NOWaccount, by NOW Corp., is an online business-to-business (B2B) invoice payment processing solution that helps you speed up invoice payments from customers and instantly receive revenue. All businesses may apply, and prequalification is available for businesses that generate monthly revenues of $100,000. NOWaccount works best for small and medium-sized businesses (SMBs) looking to get paid within five days, even when their customers take longer to pay.
NOWaccount Pros and Cons
Lets you accept payments in two to five days
Annual membership fee is a little expensive
Any business may apply
Does not integrate with a lot of external software
No interest rates or additional charges
Who NOWaccount Is Best For
- SMBs looking to get paid within five days, even when their customers take longer to pay: NOWaccount lets you get your revenue within five days, no matter how long your clients take to pay. If your customer doesn’t pay the invoice on time, then NOW Corp absorbs the delay but still sends the payment to you in five days.
NOW Corp charges a flat, one-time merchant fee of 3% for every standard invoice issued. Additionally, you need to pay an annual membership fee of $350 to become a NOW Network member. It does not charge any enrollment fees nor monthly service charges.
NOWaccount Alternatives 2020
Businesses that want professional invoices and put repeat customers on recurring payments
Businesses that use Zoho apps currently
Businesses that need an expense management tool that makes it easy to track reimbursements
Small businesses looking for a free accounts payable digital payment solution that can sync to QuickBooks
NOWaccount helps small and medium-sized businesses convert accounts receivables (A/R) to cash without factoring or loans. It can also reduce write-offs and improve their cash flow. Let’s take a quick look at NOWaccount’s top features to help you decide whether it is the right payment system for you.
Get Paid in Less Than Five Days
After delivering your goods and services to your clients, upload your invoice on the NOWaccount portal. For a one-time fee, you will get paid in five days by NOW Corp regardless of how long your clients take to pay. Even if your customer defaults on the payment, NOWaccount will absorb the loss for you.
Risk-free Payment Terms
NOWaccount lets you accept payments and revenue as easy as taking credit cards, checks, or cash payments. It’s not a loan, and there are no interests involved. You will only be charged for every invoice transaction made.
To qualify for its services, you need to enroll in its NOW Network. Visit its website, fill out and e-sign the required forms, and then wait for the approval confirmation. Please note that you will need to pay an annual maintenance fee of $350 for your membership.
NOWaccount integrates with QuickBooks to further streamline your payment processing workflows. Once synced, NOWaccount will automatically pick up invoices and process your QuickBooks Online journal entries for you.
Summary of NOWaccount Reviews
As of the date that this article was written (July 17, 2020), there are no NOWaccount reviews online. If you are a past or current NOWaccount customer, you may leave a review to help other business owners decide whether to use the product.
NOWaccount Frequently Asked Questions (FAQs)
Does NOWaccount provide loans or factoring?
No, it does not. NOWaccount is neither a loan nor factoring, as there are no interest or other rate escalations involved. NOW Corp only charges a one-time transaction fee for every invoice issued to your customers.
How do I qualify for an account?
To qualify for NOWaccount, you must have a qualifying score and issue B2B or business-to-government (B2G) invoices with terms issued by incorporated, limited liability company (LLC), or S corporation (S-Corp) companies.
What happens if my client fails to pay?
If your client fails to pay without any fault on your end, then NOW Corp will take the loss. However, if a customer doesn’t pay due to a legitimate dispute with you, such as products were not delivered as agreed upon, then you will be responsible for repaying the credited amount to NOW Corp.
Our Top Invoicing Software Providers
In case you still aren’t sure if NOWaccount is right for you, then this article on the best invoicing software is a review of our top choices. In this guide, we looked at a variety of solutions and narrowed our recommendations down based on the ability to create recurring invoices, send automatic payment reminders, and run an A/R aging report to stay on top of open invoices.