Confirming the Notice of Assignment (NOA):
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The NOA is a factoring document that notifies your customers they must pay Denim for your invoices. For each new customer you bill through Denim, we will need to confirm the NOA with their AP department. This step ensures that remit information has been updated in your customer's system so all payments for your company are directed to Denim. Once the NOA is Confirmed you will see the status reflected on your dashboard:
Ensuring accurate billing practices:
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The most basic thing Denim does to ensure we're billing correctly is confirm the best billing email address and contact for collections in your customer's AP department. This is to ensure invoices are reaching the right personnel and that Denim is able to make contact with them for payment status. (For more information about our collections process check out this article)
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In addition, some shippers have customized billing requirements. This could be a range of information that must be reflected on each invoice (e.g. particular PO numbers) or a method by which the customer must receive invoices (e.g. through an online portal). Before Denim completes your funding, we ensure the paperwork we have billed has been accepted for payment based on these requirements.
Sometimes customers are reluctant to respond quickly to inquiries from factoring companies. In order to move your funding through faster, here are steps you can take to assist with these diligence measures:
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Make sure you know how to bill your customer and always upload paperwork that meets those requirements. Those requirements will likely remain the same whether you are billing directly or through Denim.
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Send the NOA email before submitting your job and cc support@denim.com. This will increase the odds of your customer confirming the NOA by the time you submit your job through Denim. For instructions on how to create this email visit this article.