Georgia Manufacturing Alliance is Proud to Offer Members Access to Up to $1 Million with NOWaccount® Revenue Accelerator Program
The Georgia Manufacturing Alliance (GMA) has partnered with NOW Corp to provide our manufacturing and alliance members with an innovative new financial services program designed to help you Grow Fearlessly™! The NOWaccount program provides you with access to up to $1 million at any time, or as much as $8 million throughout the course of the year.
NOWaccount is not a loan or factoring, but works like accepting a credit card for payment, except you choose when to use it. With NOWaccount, you can get paid in days on the customer accounts you choose, while your commercial and government customers continue to receive your invoice and pay according to their schedules.
Invisible to your customers, NOWaccount complements other traditional sources of capital, such as loans or lines of credit. NOWaccount also assumes the risk of customer non-payment, and professionally manages the receivables in your company's name -- enabling you to focus on the next sale.
If your U.S. or international customers take 30, 60, 90 days or more to pay, NOWaccount lets you turn your receivables into cash – all for the same or less than the cost of accepting a credit card for payment.
- You choose which customers to enter into your NOWaccount.
- All of the selected customer’s invoices are submitted into your NOWaccount.
- Customers may be removed from the system at anytime, but once removed, they may not be reentered for 12 months.
- You receive approval decisions on your selected customers within 48 hours.
- NOWaccount pays 90% of the invoice amount, less any applicable surcharge*, within 5 business days of invoice submission.
- You receive the 10% reserve, less the 2.5% fee, 30 days after invoice maturity. (minimum 60 days after purchase)
- Your fee is based on the payment terms you offer, not when, or if, the customer pays. Fee equals:
- 2.50% for up to Net 30 Day terms (0.25% surcharge* applied for extended 30-day terms)
- 2.75% for up to Net 60 Day terms (2.50% + 0.25% surcharge*)
- 3.00% for up to Net 90 Day terms (2.50% + 0.50% surcharge*)
- 1.00% surcharge* for customers outside the U.S. and Canada
- $35/mo. Merchant Service Fee (waived for members)
- You have no credit risk on the customer.
- NOWaccount assumes liability for customer payments.
- You are responsible for satisfying customer disputes.