Our cost is the higher of (i) a flat 1.75% of the insurance company invoice
value, or (ii) minimum of $80 per invoice. We deduct this fee out of the cash we
send you for the purchase of the invoices.
Each time you use our service, you must send us the original invoice
addressed to the insurance company; the “Repair Authority” from the
insurance company authorising your business to do the repair work; a copy of
the original quote as adjusted by the Assessor; a copy of invoices for
sublet repairs; a copy of the signed release from the insured customer
accepting completion of repairs (if required by Insurer).
If the insurance company pays us less than the full value of the
invoice, then you must pay us the outstanding residual. This can be done by
giving us some more invoices to factor and we take the residual off the
amount otherwise due to you. It is your decision whether to chase the
insurer for the outstanding residual or not.
We only factor invoices where a clear Insurance Company “Authority to
Repair” has been issued.
Delays in receiving your cash will occur if, you fax us incomplete or
unsigned documentation. Missing sublet invoices or Insurance Company
“Authority to Repair” forms, or no copies of the adjusted quote/estimate,
will also cause delays in the process.
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