Frequently asked questions

Everything you need to know about JITpay™ and our
company services

Here you will find the answers to all frequently asked questions about JITpay™ and what we
do as company.

If your request is not answered here, you are welcome to contact our customer service
from Monday to Friday between 10 am and 4pm
at support@JITpay.eu or call us directly on: +49 531 387 630 – 10.

10 golden rules of cooperation with JITpay™

For a successful collaboration with JITpay™, we ask you to read through the following 10 golden rules.

  1. The cooperation takes place in the so-called “open factoring procedure”: This means that your clients must be notified of the assignment of the receivable to JITpay™. The notification is made by a remark on each invoice and by a disclosure letter sent by JITpay™ to the client. JITpay™ will only purchase receivables that are free from third-party rights and for which there is no prohibition of assignment.

  2. The transport order, the proof of delivery (POD) and the corresponding invoice document as an invoice or credit note for each transaction must always be uploaded to the portal. The invoice does not need to be uploaded if the invoice is created by JITpay™. All documents are sent to the client via the portal.

    Important: You do not need to send these documents to the client again by email.

    Exception: Your client requires the original documents!
    Please obtain confirmation from your client that the original documents have been received and that they will pay the invoice amount into the JITpay™ account. Confirmation by e-mail is sufficient. For this, support@JITpay.eu must be inserted in CC of the e-mail.

  3. Please ensure that the submitted invoices always include the assignment note and the bank details of JITpay™.

  4. If you create your invoice via JITpay™, you must not create an additional invoice and send it to your client.

  5. Should the client create a credit note, this can also be uploaded. It is important that you do not create your own invoice for this process, as your client would not accept it.

  6. Credit notes can only be submitted if the client confirms to JITpay™ that they will pay the credit note amount to JITpay™. Proof of the client’s intention to pay JITpay™ is required.

  7. Payment will be made within 24h-48h after verification and approval (portal status: “purchased”). In case of initial submissions and invoices with high amounts, JITpay™ will obtain additional confirmations from the client. The checking and approval process may therefore require a bit of time.

  8. You can view the status of your invoice at any time in your invoice centre in the JITpay™ portal.

  9. Subsequent changes to the bank details on invoices that have already been purchased by JITpay™ as well as requests in verbal or written form to your client not to pay the invoices to JITpay™ are not permitted and are prosecutable in the event of intent.

  10. If you accidentally receive a payment from your client for an invoice that you have sold to JITpay™ (so-called “direct payment”), you are obliged to inform JITpay™ and forward this money to JITpay™ immediately.

About JITpay™

JITpay™ is your strong partner from the industry for the industry. We digitalise the billing and payment processes in logistics. JITpay™ takes over the complete invoicing of services between the client and contractor and combines this with a specially developed factoring programme that enables immediate payment of the contractor and flexible payment terms for the client. JITpay™ purchases the outstanding receivables and pre-finances up to 100% of the invoice amount. Thanks to our digital processes, we pay out the amount very quickly once the invoices have been submitted.

With JITpay™ logistics factoring, you avoid late payments and payment defaults. Fully digital processing helps you to reduce your internal administrative workload. On request, we can take over the entire receivables management process for you, including dunning and debt collection.

JITpay™ assumes 100% of the default risk for all purchased receivables. This means that by using our services, you retain planning security and are protected from unpleasant surprises.

JITpay™ rates at a glance:

JITpay™ charges a fee for a payment term of:
→ 30 days, a fee of only 2.99% on the invoice amount.
→ 45 days, a fee of only 3.49% of the invoice amount.
→ 60 days, a fee of only 3.99% of the invoice amount.
→ 90 days, a fee of only 4.99% of the invoice amount.

Example calculation:
Your order value €400 – our fee is €11.96 with a payment term of 30 days.

JITpay™ distinguishes itself from other factoring companies through its understanding and knowledge of the transport and logistics industry. Our service is geared towards the challenges of our customers. Accordingly, our services serve the needs of our customers, customised to the specifics of the industry. JITpay™, for example, has no fixed contract term and can therefore be used flexibly.

JITpay™ from the industry for the industry!

Submission of invoices

Once the transport has been completed, you can easily upload your transport order and the proof of delivery to the JITpay™ portal. You can then simply create the invoice via JITpay™ or upload your own invoice or credit note from your client to the portal. JITpay™ then sends this to your client. By the way, the JITpay™ invoicing service is free of charge.

In general, the following applies: no more than 30 days may have passed between the provision of the service (the most recent date in the case of collective invoices) and the creation of the invoice.
In addition, the invoice must not have reached its due date.

Yes, you can also submit credit to JITpay™ that you receive from your clients. As the credit notes are created by the client, the client must be informed in advance that JITpay™ is the payee. This must also be confirmed by the client.

We purchase outstanding invoices from Germany, the Czech Republic, Poland, the Netherlands, Lithuania, Latvia, Slovakia, Slovenia, Spain, Romania and Bulgaria.

Invoices with a total value of 2.000 € or more must be confirmed by the client. To do this, JITpay™ contacts the client. The client must then confirm to JITpay™ that they are aware of the claim, accept it and pay the amount to JITpay™.

This process can take up to 48 hours and is requested once in the business relationship.

The invoice will be sent to your client by email to the contact details you have provided (invoice recipient) immediately after it has been created. Please note that this electronic transmission does not replace the dispatch of the original documents. If you have previously agreed with your client that they will receive the original documents from you or if they request them, then you must also send them to them.

No, you do not need to send the invoice to your client again.
You upload the order with POD and invoice to our portal or create the invoice directly via our portal. During the purchasing process, the documents are sent to your client from our portal.

Please ensure that you enter the correct e-mail address. This can usually be found in the order under the note “Please send invoice to the following e-mail address”.

Please obtain confirmation from your client that the original documents have been received and that they will pay the invoice amount into the JITpay™ account. Confirmation by e-mail is sufficient. For this, support@JITpay.eu must be inserted in CC of the e-mail.

All about invoices and payments

Billing via JITpay™ can be used purely as document creation (invoicing or shipping) or as centralized settlement.

You will receive your payout from the second submission within 48 hours of submitting the invoice.

Due to internal verification processes, it may take a little longer for the first submission to be paid out.

The statement is made up of various documents that provide information about the statement. This billing information includes the fee invoice, the submission journal, the debtor balance list (balance list of your clients) and the booking journal.

The fees invoice provides an overview of the total of all fees. It includes all turnover-based fees as well as the total of all other factoring fees that you pay. These include, for example, reminders and limit requests. You must send this document to your tax advisor for posting the applications for the factoring business.
The reverse charge note can be found on all invoices with customers who are not based in Germany. This note indicates that a special VAT regulation applies. The sales tax is paid by the customer and not by JITpay™.

The submission journal shows all receivables (invoices and credit notes) posted in a billing cycle. Purchased and non-purchased receivables are listed separately.
On the client balance list, you can see all information relevant to posting about your submitted receivables. This includes the amount of the customer limit, which indicates the maximum amount of your receivables.
The amount of the open balance indicates which receivables with a remaining amount are still open. The balance purchase shows the balance of the purchased receivables. The amount of the advance indicates what has been advanced to you from the amount of the claim. You are also shown the amount of the default that was posted for the receivable in question (e.g. due to a goods dispute).
The debtor list (list of your clients) also gives you an overview of the balance of receivables not purchased and the amount of the account (the advance payment).

If the customer raises objections or offsets and these are justified, you are obliged to reimburse JITpay™ for the full amount of these objections/offsets. You will receive a statement of account from JITpay™ by e-mail. JITpay™ will immediately offset these amounts against your next statement.

If your customer is no longer able to pay the invoice amount, JITpay™ will take care of everything. In this case, there is no risk for you because you have already received payment for your services from JITpay™.

If your customer refuses to pay the invoice, JITpay™ will check the reasons given. If the reasons prove to be unjustified, JITpay™ will take care of recovering the outstanding amount.

If the customer raises justified objections or offsets, you are obliged to reimburse JITpay™ for the full amount of these objections/offsets. You will receive a statement of account from JITpay™ by e-mail. The easiest way is for JITpay™ to offset these amounts immediately against your next statement.

This can happen if the client overlooks the fact that they can only pay JITpay™ to settle the outstanding receivables. As soon as you notice such a receipt of payment in your account, you are obliged to transfer the money immediately to JITpay™ Financial GmbH to the account: DE98 2699 1066 8350 4690 01. When doing so, please state the reason for payment that was specified in the transfer from your client to you.

In individual cases, you may have to pay money back to JITpay™. This can happen if it only becomes apparent after a delay that a condition for the sale of your claim to JITpay™ has not been met. In this case, you are obliged to repay the payment received to JITpay™. You will then receive your payment for the services directly from your client.

If an invoice is rejected, you will receive a notification with the reason for the rejection and the status of the invoice concerned will change to “rejected” in the portal. If immediate payment to you is not possible, you will receive your money directly from the client after the agreed payment period has expired. Of course, this will not incur any costs for you.

There are various reasons why JITpay™ cannot be used for individual transport orders. One reason could be that the client comes from a country for which JITpay™ services are not yet available. Another reason could be that internal JITpay™ limits have currently been reached in the collaboration with this client.

In individual cases, processing may take longer than 48 hours, especially if it is an order from a new client. If your invoice has not been processed after more than 48 hours (weekends do not count), please contact support@jitpay.eu.

All questions regarding TIMOCOM

Of course you can also use JITpay™ outside of TIMOCOM for all clients. No matter whether for spot market or regular customers.

You do not have to enter the TIMOCOM ID, but can also use the JITpay™ payment service directly via TIMOCOM.

Nevertheless, it may be advantageous to enter the TIMOCOM ID when using other services in order to gain access to these services more quickly.

In the spot business, you do not always know your clients. For orders that you accept via TIMOCOM and that you forward directly from TIMOCOM to our portal, we give you a promise of payment.
In concrete terms, this means that if the client has a green “24h payment” button on the TIMOCOM page and you send the offer directly to JITpay™ via the button, we will pay the freight to you within 24 hours (subject to proper execution and delivery).

All questions regarding factoring

Factoring is a modern, secure and increasingly popular financial service. Factoring involves the sale of regularly recurring receivables from goods transactions or services, thereby increasing the company’s liquidity.

The factoring company buys the factoring customer’s receivables from its client/debtor. In return for the sale of the receivables, the factoring company pays between 80% and 100% of the invoice amount to the customer. The remaining amount is paid out immediately after receipt of payment by the client, but at the latest after 150 days.

With factoring, you increase your liquidity and are 100% protected against bad debt losses. Factoring also gives you security and takes the pressure off your company.

The entire receivables/debtor management is outsourced and the balance sheet is reduced. Factoring also increases the equity ratio.

Factoring is generally always worthwhile for you, as you significantly increase your liquidity. It is also beneficial if you have high outstanding receivables and want to protect yourself against bad debts.

No, quite the opposite: factoring is a way of protecting yourself and your company against liquidity bottlenecks and counteracting the threat of insolvency. As a rule, insolvent companies cannot participate in factoring as they are not accepted by the factoring companies.

A bad debt loss occurs when your customer is unable to fulfil their payment obligations regardless of the reminder. This is because you grant your customers supplier credit with your agreed payment term. Such defaults can have various causes and place a heavy financial burden on companies. Thanks to JITpay™, you are optimally protected against this.

Due date refers to the date on which your client (invoice payer) must have paid the invoice.

For example, if the payment term of your invoice is 30 days, your invoice is due at the latest after 30 days (after receipt by the client).

Security retention is a common procedure in factoring.
If the security retention comes into effect for you, JITpay™ retains a sum of 5 % – 20 % of the purchased receivables amount.

This means that 80% to 95% of the gross receivables purchased are initially advanced. The retained amount is then used to cover any complaints or claims by the client as well as offsets, bonuses, discounts, rebates or other deductions.

As soon as your client settles his invoice, but at the latest when a bad debt loss occurs, the amount initially withheld will be paid out to you immediately. If customers make justified deductions, these are offset against the security retention.

An assignment note occurs in factoring. So that your client (the debtor) is informed about the assignment of receivables, there is a so-called assignment note on the invoice in favour of JITpay™.

The note obliges your client to pay his outstanding receivables exclusively to the account specified by JITpay™. In factoring, the assignment note is an integral part of the invoice. It contains account details and an unambiguous request to the client to transfer the receivables to this account.

The note is intended to ensure that the payment flow from the client is made directly to us as the new holder of the receivable.

Trade credit insurance is insurance against outstanding invoices and receivables or bad debts in general.

The trade credit insurance only protects against bad debts and comes into effect in the event of insolvency or inability to pay.
With JITpay™ factoring, you practically have an all-round carefree package: in addition to the immediate payment of your invoice, JITpay™ also takes care of your dunning and collection processes.
In contrast to trade credit insurance, which generally only covers 80 % – 90 % of bad debt losses, with us you also receive 100 % protection against bad debt losses.

If you want to avoid the economic risk completely and value liquidity, JITpay™ factoring is preferable to tade credit insurance.

We can reassure you that factoring does not damage your reputation. On the contrary: as a reliable entrepreneur, you are acting very responsibly. Factoring is a good way to secure your company’s liquidity. Companies with good liquidity have a very good reputation with customers, suppliers and banks.

All questions regarding the product/service

Your customers can come from all over Europe and Turkey (other countries on request to support@JITpay.eu).

Currently, the JITpay™ service is available if your client is based in one of the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guernsey, Hungary, Ireland, Isle of Man, Italy, Jersey, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and United Kingdom.

JITpay™ checks your creditworthiness on the basis of credit reports provided by Schufa or Creditreform, among others. In the case of higher financing limis, JITpay™ will request further documents directly from you, such as annual financial statements or current business analyses (BWAs).

JITpay™ allocates a financing limit for each customer. The financing limit is an upper limit for the sum of all invoices purchased by you that have not yet been paid by the client, i.e. are still outstanding.

Yes, JITpay™ endeavours to always provide you with a sufficient financing limit. The amount of your financing limit is always an individual decision by JITpay™ and is based on an assessment of your company’s financial situation.

Questions that may arise before the registration process

Factoring financing is not a loan, but a way for you to convert existing receivables into cash. The factor (in this case JITpay™) buys your receivables at a discount so that you do not have to pay back any interest and no new debts are created on your balance sheet.

You don’t have to have been in business for long – some service providers now even offer factoring for start-ups.

Factoring offers financing for both new invoices and outstanding invoices. Eligible invoices are:

  • Current
  • Not overdue according to your company’s terms
  • Payable by another company
  • Not pledged – no other company may have a claim on the invoice

No, you do not have to submit every invoice. It is normal for some clients to pay more quickly than others. You can decide for yourself which clients and invoices you want to invoice.

With JITpay™ you are not tied to a long-term contract. You can terminate the collaboration at any time with a written notice.

Yes, you are eligible for factoring even if your credit rating is not perfect! Most factoring companies do not base their financing decisions solely on the creditworthiness and payment behaviour of your clients. This means that you can get back on your feet with factoring even if you have had problems in the past.

No, with JITpay™ you do not need to submit a minimum monthly volume to work with us as a factoring company.

As a rule, there is no maximum amount for financing. Factoring grows with your company.

Registration process/usage

You simply register on our website. You will need your company details and your personal details.

You will first be asked for your personal information. Fill in the required fields with the required information. You will then receive an e-mail containing an activation link for your account and your access data. You will also receive our privacy policy and terms of use.
Activate your account by clicking on the link and log in with your access data. Now fill in all the required information and verify yourself in the next step. You must be authorised to represent the company.

The legitimisation process now follows. There are three methods* to choose from: Legitimisation via Video Ident, Post Coupon or Identity Shop. Choose one of the options and follow the instructions. Registration is now complete and you can benefit from our JITpay™ services immediately.

All your contract and terms of use are also available for you in your JITpay™ portal.

*The legitimisation methods vary depending on the country-specific requirements.

JITpay™ is obliged to identify all contractual partners beyond doubt in accordance with the provisions of the Money Laundering Prevention Act. This procedure is comparable to the checks required to open an account with your bank.

With the required documentation, JITpay™ can set up a new account in most industries within just 1 to 3 working days.

All questions answered?

Then nothing stands in the way of registration. Registration with JITpay™ is free of charge and without a contract period. Just give it a try:

Free registration