Country
State
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Now was started by entrepreneurs,for entrepreneurs
2010
NA
10 - 49
United States
In 2010, we created NowAccount because we were sick of waiting for our customers to pay. Initially, we celebrated when we landed a big contract, but weeks and weeks would pass and payment would still be outstanding. We needed working capital to continue business operations and our cash was tied up in our invoices.Everyone told us to get a line of credit or try factoring, and we thought, “Why should we have to borrow money or factor when we are the free bank to our customers? There had to be a better way!”We know other businesses have the same frustration with invoicing, so we created NowAccount to help.
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2300 Peachtree Road NW Suite C-102 Atlanta Georgia United States 30309
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What core service does NowAccount provide to businesses?
NowAccount provides a B2B payment solution that allows companies to get paid immediately for their invoices. Instead of waiting for standard 30, 60, or 90-day payment terms from customers, businesses receive payment within days, helping to improve cash flow and eliminate the wait for accounts receivable.
How does the payment process work for clients?
Once a client is approved, they simply upload their invoices to the platform. The company then pays the invoice amount, minus a small fee, directly to the client. The client's customers then pay the invoice directly to the platform according to their original payment terms, meaning the client does not have to worry about collections or waiting for funds.
Is this service considered a loan or debt?
No, this is not a loan or a line of credit. It is a payment solution where the company purchases the invoices from the client. Because it is not a loan, there is no debt added to the balance sheet, and there are no monthly interest payments or long-term repayment obligations.
Which industries are eligible to use these payment services?
The service is designed for B2B companies that sell goods or services to other businesses or government entities. It is widely used across various sectors, including manufacturing, staffing, wholesale distribution, professional services, and construction, provided the clients have creditworthy commercial or government customers.
Are there specific requirements for the customers being invoiced?
Yes, because the service relies on the creditworthiness of the customer paying the invoice, those customers generally need to be established businesses or government agencies. The platform evaluates the credit risk of the customers to ensure they are reliable payers.
Does the client lose control over their customer relationships?
No, the client maintains full control over their customer relationships. The service is designed to be invisible to the customer, meaning the client continues to manage their own billing and communication processes as usual. The customer simply pays the invoice as they normally would.
What are the costs associated with using this service?
The cost is a flat fee based on the invoices processed. There are no hidden charges, application fees, or monthly subscription costs. Clients only pay when they choose to use the service to get paid early on a specific invoice.
How quickly can a business start receiving payments?
After the initial application and approval process, which is designed to be straightforward and fast, clients can begin uploading invoices immediately. Once an invoice is approved and processed, funds are typically deposited into the client's bank account within a few business days.
Can this service be used for government contracts?
Yes, the platform is well-suited for businesses that work with government entities. Since government payments can often have long lead times, this service helps contractors maintain steady cash flow while waiting for the government to process and pay their invoices.
Is there a long-term contract required?
The service is designed to be flexible. There are no long-term contracts or requirements to commit a certain volume of invoices. Businesses can choose which invoices they want to accelerate, giving them control over their cash flow needs on a case-by-case basis.
What happens if a customer pays late?
Because the company has purchased the invoice, the responsibility for managing the payment timeline shifts. The client does not need to worry about chasing down late payments from their customers, as the platform handles the collection process based on the agreed-upon terms.
Does the company perform a credit check on the client?
The primary focus of the underwriting process is on the creditworthiness of the client's customers, as they are the ones ultimately paying the invoices. While some basic business information is required, the process is less restrictive than traditional bank lending.
How can a business apply for an account?
Interested businesses can apply directly through the official website. The application process involves providing basic company information and details about the customers they wish to invoice. A representative will then review the information to determine eligibility.
Is this service available to startups?
Yes, startups that have established B2B customers can qualify for the service. The eligibility depends more on the credit quality of the customers being invoiced rather than the age or size of the startup itself.
Where is the company headquartered?
The company is headquartered in Atlanta, Georgia. They serve businesses across the United States, providing a digital platform that allows for remote application and invoice management regardless of the client's specific location.
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