Timeline illustrates: $1,000 invoice * 60-day net terms * 0.5% fee per week if not paid in full in 60 days
Invoice sent
You receive a $1,000 invoice with 60-day terms and option to dispute for review, or approve for expedited processing.
58 days later
You receive a reminder to login and pay the $1,000 invoice in full in 2 days.
$1,000
60 days later
You pay balance in full. If not paid, you will be switched to a weekly payment plan of 8 installments.
$130.00
67 days later
If you are switched to the 8-week payment plan, the first installment of $130.00 will be withdrawn from your account. A $5 financing charge (0.5%) will be applied each week until the total balance is paid in full.
Invoice sent
You receive a $1,000 invoice with 30-day terms and option to dispute for review, or approve for expedited processing.
$1,000
2 days later
If not disputed, we receive $1,000 from Koverly with zero cost to you or us.
28 days later
You receive a reminder to login and pay the $1,000 invoice in full in 2 days.
$1,000
30 days later
You pay balance in full. If not paid, you will be switched to a weekly payment plan of 12 installments.
$88.33
37 days later
If you are switched to the 12-week payment plan, the first installment of $88.33 will be withdrawn from your account. A $5 financing charge (0.5%) will be applied each week until the total balance is paid in full.
Net 60 Benefits
Free 60-day net terms
Pay 60 days after product has been released at no charge to you or your forwarder.
Fixed weekly installments
After 60 days, get the option to pay in 8 weekly installments with no pre-payment penalty.
Same-day financing
Get approved in 24 hours for 60-day net terms and up to $1M in financing.
Approved!
You've been approved for 60 day net terms.
More time to pay invoices
Fast and easy approval for 30 day net terms, plus access to additional financing to spread payments over up to 12 weekly installments.
Approval in 24 hours for up to $1M in credit
After 30 days, option to pay in 12 weekly installments
Your forwarder would like to offer you an extra 60 days to pay invoices to them.
At no cost to you or your forwarder, Koverly will pay your forwarder at the time the invoice is due and you will be responsible for paying Koverly 60 days later.
In this arrangement, 60 day terms will be applied to all of your invoices from the forwarder that is offering this benefit to you.
When do I need to make a payment?
Your invoice payment is due 60 days after it has been issued. You will receive a reminder by email 2 days prior to the invoice due date. To pay the invoice, you must login to your account, select the bill and complete checkout.
You can pay the invoice in full at any time during this 60-day window and no fees will be incurred.
If you do not pay your invoice within the 60-day net terms window, you will be switched to an 8-week payment plan. The first installment will be automatically withdrawn from your account the following week and a fee of 0.75% of the original invoice will be applied each week until the invoice is paid in full, which you may do at any time.
What happens if I dispute an invoice?
If you dispute an invoice within the two-day window, you will be asked to provide a reason for the dispute.
Your forwarder will receive an email notification with details of the dispute and will be required to review and re-issue the invoice. Your forwarder will not receive payment for a disputed invoice.
Once the invoice has been re-issued, you will again be given a two-day window to dispute the invoice. If the invoice is not disputed, your payment will be due 60 days after the revised invoice date.
Are their fees for the 8-week payment plan?
Yes, a fee of 0.75% of the original invoice is added to each weekly installment.
For instance, if you have a $1,000 invoice that enters an 8-week payment plan, a $7.50 fee will be added to each weekly installment until the invoice is paid in full.
This fee is added each week, so you may pay the remaining balance of the original invoice in full at any time to avoid charges.
What happens if I don't pay in 60 days?
If you do not pay your invoice within the 60-day net terms window, you will be switched to an 8-week payment plan.
The first installment will be automatically withdrawn from your account the following week and a fee of 0.75% 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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