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, copiers and water quality products. Please see our 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. | For start-up restaurant lease transactions will be subject to a MINIMUM security deposit of 5% along with 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. | 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 verbal verification is compleated funds will be sent either by Automated Clearing House (ACH) or by paper check sent via US Postal Mail. |
Q. | How do I get set up on ACH? |
A. | Just visit our ACH Page for simple instructions on how to sign up. |
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. A broker vendor application will need to be submitted. In the absence of business credit, we will need pull personal credit on a dealer. |
Q. | How long does it take for a vendor to be approved? |
A. | A vendor application has 48 hours to be processed. |
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 Broker Lease Factor Chart as well as other charts under Broker Lease Factor Charts on our main web page. |
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. Only an approved officer of the company may sign the agreement. 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. How do I obtain additional log-ins to my TimePayment
Direct account?
A. Members will need to fill out and sign a
TimePayment Direct Enrollment Form.
Please fax back to 781-994-4775 or e-mail
vendorapps@timepaymentcorp.com.
Q. What additional information is required for Sole
Proprietors?
A. TimePayment requires proof of business on all
sole proprietors. We will accept business
license, secretary of state listing, or business
tax processing form.
Q. Are there any additional requirements?
A. All lessees must have a verifiable working business
phone number.
Q. When does TPC require a detailed equipment description
and cost breakdown?
A. For all applications in excess of $10K, we will require a
detailed invoice showing individual equipment description
and it's costs for the equipment to be leased trough TPC.
We reserve the right to ask for this detail on any application
in order to complete our credit adjudication.
Q. When are lessees required to supply a Direct Debit
payment for lease payments?
A. Whenever the lease payment is over $10,000.
If you didn’t see your question above or wish to know more details, please contact Broker Support at (800) 474-7737. We are happy to assist you.
You can also find additional FAQs in our Dealers section.