InstantPay is a product from Previse that your customer may offer to prepay your invoices before they are due. InstantPay purchases your receivables from you within a few business days of entry into your customer’s system. This is a pilot programme that will run during 2022. When the pilot finishes, the programme will be reviewed and its future decided.
You continue to send invoices to your customer using the same method and details as today. Once the invoices enter their system, InstantPay automatically checks each one, to determine if it can be purchased. InstantPay then purchases your receivable and sends you payment.
You do not need to change your bank account or set up a credit facility.
A small number of invoices may not qualify for prepayment. InstantPay passes on the funds when your customer settles these invoices, without charging any fees.
To access InstantPay, your business needs to:
- be a supplier to a participating company
- be registered in the US, excluding California
- not be taking part in any other pilot programme with your customer
Your company may not be eligible if:
- You are not registered in the US
- Your legal entity providing goods/services to your customer is located in California
- You are a subsidiary of a legal entity based in California
- You are invoicing your customer from an entity based in California
- Your business is a Bank, Insurer and/or Reinsurer (insurance brokers may be eligible)
You pay a small fee in return for receiving faster payment, typically 1% per 30 days of early payment.
So, for example, a $1000 invoice paid 20 days early would cost $6.58 and pay you $993.42. That’s just $0.33 per day.
There is no minimum contract period for InstantPay. You can cancel at any time.
Previse will carry out a UCC filing on the legal entity you listed in the application form, which must be the same legal entity you are contracting with Mastercard. The UCC filing will not impact your credit score, however it is visible to other lenders.
You can inform us that you wish to cancel InstantPay at any time.
- Online: https://instantpay.co/opt-out/
- By email: help@previ.se
No, not at all. InstantPay is a pilot programme that is supported by your customer and your participation in this programme does not impact your working relationship with them in any way.
All of the invoices that you submit to your customer will be evaluated for pre-payment by InstantPay. Any that do not qualify will be paid when they settle your invoice.
One of the advantages of InstantPay is that it eliminates any chasing of invoices, reducing your time spent on administration and freeing you up for your business.
