Fee Financing (or Fee Funding) is the technical term for the payment plan options that QuickFee offers under the PayNow+ and PayLater product lines. Essentially QuickFee loans your clients the funds needed to pay you immediately, freeing up their capital and allowing them to pay the balance in monthly installments.
Frequently Asked Questions
What is Fee Financing?
What does the process look like?
You can either issue and submit payment plan quotes using our cloud-based quote system, or we can set your firm up with an entire payment portal that offers your clients not just payment plans, but also ACH and credit card payment options. If they decide to use payment plan options to pay you, we run a credit check on the client’s company. Upon approval, which is usually within a few hours, we debit the first installment from your client and provide 100% of the invoiced amount to your firm.
What fees are charged to my firm?
QuickFee guarantees to save your firm time and or money when getting paid. Pricing varies based on the size of the firm and the volume of credit card merchant fees. Contact us for more details.
Do you offer Fee Factoring?
No, at QuickFee we offer client-approved Fee Financing, paying your invoice in full within days. QuickFee can refer you to a factoring or collection service that specializes in collecting fees due to professional firms, just give us a call.
What are the loan terms?
Clients select between 3 and 12 months for repayment. QuickFee does not stipulate fixed maximum loan amounts, but generally, we try to limit overall exposure to any one firm to 12% of revenue. Loans up to $100,000 can be processed through our cloud-based system, and you can always contact us when higher amounts are involved.
What would you say to firms that don't feel they need to improve A/R?
Ultimately QuickFee improves client satisfaction and can help your firm appeal to prospective clients. Every firm can benefit from those results.
What if we don't want a third-party dealing with our clients?
QuickFee serves you and your clients in the background. When you invoice your clients, you simply provide QuickFee as an additional payment option. We only process your clients’ loan paperwork- any direct contact is left up to you.
What types of firms use QuickFee?
QuickFee serves accounting practices and legal firms primarily, though we’re open to working with other types of professional service firms such as consultancies and market research firms. QuickFee best serves multiple-partner firms that invoice individual commercial clients into the thousands of dollars (smaller amounts would not qualify for lending consideration).
What clients should I recommend QuickFee to?
QuickFee does not make consumer loans, so we serve your commercial clients. All have the potential need for Fee Financing from time to time. Since QuickFee is a client-selected option, they decide when it’s a good fit.
What are the interest rates?
Interest rates vary with the term of the loan. Please contact us for the current range of rates we offer.
Is training available for using your services?
QuickFee is very easy to use, but we’ll still walk you through how to use our services- at no charge to your firm. Once your firm signs on, we can have you up and running in less than 48 hours.
Are there any penalties for early repayment by the client?
No, clients may settle their outstanding Fee Financing balance at any time by paying the outstanding principal and any interest accrued since the last payment. Our system calculates these amounts in line with an amortization formula.
What marketing materials can you provide to our firm?
QuickFee provides co-branded flyers you can use to explain and offer the service to clients. We can also provide digital graphics for your website, invoices, newsletters, etc.