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. | Which 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 equipment list for more information.
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Q. | Can you do titled vehicles? |
A. | No. We do not do any titled equipment.
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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.
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Q. | Do you lease in Canada or Puerto Rico? |
A. | No, but we do lease nationwide, including Alaska and Hawaii.
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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.
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Q. | How am I paid? |
A. | Once verbal verification is completed funds will be sent either by Automated Clearing House (ACH) or by paper check sent via US Postal Mail.
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Q. | How do I get set up on ACH? |
A. | Just visit our ACH Page for simple instructions on how to sign up.
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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.
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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.
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Q. | How long does it take for a vendor to be approved? |
A. | A vendor application has 48 hours to be processed.
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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.
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