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NOWaccount invoice factoring review

Take your payday from 90 days out to just five — but each advance will cost.

  • Best for companies that want to pay a flat fee instead of a factor rate to advance accounts receivable.
  • Pick something else if your company isn't B2B or B2G.
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Details

Loan TermNot stated
APRNot stated
Requirements$100,000+ monthly revenue, qualifying business credit score, issues B2B or B2G invoices, not healthcare-related patient billing that's insurance dependent

First, do I qualify?

To prequalify for a NOWaccount, your business credit score is checked — the score provided by Dun & Bradstreet and Equifax. It doesn't state the minimum credit score accepted on its website, and when we contacted customer service the representative wasn't able to specify.

Other than your credit score your business must:

  • Make $100,000 or more in monthly revenue
  • Issue B2B or B2G invoices
  • Not exclusively issue invoices that are healthcare-related and insurance dependent

What makes a NOWaccount unique?

NOW Corp reports to work with clients in most major industries. And even if your business is in an industry it doesn't serve, contacting NOW Corp customer service could point you to a factoring company that can work with you.

While NOW Corp explicitly differentiates a NOWaccount from invoice factoring, it is very similar in many respects. The biggest difference is that you pay a flat fee per invoice rather than a factor rate. In all other respects, it functions much like a nonrecourse invoice factoring service.

Pros and cons

A NOWaccount can be a way to get paid fast on invoices that are due 30 or more days out from billing, but consider all of the benefits and drawbacks before applying.

Pros

  • Turnaround time of five days or less
  • Responsive online chat available
  • Absorbs nonpayment
  • QuickBooks integration available

Cons

  • Costs and advance amounts aren't available online
  • Invoice approval process isn't transparent before applying
  • Doesn't work with businesses that deal in healthcare-related billing
  • Very few customer reviews despite being in business since 2013

See other business loan options

Before signing up for a NOWaccount, check out what else your business might be able to qualify for.

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How do I apply? 

You won't be able to apply directly from the NOW Corp website. Instead you'll have to create an account and apply for prequalification. Follow these steps to get started:

  1. Go to the NOW Corp website.
  2. Click See if you qualify.
  3. Fill in the form with your company's name, address and approximate sales, and your name and contact information. Click Proceed to confirmation.
  4. Confirm your company information and submit the form.

A representative from NOW Corp reaches out to you after you create your account to discuss whether you prequalify and how to follow up.

What documents do I need to apply?

You'll need basic information about your company's location and sales to sign up for an account and prequalify. Once you're qualified, you'll likely need to provide more information — but NOW Corp doesn't specify what documents are required.

Be prepared to provide financial information such as:

  • Profit and loss statements
  • Bank statements for the past two months
  • Accounts receivable statements

How do repayments work?

Since you're paying a flat fee at the time of the advance, you won't need to make repayments to your NOWaccount. Instead, NOW Corp gets paid when your customer would normally pay you back. It goes to an online NOW Corp lockbox instead of you.

If you’re not sure NOWaccount is right for you, or if you just want to see all of your options, compare other invoice financing providers.

Review by


Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.

Expert review

NOWaccount bills itself as a B2B payment processing service. In its frequently asked questions on the NOW Corp website it tries to separate itself from invoice factoring, but it operates on a very similar model. You sell your invoices to NOW Corp for a flat fee, instead of a factor rate, and your customer pays NOW Corp instead of you.

NOWaccount charges for each invoice you sell, and the fee depends on the terms of the invoice. It isn’t clear how those terms are evaluated, and no fee range is provided. This makes it difficult to predict what using NOWaccount will cost your business until you apply. It also doesn’t provide information on payment types it accepts or its process for approving invoices you submit.

And while it will absorb the cost of nonpayment as long as you deliver on the invoiced goods or services, you can’t submit any more invoices for a client that’s 90 days past due.

For a full payment processing service with transparent terms, check out a service like Finsync. Otherwise, you may want to compare more business financing options before applying for a NOWaccount.

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