What is Pay Me Now (PMN)?
Pay Me Now is a “quick pay” solution provided to you by Essex Capital Services through your Hyphen SupplyPro account. Through this service, a portion of your completed orders will be eligible for immediate payment less a quick pay discount.
After accepting the Pay Me Now offers, you will receive by ACH deposit in your account the amount of those orders less the discount. When you later receive payment from your customer for those orders (or for orders older than your Pay Me Now orders) Essex will withdraw the original amount of the order(s) from your account by ACH debit.
Will my customer be notified about my Pay Me Now Transaction?
Essex will not contact your customer at any time regarding your account unless there is a default on your Pay Me Now obligation.
Is this service provided by Hyphen?
No, in response to interest expressed by SupplyPro users, Hyphen has contracted with Essex Capital Services to provide a quick pay option through your SupplyPro account. All agreements related to the Pay Me Now service are between you and Essex.
Whom do I call if I have questions?
You may contact an Essex Account Executive at any time by dialing 972-733-0454 or by emailing info@essex-capital.com.
Can I use Pay Me Now just once, or am I committing to future obligations?
Pay Me Now is a purely optional “on demand” service. If you choose to accept a Pay Me Now offer, you may do so just once or on a regular basis based on your working capital needs at any point in time.
Check for eligible orders. Eligible orders appear in your SupplyPro account Your Pay Me Now “offers” include a quick pay discount % and an expiration date for the offer.
What determines which and how many orders qualify for Pay Me Now?
A number of factors are considered in determining eligible Pay Me Now orders. Those factors include past PMN history, total order volume, credit history, customer concentration, and general credit conditions.
How long does the Pay Me Now offer last?
Each Pay Me Now offer you receive will have a specific expiration date. Typically offers are good for 2-5 days, however Essex may withdraw an offer at any time prior to your acceptance.
How is the discount % set?
The discount % will vary with each offer based on a calculation that considers credit worthiness, cost of money, account history, order volume and other underwriting criteria.
How can I get more orders eligible for Pay Me Now?
Generally, the more Pay Me Now transactions in which you participate, the higher the percentage of your completed orders will be eligible for PMN. Contact your Essex account executive for more information on how to expand your PMN participation.
Accept offers. You accept the Pay Me Now offer for one or more of the eligible orders.
Is there a minimum number of Pay Me Now orders that I must accept?
No. You may accept payment for one Pay Me Now eligible order or multiple eligible orders in your SupplyPro account.
How do I accept a Pay Me Now offer?
From the Alerted Orders - Pay Me Now page, change the Pay Me Now Status to Offered; then click the Show Ordersbutton. A list of PMN Offers will appear. Click the check box beside the offer(s) you wish to accept and click the Accept Pay Me Now Offers button. A confirmation window will appear with the details of the offer(s) you selected.
Can I change my mind after I accept the offer?
The acceptance of the terms and conditions from the Confirm Pay Me Now Orders confirmation window by clicking the Pay Me Now button, completes the financial transaction with Essex (including the initiation of funds transfer to you).
Do I have to complete the account information when I accept Pay Me Now offers in the future?
No. During your first Pay Me Now transaction, you will complete the full account information required to confirm entity name and to transfer funds. After your first transaction, you will be able to accept Pay Me Now offers with a single click.
If I accept the first Pay Me Now offer, am I obligated to accept other offers or do I have other obligations in the future?
Pay Me Now is purely an optional “on demand” service. If you choose to accept a Pay Me Now offer, you may do so just once or on a regular basis depending on your working capital needs at any point in time.
Receive Payment. Essex pays you, by ACH deposit to your bank account, the total amount of the Pay Me Now orders less the discount amount.
When do I actually receive the money for the offers I accept?
The ACH deposit process will be initiated immediately upon your acceptance of the Pay Me Now offer. In most cases funds transferred by ACH will be available in your account within 24 hours, however, your bank may have specific rules and processing delays associated with processing your ACH deposit.
Can I get the money the same day I accept the Pay Me Now offers?
For guaranteed same day Pay Me Now funding, please contact your Essex account executive at 972-733-0454.
Settlement of your transaction. After your customer pays you, Essex withdraws the original value of the Pay Me Now orders from your account by ACH debit.
How is the money withdrawn from my account (what is an ACH debit)?
Your settlement of your Pay Me Now transaction is completed by an ACH debit, in which Essex withdraws the authorized dollar amount from your account. This transaction is similar to authorizing your mortgage company or other vendor to withdraw a predetermined amount from your account.
When is the money withdrawn from my account?
The settlement funds are withdrawn from your accounts [5] days after your customer processes your payment and notifies you through your SupplyPro account.
What happens if my customer skips orders that I have been paid through Pay Me Now, and pays other orders that are more recent?
Settlement funds will be withdrawn as you receive customer payments for orders dated the same or later than those you processed through Pay Me Now. If, for example, assume you accept payment for 3 Pay Me Now orders with completion dates of 11/1/09, 11/3/09 and 11/5/09. Thirty days later you receive a check including payment for orders dated 11/1/09, 11/3/09 and an additional order completed 11/7/09 (the 11/3/09 order was skipped). Essex will withdraw proceeds based on your receipt of payment for your specific Pay Now Orders, or for orders completed later for which you receive payment.
Will I know before Essex withdraws money from my account after my customer pays?
Yes, you will receive an email notification 3 days prior to the settlement withdrawal from your account.
What happens if I default on my obligation to repay the orders for which I received Pay Me Now orders?
Most every Pay Me Now transaction is repaid per the terms of the Essex agreement. However, in the event that a participant accepts Pay Me Now cash and refuses to complete the transaction by repaying the amounts owed, Essex is authorized, among other remedies, to enforce its security interest in other collateral, place a “hold exception” on other orders in SupplyPro, contact the end customer to collect monies owed, and impose fees and penalties associated with the default.