In this article, you will learn
- How to set up or edit the factoring company payment settings for a contractor
- The actions you can take for the payment settings
- Answers to some common questions about contractors
Denim understands that ensuring timely payments in your Denim account is so important for your business goals. You can request changes to the payment settings, any time.
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Locate the contractor
Click on Contractors in the navigation. The list of all the contractors opens.
In the list of contractors, you can use the Filters or Search options to find specific contractors for certain conditions or criteria. (Please see See and use list of contractors for more details.)
For any contractor in the list, you can see the payment setting type, payment method, and other details.
Click on the contractor row, and the details open in a modal.
If contractor does not have a factor assigned
If your Contractor does not have a factoring company assigned yet, click on the Request Factor Assignment button.
The Request Factor Assignment model opens. Select the correct factoring company from the dropdown box.
Upload a copy of their Notice of Assignment (NOA). You can either use drag-and-drop the file into the dashed box, or click the browse files link.
Click on the Request Factor Assignment button to submit the request.
You can review the status of this request in your request center. (Please see Manage and track request details for the detailed steps.) This request will update to Approved, Declined, or Needs Attention after review by our accounting team.
If contractor already has a factor assigned
If your contractor already has a factor assigned and you wish to update to pay them directly, Please follow the instructions in the Setup Contractor Payment Methods via ACH or Check.
If your Contractor has switched to a different factoring company than the one we have on file, you have a choice to update their account to a new factor. Follow the same steps to assign another factor, as required.
Please also upload a copy of their Notice of Assignment (NOA) for their current factoring company, as well as a Letter of Release (LOR) from their previous factoring company.
đź’ˇImportant: We require copies of both an NOA and LOR for all factor change requests.