FAQs

For Dealers

TimePayment understands that leasing may be new to you and that you may have questions about how our process works.

In our effort to save you time, we have provided a list of common questions and answers we get from dealers seeking to learn more about TimePayment leasing.


Q. What makes you different from every other leasing company?

A. TimePayment utilizes a multi level credit and pricing model that allows us to approve a broader range of your customers from established corporate customers, to start-up businesses, to those with less than perfect credit. As we approve a wider range of credit, we also provide the pricing that fits the better the credit, the lower the customer’s payment.


Q. How do I become an approved dealer?

A. You can either complete an application or call us at 1-877-868-3800. We will respond to your application within 48 hours.


Q. Can you provide leases to start-up businesses?

A. Yes. For start-up restaurant lease transactions, a minimum security deposit of 5% along with one advance payment is required. Security deposits can either be applied towards the end of the lease purchase option or be returned upon payment of the complete lease obligation. We do not offer terms greater than 36 months for startup restaurant transactions that exceed $10,000.


Q. Do you offer progress payments?

A. We offer our Progress Payment Product for some equipment types.Please call us at 1-877-938-5231 to see if it is available for your equipment.


Q. How does your Progress Payment Product work?

A. A Vendor Progress Payment Agreement 50% will need to be signed by you.   You will need to send the original signed copy along with the rest of your completed lease documents to our funding department with the first payment. Only an approved officer of the company may sign the agreement. Once the lease documents are received, 50% will then be funded. After we conduct our verification process, the remaining 50% will be funded.  


Q. Why do you need the customer’s personal information on the lease application?

A.The personal information helps us to approve a broader range of your customers including new businesses.


Q. How quick is your credit process?

A. Our online system, TimePayment Direct, makes credit decisions for applications that include the customer’s personal information, for transaction less than $10,000, within 2 minutes.For transaction above $10,000 you will receive a decision within 4 hours.


Q. How fast will I be paid?

A. When we receive your lease funding package we quality control the transaction document, contact the customer to verify the delivery & acceptance of the equipment, and then pay you.If we are able to get a hold of your customer prior to 2:30 EST you will be paid the same day.


Q. How do we get paid?

A. You are paid either through Automated Clearing House (ACH) or by check. Please click here to sign up for ACH.


Q. How do I obtain additional log-ins to my TimePayment Direct account?

A. Please fill out and sign a TimePayment Direct Enrollment Form and fax back to 781-994-4775.


Q. How do I calculate the taxes?

A. On TimePayment Direct there is a Tax Inquiry calculator that you can use to calculate the applicable taxes. In the states of ME, IL, and NJ the sales tax must be paid upfront or added to the funded amount on the lease. In all other states the sales tax may be paid monthly. In the state of  CT, TX and WA there is sales tax due on the documentation fee.


Q. How do I calculate the loss & destruction fee?

A. Click here for the schedule for General Equipment Commercial Equipment.

     Click here for General Equipment Consumer/Residential.


Q. What additional information is required for Sole Proprietors?

A. TimePayment requires proof of business on all sole proprietors.Acceptable proof of business includes:

  • a Business License
  • Secretary of State listing
  • or a business tax processing form

Q. When does my customer’s credit approval expire?

A. Credit decisions are good for 30 days.If it takes longer for the transaction to be completed we will rerun the credit for you.


Q. Are there any additional requirements?

A. All lessees must have a verifiable working business phone number.


Q. Do you lease used/reconditioned equipment?

A. We do in most industries with the exception of office equipment.All office equipment must be new.

Please contact us for more information at 1-877-938-5231


Q. I have a customer that scored an "A"and is in a state that allows for a $1.00 buyout is there an additional document that I need?

A. Yes, please click here to download our $1.00 buyout rider.


Q. Why do you ask for my social security number on the dealer application?

A. We run your company credit in order to approve you as a dealer.  Unfortunately, a number of companies do not have sufficient public credit information that will allow us to make a decision which is why we ask for the information on the business owner or principle.   


Q. Am I responsible if the customer doesn't make their lease payments?

A. The majority of our programs are non-recourse, which means we take all the credit risk, you don't.  The only exception is our programs that do not require an advance payment.  For these programs any responsibilities you have would be outlined in the agreement sent to you for your signature.   


Q. Can I get a copy of your resale certificate?

A. Click here to access the resale certificate by state.


Q. I need a conditional purchase order. Do you have something I can use?

A. Yes, please complete the Conditional Purchase Order and send it back with your completed documents. We will execute the document and send it back to you.