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Frequently
Asked Questions
Q. What types of industries does Summit
serve?
A. Summit offers financing to businesses in the
manufacturing, distribution, importing and service industries.
Manufacturing and distribution industries may handle a variety of
products. Service industries encompass a wide range of
companies, including transportation and staffing.
Q. What is Summit
looking for in a client?
A. Summit seeks to provide cash flow and professional
Accounts Receivables management with credit and collection services as
an added benefit. To accomplish this, we are looking for successful,
well-managed companies that sell to creditworthy
customers.
Q.
How do you establish your fees?
A. There are a number of factors involved such as the
size of the credit facility, track record of your business, financial
strength and payment record of your customers.
Q. Does
Summit finance invoices that are already outstanding?
A. Yes. For the initial funding, we may consider
financing invoices that are creditworthy and for which the products/service described on the invoice have been
satisfactorily delivered can be verified.
Q. Will Summit approve all of my customers for financing?
A. During the application process, we ask you to supply us
with your customer list, complete with names and addresses.
We perform credit approvals and establish credit limits for each of your customers. By providing this service to you as
part of your financing, Summit will save you time and help you avoid slow paying or
non-creditworthy customers.
Q. What if my company owes back taxes?
A. If your company owes unpaid taxes that are due to a
federal, state, or other governmental tax authority, we will work with you and the
taxing authority to develop a repayment plan.
Q. Do you offer purchase order financing or
financing for work in progress?
A. No. Summit can offer funding for those invoices that cover goods and services
that have been satisfactorily delivered and/or performed and
billed in arrears. However, we work with many companies who offer
Purchase Order Financing and would be glad to put you in touch
with one of our partners.
Q. When I use Summit's services, where does my customer
send the payment?
A. The payments are remitted to a lock box for which we manage
multiple regionally based locations.
Q. How will my customers know to send the invoice payment to
Summit?
A. When you begin your financing relationship with us, a letter
will be sent to your customers on your company letterhead.
It will identify Summit as your financing source and authorize us
to accept payment on your behalf.
Q. What will be the impact on my customer, and how might it
change our
existing relationship?
A. We take special care to manage this transition smoothly.
When handled properly with due regard for the importance of your
relationships with your customers, there should be no change in
your relationship with them. In the event you request that
we handle your collections from your customer, we will do so
professionally and in close coordination with you.
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