In this article, you will learn
- What Denim Cash is and how it can help your company
- How to request Denim Cash payouts
- Any conditions or risks in requesting for Denim Cash
- Service Level Agreements (SCAs)
- Criteria for evaluating the release requests
- Negative Denim Cash
There are two main purposes to Denim Cash:
- Rebates: Upon receiving a payment from your customer and applying the payment to an invoice, the job's rebate will be added to your Denim Cash account.
- Funding jobs: You can use Denim Cash to fund non-factored carrier payables without factoring a receivable invoice. If your Denim Cash balance is too low, you can send Denim funds to increase your Denim Cash balance.
______________________________________________________________________________
Requesting Denim Cash
On your Dashboard, you can view your Denim Cash Balance and well as the Denim Cash Available for release.
In Denim Cash Available, an info icon shows you the details that Denim Cash Available is the difference between Denim Cash Balance and Denim Cash Minimum.
Use the Request Release button to request a release to your Denim-connected bank account.
đź’ˇNote: If you have an open request for Denim Cash withdrawal, you cannot create another request until the initial request is complete.
When a request is submitted, you can see the request details and status in your Request Center.
Please see Request Center overview for more details on how you can see request details.
When you click on Request Release, the Request a Denim Cash Release modal opens.
Enter the amount of Denim Cash you would like released in the Denim Cash Request box.
__________________________
Case 1: Risk and warning
If you have upcoming Chargebacks or Denim Cash-funded Payables that may be at risk due to the amount you are requesting, Denim shows warning that explains the risk before you submit your request.
_________________________________________________________
Case 2: Requested amount exceeds the available cash
If you enter an amount that exceeds the available balance, Denim shows you a message to correct the amount.
When you send this request successfully, it shows in the Request Center as a Denim Cash Payout request followed by the date of request. You can click on the request to see its details.
______________________________________________________________________________
Service Level Agreement (SLA)
- All requests for Denim Cash are reviewed within 1 business day.
- If the request is approved by 4PM ET, funds are sent as a next-day ACH.
- If the request is approved after 4:00 PM EST, funds are sent 2 business days later
______________________________________________________________________________
Criteria for Reviewing Denim Cash Requests
Before approving or rejecting a request for Denim Cash, Denim's risk team evaluates the request for following factors. Some additional factors may also be considered.
-
Aging and Disputes
- Denim will review the client's open aging to identify disputed invoices and invoices older than 75 DSO and unlikely to be paid before recourse terms apply.
- Disputes and overdue invoices may result in a Denim Cash release that is smaller than requested or a rejected request.
-
Client account activity
- If it has been 14+ days since the client’s last funded invoice, Denim will typically hold DC until all outstanding invoices are paid.
- Clients are considered in default after 21 days of inactivity.
- Payments that have not been forwarded to Denim: If the client has received funds that should have been paid to Denim, and the payment has not been forwarded to Denim, the request will likely not be approved.
- Contractual Default: If the client is in default per the factoring agreement, they are ineligible for a DC release.
-
Recent Releases
- PRMs will review the date of the last DC release.
- Denim reserves the right to limit releases to no more than one per week.
______________________________________________________________________________
Negative Denim Cash
If your Denim Cash account is negative, this likely means you had some invoices charged back, or you over-advanced a contractor. To get your account back in the green, Denim recovers the negative amount from your client advances, or you might be asked to send the negative amount to Denim. To review your Denim Cash history and transactions, please see the Denim Cash Report.