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Frequently Asked Questions
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| How Does RONfastca$h™
Differ from a Typical Factor? |
First, RONfastca$h™ comes to you from
Recruiters Online Network. Founded and run by recruiters since
1995, Recruiters Online Network understands the unique needs
of employment professionals.
Though RONfastca$h™
involves the purchase of receivables, think of us as a billing
service—an out-source that saves you time and improves
your cash flow. We don't have the minimum requirements of
most traditional factors, we have no sign up fees, and we
present ourselves to your clients as nothing more than your
invoicing partners.
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| How Do I Sign Up? |
| Signing up for the RONfastca$h™ system
is a quick, 2-step process.
- First, we ask you to fill out a short on-line
form. This includes the basic contact information for you
and your company. It's enough to give our staff the ability
to start the qualification process while you finish step
2.
When Step 1 is complete, you are taken to a page to download
some forms that will require your signature (such as a Direct
Deposit form, Credit Check release, etc.)
If you have trouble downloading the forms,
please call the RONfastca$h™ team
at 888.364.4667, and we will be happy to fax you a copy of
the forms package.
Remember:
we can not process the application until we receive both
the completed forms and the online application. Call
the RONfastca$h™
team at 888.364.4667,
and we will be happy to fax you a copy of the forms package.
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| What happens once I submit the completed application? |
| When Aquent Financial Services receives the
completed application (including the faxed forms), a member
of the team will call you to acknowledge receipt. At that
time, we will advise you of any missing or incomplete forms.
The next one or two working days will be spent evaluating
your application, and checking your references and credit.
You will have an answer on your acceptance within two to three days. If your application is accepted, your account manager will contact you by day three & will welcome you to RONfastca$h™,
go over procedure and discuss your preferences for invoice
submission and client contact. At that time, you can begin
submitting invoices. |
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| How much does RONfastca$h™
cost? |
You can use RONfastca$h™ for
invoices issued by your company. We pay you
in two days for money you may normally wait 30 days, 60 days,
or even more than 90 days to collect.
It works this way: once we approve and purchase
your invoice, we immediately advance you 75% of the invoice’s
gross amount. As soon as we collect the amount due in full
from your client, we pay you the remaining 25% of the invoice
(called your rebate payment) less our fee. The fee
is determined by the number of days it takes your client to
pay us and is a percentage of the gross invoice amount.
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| Days to Pay |
1-30 |
31-45 |
46-60 |
61-75 |
76-90 |
91-120 |
121-180 |
Over 181 |
| Fee% of Gross Invoice Amount |
2.80 |
3.80 |
4.80 |
6.30 |
7.80 |
11.80 |
20.80 |
25.00 |
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| What happens if a
client doesn’t pay? |
| If a client does not pay an
invoice because of financial circumstances (foreclosure, bankruptcy,
etc), then Aquent Financial Services will assume responsibility
for collection of the debt, and will use whatever means at
our disposal to do so.
If a client does not pay
an invoice because of a dispute (defined as any claim of incomplete
or unsatisfactory work, miscalculation of rates, non-compliance
of contract terms, etc.), then the member is given a reasonable
amount of time (usually fourteen days) to resolve the dispute.
If the dispute is not solved within that time period, then
the member assumes responsibility for collection of the debt,
and is required to reimburse Aquent Financial Services for
money already paid them for that particular invoice plus accrued
fees.
Reimbursement can be made
with payment by check, or it may be paid from the rebates
due you from your recently paid invoices.
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| What
are the billing calls like?
I’m concerned about the relationship
with my client being jeopardized by a third party. |
Aquent Financial Services is dedicated to
maintaining, and ultimately improving, the relationship you
have established with your clients. Any calls to your client
are made by a courteous, professional staff who are trained
customer service professionals. We design our calls to sound
like they are from a billing service, rather than from a collections
service. Many members feel that, since they no longer have
to call their clients to ask for money, their relationship
with their clients has actually improved as a result of using
RONfastca$h™. |
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| How are the invoices verified? |
| In the two day period
between the time we receive the invoice and the time we pay
the invoice, we verify the invoice. This usually consists
of a call to the client confirming that: the placement is
made, the amount is correct, and the invoice is payable.
Our professional staff does its best to present
us as your billing service, not as a collections or factoring
service. We work closely with our members to verify in a way
that is most convenient for them and their clients.
We verify with whatever contact you’ve designated
in your client information form. It may be the person you’ve
worked most closely with, or it could be the person that actually
pays the bill. We don’t always call; sometimes contact is
made by fax or by email, and a copy of the invoice is submitted
to the client for review. |
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| Who
is Aquent Financial Services? |
. Aquent FastCash was founded in 1999 to provide accounts receivable financing or invoice factoring to small businesses nationwide. We realized that while many of these businesses needed access to working capital, they were neglected by traditional finance companies and banks.
Our unique program makes invoice factoring appealing and accessible to small businesses by eliminating the additional fees, volume requirements, application fees, and other restrictions that banks and other accounts receivable factoring institutions impose. Over the years, FastCash has funded over a billion dollars to hundreds of small-to-midsized companies in a variety of industries.
Aquent Financial Services is part of Aquent, a global professional services firm that delivers marketing staffing solutions through consulting, outsourcing, and staffing. Since 1986, we've led our industry with innovation and a commitment to providing unequalled client value. In the process, we've helped thousands of companies achieve outstanding business outcomes. Aquent has annual sales of over $600 million and a strong balance sheet, and employs thousands worldwide..
FastCash, our signature product, was started in 1999 to help small businesses manage their cash flow and improve their business. We have worked closely with Recruiters Online Network to tailor
RONfastca$h™ specifically to the needs of 3rd party recruiting professionals. |
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| How do I get in touch
with the RONfastca$h™ |
If you need specific answers to RONfastca$h™ questions,
call:
888-364-4667. |
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