FAQ

Onboarding

How long is the process, from signing up to getting paid?

Most applicants are approved instantly, however some applicants with special circumstances may require up to 2 business days.

Why am I using Plaid to connect to my USA bank account?

Connecting your bank account via Plaid ensures that funds get disbursed to you efficiently and securely to the correct bank account. This extra step also allows us to check your eligibility to use Crowdz’s services. If you utilize accounting software, you may already be familiar with Plaid.

I'm a USA member. Is Plaid secured and trusted?

Yes. Plaid is safe, reliable, and designed for businesses that want seamless, secure financial access. All information in Plaid is encrypted, and Crowdz never has access to your login credentials. Some popular financial apps that use Plaid include Venmo and Stripe.

What if I'm having trouble connecting my USA bank accounts with Plaid?

For those cases where a typical Plaid connection may not work, Plaid provides a same-day micro-deposit or penny test, which is a standard practice with financial institutions.

How does Plaid work?

Plaid will make two micro-deposits (1-2 cents) that will be posted in your bank account within one business day. Once you see the two deposits, you simply verify the amounts on the Crowdz Global Receivables Marketplace platform as we will direct you. Afterward, Plaid will withdraw the two micro-deposits from your bank account and it’s complete.

How often can I add additional invoices?

You can upload as many invoices as you like, as often as you like.

Payment

How does payment work to receive my funds?

Crowdz works with Western Union to automatically deposit funds into your connected default bank account upon integration. This process can take up to 5 business days.

How long does it take to get funded?

Once the offer is accepted, payment typically occurs within the 5 business days.

Repayment

How does repayment work?

Since someone (potentially Crowdz itself) is using the Crowdz platform to purchase your
receivables, that “Purchaser” now owns that debt. When your buyers pay you for the
receivables that were purchased, we just have you forward those amounts to the correct
Purchaser. There are instances where the buyer pays the Purchaser directly and in those
contracts we will make it clear.

How do I make a repayment?

Users have one payment method (or two for US users) and will receive bank account details and reference number to complete a manual payment transfer via your personal bank account or online. This will require you to transfer funds manually through your banking app or online. For USA members: There is also the option of ACH-debit. Western Union will collect funds directly from your bank account only after you authorize the transaction. Settlement time is between three and five days, and you must secure sufficient liquidity in your bank account within 24 hours of authorizing the transaction. It’s easy and allows you to pay multiple invoices at once. With Crowdz, you always have complete control over your payments. We never retrieve money from your account without your prior authorization. Crowdz also helps you keep tabs on each transaction through your dashboard and by email.

When I receive my funds or pay, I see Western Union Business Services as the Payer/Payee. Is this correct?

Yes. With its 170 year history, Western Union is our chosen partner to help move your funds securely. Your funder will receive your payment securely and fast via the Western Union Business Services solution.

What new payment features can members expect?

Our team is working hard to introduce real-time payment networks wherever available. Additionally, we plan to create a more secure and frictionless payment experience by implementing the new European/UK open banking infrastructure. This update would allow members to pay from their bank account without leaving Crowdz InvoiceXchange.

Crowdz General

How much does it cost to use Crowdz?

Getting started is free, including signing up to the platform and uploading and trading invoices. After an offer is accepted, there is a cost as funders purchase invoices for a fee.

Do I need to tell my customers that I am using Crowdz?

There’s no need. We will not notify your customers that you are a Crowdz member or use our services.

Where is Crowdz available?

Crowdz is a global fintech company servicing small and medium-sized businesses in North America, Europe, the United Kingdom, and the Middle East. To find out if we can support you, sign up for Crowdz or email our sales team at sales@crowdz.io.

Will you perform credit checks on my customers?

We look at several data sources, including business credit bureaus, your company, and your customer. Crowdz does not conduct credit checks on individuals. Crowdz pulls publicly available data sources on your enterprise customers to ascertain their likelihood to pay on time. If your customer also has transacted or formed a repayment data trail on the Crowdz platform, Crowdz will also use this data to profile the likelihood a receivable issued to them will be paid on time.

How do you check my invoices and why is that necessary?

Crowdz compares uploaded receivables to accounting-system data whenever possible to ensure each uploaded receivable is indeed legitimate. Required fields include Name, Address, Country, City, and State. Funders will only finance customer receivables that check that box.

How are the first invoices from a new customer verified?

Our team conducts extensive due diligence on all registrants on the Crowdz system to ensure the businesses we work with are reputable and legitimate. In cases where a customers’ accounting systems are connected, we also check uploaded invoices against those present in the accounting system.

What is the difference between Crowdz invoice finance and traditional invoice factoring?

The main difference is who collects payment from your customers. With invoice finance, you retain total control. With traditional invoice factoring, the factoring company purchases the unpaid invoices and takes over the payment process.

Can I choose to disconnect my business bank account?

Yes. You can choose to disconnect any business account at any time. Changing your username or password will also result in disconnection, and you will also need to renew your connection once it expires.

How many receivables can I sell in a single trade?

There will be a limit to how much you can trade based on individual company data. This amount can increase over time as all participant’s performances are constantly being evaluated for reward.

Can I sell invoices from multiple customers in the same trade?

Yes, you can!

Once I submit an invoice for sale, when can I expect to receive funds?

After you receive an offer on your eligible receivables, and accept, the funds will usually be deposited to your designated bank account in 2-3 business days.

What happens if an invoice is overdue?

Crowdz will work with sellers whose repayments are overdue to help them to become current for additional funding. If the receivable you sold remains unpaid after its due date, a collections service will act to obtain the money from your customer. If your customer fails to pay, in some circumstances you can be required to buy the receivable back, but in many cases the loss will be borne by the investor who purchased the receivable. However, under these circumstances you may be blocked from selling any more invoices owed by that Buyer until their payments are current.

What is the SuRF (Sustainability, Risk, & Financial) Score?

It’s a powerful payment-reliability metric that assesses the likelihood and timing of repayments. SuRF Score combines both conventional business risk data with Crowdz’s
proprietary payment and repayment data, including repayments of funding within the Crowdz platform. A strong SuRF Score increases your chances of receiving a low discount rate on receivable purchases.