FAQs

Q. What products can be leased by TimePayment?

A. TimePayment will consider most equipment that has a selling price that is between $500 - $25,000. At this time we do not offer leasing on titled equipment, 100% software, fixtures, bankcard terminals, ATM, copiers and water quality products.   For a complete list of approved products please submit your request by clicking here.


Q. What is your policy on start-up restaurants?

A. 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 lease nationwide?

A. Yes, but we do not offer leasing outside of the United States.


Q. How will I be paid?

A. Once verbal verification is completed funds will be sent either by Automated Clearing House (ACH) or by paper check sent via US Postal Mail.


Q. How do I get set up on ACH?

A. Simply click here


Q. What commission may be made on a transaction?

A. Up to 15% of the equipment cost can be added. Commission must be added at the time of application entry.


Q. What is the vendor approval process?

A. A broker vendor application will need to be submitted, and the decision will be made within 48 business hours.


Q. How do I submit my vendor’s applications?

A. Please submit a broker vendor application


Q. How long does it take for a vendor to be approved?

A. A vendor application will be processed within 48 business hours.


Q. How do I know if a vendor has been approved?

A. Once a vendor is approved, a welcome letter is sent out by our credit department. You can also see all approved vendors on the drop down section of the application entry in TimePayment Direct.


Q. Where can I find pricing?

A. You can find our lease factor charts on TimePayment Direct.


Q. How does your Progress Payment Product work?

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


Q. How long does it take for a lease application to be processed?

A. TimePayment Direct can process lease applications under $10,000, with principal information, within 2 minutes. Lease applications greater than $10,000 are typically processes within 4 hours.


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

A. Please fill out and sign a TimePayment Direct Enrollment Form.

Please fax back to 781-994-4775 or e-mail vendorapps@timepaymentcorp.com.


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. Are there any additional requirements?

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


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. When does my customer’s credit approval expire?

A. Credit decisions are good for 45 days. If it takes longer for the transaction to be completed we will rerun the credit for you.


Q. Does TimePayment conduct Site Inspections?

A. Yes, TimePayment conducts site inspections on all leases over $10,000.


Q. What is your documentation fee? 

A. For transactions under $10,000 it is $125, for transactions over $10,000 it is $250.

Please contact us for more information at 1-800-474-7737.


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. Can I get a copy of your resale certificate?

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


Q. My vendor wants 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.