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 brokers seeking to learn more about TimePayment leasing.

Q.
What products are not approved?
A.
Products that are not approved include titled equipment, 100% software, fixtures, bankcard terminals, ATM and used copiers. Please see approved / not approved product list for more information.

Q.
Can you do titled vehicles?
A.
No. We do not do any titled equipment.

Q.
What is your policy on start-up restaurants?
A.
Start-up restaurants with deals over $15,000 will require a 10% security deposit and one advance payment. Security deposits can either be applied towards the end of the lease or be returned at end of lease.

Q.
Do you lease in Canada or Puerto Rico?
A.
No, but we do lease nationwide, including Alaska and Hawaii.

Q.
Are there any states in which you have restrictions?
A.
Our $1.00 commercial program is not offered in AL, IL, MI, MN, NC, ND, TX; however, our Fair Market Value A rate is offered in these states. We do not do consumer deals in AL & AR, and a signed credit application will be needed for consumer deals in VT & KS.

Q.
How am I paid?
A.
Once delivery and acceptance of the equipment by the lessee is verified, funds will be sent either by overnight check (cut-off time is 4:00 EST) or by Automated Clearing House (ACH).

Q.
How do I get set up on ACH?
A.
You will need to send a voided check and a signed ACH form to vendorapps@timepaymentcorp.com to be set up on ACH.

Q.
What commission can be made on a transaction?
A.
Up to 15% of the equipment cost can be added. Commission must be added at the time of application entry.

Q.
Why does a dealer need to be approved, and what is the process?
A.
We are a dealer driven program, and want to align ourselves with stable dealers. For approval, we will look for business credit on D&B and credit.net. In the absence of business credit, we will need a signed credit application in order to pull personal credit.

Q.
Where do I send vendor applications?
A.
Please send vendor applications by email to vendorapps@timepaymentcorp.com or by fax at 781-994-4773.

Q.
How long does it take for a vendor to be approved?
A.
A vendor application has 48 hours to be processed, but it is typically processed within 24 hours.

Q.
How do I know if a vendor has been approved?
A.
Once a vendor is approved, a welcome letter is sent out by our credit department. You can also see all approved vendors on the drop down section of the application entry in TimePayment Direct.

Q.
Where can I find a rate sheet?
A.
You can find our Standard Lease Factor Chart as well as industry-specific Lease Factor Charts in our Customer Center.

Q.
What are the credit criteria for TimePayment scores O, P, S, T, Q, and U?
A.
TimePayment uses a Proprietary Credit Scoring Model to come up with a score. Our model takes credit score, pay times, credit use, amount of credit, etc. into consideration.

Q.
How does your Progress Payment Product work?
A.
A Progress Payment Agreement will need to be signed by the dealer. You will need to send the original signed copy along with the rest of your completed lease documents to our funding department with first payment. Once the lease documents are received, 50% will then be funded to your dealer. After we conduct our verification process, the remaining 50% and commission will be funded.

Q.
Can we add additional pricing to doc fee?
A.
Yes. However, to do so, you will need to have the lessee write two separate checks. One to TimePayment for first payment and any taxes, and one to you for documentation fee. Then, when submitting your broker commission invoice, you must deduct $75.00 for documentation fee.

Q.
How long does it take for a lease application to be processed?
A.
TimePayment Direct can process lease applications under $10,000 within 2 minutes. Lease applications greater than $10,000 are typically processes within 4 hours.

Q.
Does TimePayment contact the broker or vendor when the leasing is coming to an end?
A.
No. We only contact the lessee at the end of the lease.

If you didn’t see your question above or wish to know more details, please contact a Broker Channel Manager at 800-474-7737. We are happy to assist you.

You can also find additional FAQs in our Dealers section.

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Q.	What products are not approved?
A.	Products that are not approved include titled equipment, 100% software, fixtures, bankcard terminals, ATM and used copiers. Please see approved / not approved product list for more information.

Q.	Can you do titled vehicles?
A.	No. We do not do any titled equipment.

Q.	What is your policy on start-up restaurants?
A.	Start-up restaurants with deals over $15,000 will require a 10% security deposit and one advance payment. Security deposits can either be applied towards the end of the lease or be returned at end of lease.

Q.	Do you lease in Canada or Puerto Rico?
A.	No, but we do lease nationwide, including Alaska and Hawaii.

Q.	Are there any states in which you have restrictions?
A.	Our $1.00 commercial program is not offered in AL, IL, MI, MN, NC, ND, TX; however, our Fair Market Value A rate is offered in these states. We do not do consumer deals in AL & AR, and a signed credit application will be needed for consumer deals in VT & KS.

Q.	How am I paid?
A.	Once delivery and acceptance of the equipment by the lessee is verified, funds will be sent either by overnight check (cut-off time is 4:00 EST) or by Automated Clearing House (ACH).

Q.	How do I get set up on ACH?
A.	You will need to send a voided check and a signed ACH form to vendorapps@timepaymentcorp.com to be set up on ACH.

Q.	What commission can be made on a transaction?
A.	Up to 15% of the equipment cost can be added. Commission must be added at the time of application entry.

Q.	Why does a dealer need to be approved, and what is the process?
A.	We are a dealer driven program, and want to align ourselves with stable dealers. For approval, we will look for business credit on D&B and credit.net. In the absence of business credit, we will need a signed credit application in order to pull personal credit.

Q.	Where do I send vendor applications?
A.	Please send vendor applications by email to vendorapps@timepaymentcorp.com or by fax at 781-994-4773.

Q.	How long does it take for a vendor to be approved?
A.	A vendor application has 48 hours to be processed, but it is typically processed within 24 hours.

Q.	How do I know if a vendor has been approved?
A.	Once a vendor is approved, a welcome letter is sent out by our credit department. You can also see all approved vendors on the drop down section of the application entry in TimePayment Direct.

Q.	Where can I find a rate sheet?
A.	You can find our Standard Lease Factor Chart as well as industry-specific Lease Factor Charts in our Customer Center.

Q.	What are the credit criteria for TimePayment scores O, P, S, T, Q, and U?
A.	TimePayment uses a Proprietary Credit Scoring Model to come up with a score. Our model takes credit score, pay times, credit use, amount of credit, etc. into consideration.

Q.	How does your Progress Payment Product work?
A.	A Progress Payment Agreement will need to be signed by the dealer. You will need to send the original signed copy along with the rest of your completed lease documents to our funding department with first payment. Once the lease documents are received, 50% will then be funded to your dealer. After we conduct our verification process, the remaining 50% and commission will be funded.

Q.	Can we add additional pricing to doc fee?
A.	Yes. However, to do so, you will need to have the lessee write two separate checks. One to TimePayment for first payment and any taxes, and one to you for documentation fee. Then, when submitting your broker commission invoice, you must deduct $75.00 for documentation fee.

Q.	How long does it take for a lease application to be processed?
A.	TimePayment Direct can process lease applications under $10,000 within 2 minutes. Lease applications greater than $10,000 are typically processes within 4 hours.

Q.	Does TimePayment contact the broker or vendor when the leasing is coming to an end?
A.	No. We only contact the lessee at the end of the lease.