 2.50% for up to Net 30 Day Invoice
• 0.25% surcharge for additional 30 Day terms (Ex. Net 60 = 2.75%, Net 90 = 3.00%)
• 1% surcharge for customers outside the U.S.
• $35/mo. Merchant Service Fee (waived for credit union members)
- You have no credit risk on the customer.
• NOWaccount assumes liability for customer payments.
• You are responsible for satisfying customer disputes.