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    Crowdz Knowledge Base > Crowdz FAQs

    crowdz101Crowdz FAQs

    Frequently Asked Questions

    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.

    Once I accept my offer, how long will it take for me to get paid? (Video)

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    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 be contacting my buyer? (Video)

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    How do I connect my bank account?

    Assuming accounts are fully registered you can navigate to banking information on the left hand side of your screen. Once within banking information attempt to connect  your bank via credentials.

    What rates do you offer? (Video)

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    How does the NOA work? (Video)

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    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.

    How long does it take to get funding after I upload an invoice? (Video)

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    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 sell unpaid receivables? (Video)

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    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.

    What are the acceptable terms for invoices? (Video)

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    What is the discount rate and how it is applied to my invoice? (Video)

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    Can you fund Purchase Orders? (Video)

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    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.

    Why does the platform pull all my invoices, including very old ones?

    Within our algorithm for Surf score we utilize the accounting as well. Surf Score will help us generate the risk assessment of the seller(you) and your buyers (customers).

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

    Yes, you can!

    Does e-debit take longer the first time I use it? (Video)

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    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.

    Where do I find terms and conditions? (Video)

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    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.

    Still have a question?

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