30 DAY NET TERMS

Get free 30 day net terms

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30 extra days to pay invoices
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Approval in 24 hrs for up to $1M
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Option to pay in fixed weekly installments after 30 days
powered by Koverly logo to indicate a partnership between the a company and Koverly for payment enablement and embedding financing offerings
Image illustrating how Koverly enables an embedded 30-day net terms offering for forwarders and brokers to  invoice their clients. At no cost to the business getting paid (ie. the freight forwarder or customs broker) or the company making the payment (ie. the importer or other business) Koverly will pay 100% of the invoice to the payee and finance the 30 day terms for the payer. If the invoice is not paid in full after 30 days, the payment will be switched to a payment plan of 12 weekly installments.
How a $1,000 invoice is paid on 60-day net terms.
Timeline illustrates: ‍
$1,000 invoice * 60-day net terms * 0.5% fee per week if not paid in full in 60 days
Invoice sent
You receive a $1,000 invoice with 60-day terms and option to dispute for review, or approve for expedited processing.
58 days later
You receive a reminder to login and pay the $1,000 invoice in full in 2 days.
$1,000
60 days later
You pay balance in full. If not paid, you will be switched to a weekly payment plan of 8 installments.
$130.00
67 days later
If you are switched to the 8-week payment plan, the first installment of $130.00 will be withdrawn from your account. A $5 financing charge (0.5%) will be applied each week until the total balance is paid in full.
Invoice sent
You receive a $1,000 invoice with 30-day terms and option to dispute for review, or approve for expedited processing.
28 days later
You receive a reminder to login and pay the $1,000 invoice in full in 2 days.
$1,000
30 days later
You pay balance in full. If not paid, you will be switched to a weekly payment plan of 12 installments.
$88.33
37 days later
If you are switched to the 12-week payment plan, the first installment of $88.33 will be withdrawn from your account. A $5 financing charge (0.5%) will be applied each week until the total balance is paid in full.
Net 60 Benefits
Free 60-day net terms
Pay 60 days after product has been released at no charge to you or your forwarder.
a business woman in a green shirt and glasses, representing a business using the Koverly platform to either make payments or collect payments easily and securely
a computer screen showing intervals of payments which could be made in up to 128 currencies to businesses in 180 countries
Fixed weekly installments
After 60 days, get the option to pay in 12 weekly installments with no pre-payment penalty.
Same-day financing
Get approved in 24 hours for 60-day net terms and up to $1M in financing.
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finger snap graphic illustrating how easy and fast net terms and other credit financing is through the Koverly platform
Approved!
You've been approved for 60 day net terms.
FAQs
Why am I being offered 60-day net terms?
Your forwarder would like to offer you an extra 30 days to pay invoices to them. 

At no cost to you or your forwarder, Koverly will pay your forwarder at the time the invoice is due and you will be responsible for paying Koverly 30 days later. 

In this arrangement, 30 day terms will be applied to all of your invoices from the forwarder that is offering this benefit to you.
What information is required to apply?
To apply for net terms, businesses are responsible for conducting KYC/KYB processes for entity identity verification. This must be completed to activate an account powered by our partner, Koverly, and before any bank accounts, loans, or transfers can be created.These procedures involve necessary actions to comply with financial regulations and prevent money laundering, terrorism financing, and other illegal corruption schemes.

Here's what we expect of our customers at a minimum. Certain use cases may necessitate additional items.

1. Securely connect your bank via Plaid, or provide last 3 bank statements for all business related accounts
2. Provide business details such as EIN, address, phone and email, industry type
3. Provide leadership/ownership details*, including personal address and phone number, date of birth and social security number or passport number and image for non-U.S. citizens

* This information must be provided for every individual who owns 25% or more of the business. If no individual owns 25% or more of the business, this information must be provided for one member of the executive team.

Please note that only businesses located in the United States can apply for net terms and/or financing.
When do I need to make a payment?
Your invoice payment is due 30 days after it has been issued. You will receive a reminder by email 2 days prior to the invoice due date. To pay the invoice, you must login to your account, select the bill and complete checkout. 

You can pay the invoice in full at any time during this 30 day window and no fees will be incurred. 

If you do not pay your invoice within the 30-day net terms window, you will be switched to a 12-week payment plan. The first installment will be automatically withdrawn from your account the following week and a fee of 0.5% of the original invoice will be applied each week until the invoice is paid in full, which you may do at any time. 
What happens if I dispute an invoice?
If you dispute an invoice within the two-day window, you will be asked to provide a reason for the dispute. 

Your forwarder will receive an email notification with details of the dispute and will be required to review and re-issue the invoice. Your forwarder will not receive payment for a disputed invoice. 

Once the invoice has been re-issued, you will again be given a two-day window to dispute the invoice. If the invoice is not disputed, your payment will be due 30 days after the revised invoice date.
Are there fees for the 8 week payment plan?
Yes, a fee of 0.5% of the original invoice is added to each weekly installment. 

For instance, if you have a $1,000 invoice that enters a 12-week payment plan, a $5 fee will be added to each weekly installment until the invoice is paid in full.

This fee is added each week, so you may pay the remaining balance of the original invoice in full at any time to avoid charges.
What happens if I don't pay in 60 days?
If you do not pay your invoice within the 30-day net terms window, you will be switched to a 12-week payment plan. 

The first installment will be automatically withdrawn from your account the following week and a fee of 0.5% of the original invoice will be applied each week until the invoice is paid in full. 

You may pay the remaining balance of the original invoice in full at any time to avoid charges. 
What is the benefit to paying an invoice right away?
When a net terms invoice is issued, you are also given the opportunity to approve it. This step is not required, but can be beneficial. 

Approving an invoice indicates to your forwarder that you will not be disputing the invoice. In many cases, this may help expedite the release of goods. 

Please note that approving an invoice does not expedite payment to your forwarder or change the due date for your invoice payment in any way.
Why is my net terms credit offering so large?
When you apply for net terms financing, our partner Koverly, will underwrite your business for the full amount that can be offered based on the information you provide.

This ensures your credit line will cover any net terms invoices from your forwarder and also provides an additional general credit line that you may use to finance additional business payments.

Financing may be used to make payments in 128 currencies worldwide.This general credit line does not impact your credit score.