Frequently Asked Questions
TimePayment understands that leasing may be new to you and that you may have questions about how our process works.
In our effort to save you time, we have provided a list of common questions and answers we get from dealers seeking to learn more about TimePayment leasing.
Q. | What makes you different from every other leasing company? |
A. | TimePayment utilizes a Proprietary Credit Scoring Model and Risk Adjusted Pricing, which allows us to approve a broader range of credits, including start-up businesses and challenged credit histories. Other leasing companies utilize a “pass/fail” credit scoring model that excludes new businesses and challenged credit histories. |
Q. | How do I become an approved dealer? |
A. | You can either complete a Vendor Application or call a Business Development Manager at 877-868-3800. We will respond to your application within 48 hours. |
Q. | Do you offer financing to consumers? |
A. | Yes. TimePayment offers both consumer and commercial leases. |
Q. | Can you do start-up businesses? |
A. | Yes. In fact, TimePayment specializes in start-up businesses. |
Q. | Do you have any restrictions on business types that you will approve? |
A. | No. We do not have many of the restrictions for specific customer types as other leasing companies. |
Q. | How much money down do you require? |
A. | Our standard pricing program requires only one advance payment on the lease. |
Q. | What are your prices? |
A. | TimePayment provides a standard Lease Factor Chart that can be used in most industries. We also provide Lease Factor Charts by industry. Click here to see your industry lease factors. |
Q. | Can you do progress payments? |
A. | We offer our Progress Payment Product for most equipment types. Please call a Business Development Manager at 877-868-3800 to confirm its availability for your equipment. |
Q. | Do you offer $1.00 buyouts? |
A. | Yes. TimePayment offers a Credit Scorer A Lease Factor with a $1.00 buyout for established businesses in most states. |
Q. | Why do you need the customer’s personal information on the lease application? |
A. | Personal information is required on the lease application in order for TimePayment to make credit decisions on newer businesses. It is also needed for established businesses if Dun & Bradstreet reports do not provide significant data. |
Q. | How quick is your credit process? |
A. | Our online system, TimePayment Direct, makes credit decisions for applications less than $10,000 in less than 2 minutes, and credit decisions for applications greater than $10,000 within 4 hours. |
Q. | Can I view an online demonstration of TimePayment Direct before submitting a Vendor Application? |
A. | Yes. Please contact a Business Development Manager at 877-868-3800 for access to our online demonstration of TimePayment Direct. |
Q. | How fast is your funding process? |
A. | We fund your lease transactions the same day as we receive your Lease Funding Package. We quality control the transaction document, contact the customer to verify the delivery & acceptance of the equipment, and fund you. |
Q. | How do we get paid? |
A. | You are paid either through Automated Clearing House (ACH) or by check sent by overnight mail. |
Q. | Did I see TimePayment at my industry tradeshow? |
A. | You most likely did as TimePayment attends and exhibits across a number of industry tradeshows during the year. |
If you didn’t see your question above or wish to know more details, please contact a Business Development Manager at 877-868-3800. We are happy to assist you.
You can also find additional FAQs in our Customer Center.