Receiving Net 30 Terms from your vendor through the Koverly platform offers several benefits and flexible payment options. This article describes how 30-day net terms powered by Koverly work for the payer. 

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Getting Started:

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To get started, you will be invited to receive 30-day net terms from your vendor. The invitation will come in the form of an email and bring you to a page that explains the offer and allows you to apply. 

The application performs a light credit check so as not to affect your credit score. This process requires you to provide some detailed information about the company and ownership to comply with international banking regulations. Read here for details on required information.

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Credit Line Details:

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Once approved, you will receive an overall line of credit of which a portion is available for free net 30 terms with the vendor who invited you to receive this benefit. 

The reason you receive two lines is because Koverly  underwrites your business for the full amount that can be offered based on the information you provide. 

This helps ensure your credit line will cover net terms invoices from your forwarder and also provides access to additional financing if you care to use it.

The difference between the two credit lines is as follows:

• Net 30 Terms Line - Can ONLY be used for payments to the vendor that invited you to receive this benefit and will be automatically applied to invoices from that vendor.  There is no fee for 30 day net term financing.
• Overall Credit Line - Can be used for business payments to any vendor worldwide in 128 currencies and allows you to make smaller payments over 4, 8 or 12 weeks. Financing fees are provided at checkout.  

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Details of these amounts are visible in your KoverlyPay dashboard, which you can access with these steps:

1. Log into your account 
2. Click on the Koverly Icon at the upper left of your screen
3. Click on "Show Details"

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Net 30 Invoicing Process:

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When your forwarder posts an invoice, you will receive an email notification and have two days to approve/dispute that invoice. It is not necessary to take action at this time, but approving an invoice immediately may help expedite the release of goods. 

Provided that a dispute has not been filed, the invoice will be automatically marked as approved two days after it has been issued. On this day, Koverly will pay the full invoice to your vendor and create a free 30-day loan for you. 

 You can pay this loan in full at any time within the 30 days by going to your KoverlyPay dashboard and clicking "make a payment".

In the event that you do not have enough funds in your Net 30 Terms account to cover the invoice, you can pay the invoice via: 

• ACH Bank transfer (free)
• Credit card 
• Your overall KoverlyPay Credit line (fees described at checkout)

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12 Week Loan Conversion:

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Two days prior to the end of the 30 day period, you will receive an email reminder to pay the invoice in full by the due date . 

If you do not pay your invoice within the 30-day net terms window, your loan will be switched to a 12-week payment plan. 

The first installment will be automatically withdrawn from your account the following week and a fee of 0.5% of the original invoice will be applied each week until the invoice is paid in full. 

You may pay the remaining balance of the original invoice in full at any time to avoid charges. 

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If you have any questions or would like to discuss further with a member of the Koverly team, please contact support@koverly.com

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