FAQ

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.

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

Yes, you can!

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.

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.

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.