In this article, you will learn about:
- Confirming the NOA and how it works
- Ensuring accurate billing process
- Steps you can take for diligent measures for faster funding
- Email template to send the NOA to your customers
Denim has a defined process to set up new customers. When you add a new customer, the Denim team approves this request. (Please see Add a new customer for details.)
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Important information
- Before Denim approves a factored job, it performs a credit check and establishes a credit line for each customer. To process your jobs as quickly as possible, we recommend that you add all of your customers as soon as Denim approves your account.
- While adding the new customer, Denim needs the minimum required information—the company name, invoicing email, credit amount requested, and the state. However, if you can provide their EIN and full address, this helps us approve them faster.
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Confirming the Notice of Assignment (NOA)
The NOA is a factoring document that notifies your customers they should pay Denim for your invoices. For each new customer you bill through Denim, we need to confirm the NOA with their Accounts Payable department.
This step ensures that the remit information has been updated in your customer's system. So, all the payments for your company are directed to Denim. Once the NOA is verified, it shows in the list of customers, for example as below.
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Ensuring accurate billing practices
- 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 Accounts Payables department. This is to ensure invoices are reaching the right personnel and that Denim is able to make contact with them for payment status.
- 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.
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Steps for diligence measures—for faster funding cycle
Sometimes customers are reluctant to respond quickly to inquiries from factoring companies. To move your funding faster, here are steps you can take to assist with these diligence measures.
- 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.
- 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 write this email, see the next section in this article.
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Email template for NOA for your customers
Here is the email template.
Hello,
Please answer the following questions for my factoring company Denim Payments:
- Can you confirm your remit address is updated for payments to go to Denim's address on the Notice of Assignment (NOA)?
- What email address does Denim need to send invoices to?
- What email address/phone number does Denim need to use for collections?
- Is there anyone else that Denim should contact to the confirm our NOA?
- Are there any reference numbers Denim should list on the invoice to identify the load?
- What are your payment terms?