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 transport 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!
   We recommend sending the original documents by registered mail. Proof (postal receipt incl. consignment number) of dispatch or an explicit disclaimer from the client must also be uploaded to the portal.

3. Please ensure that the submitted transport invoices always include the assignment note and the bank details of your JITpay™ customer account.
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 48h after verification and approval of documents (portal status: “Documents approved”). 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.

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.