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On invoice discount example for Staffing

a little bit about me my name is amanda villarreal and i am the managing member of plex capital we are a kansas city-based company and um we primarily focus on accounts receivable financing so also known as factoring um in the world of factoring what we're doing is alternative financing and basically um in certain industries such as transportation and staffing is very common for businesses to use a company like mine especially when they're getting started so i'll share with you um a little bit about in general what factoring is um also the program of plex capital how we work and how we are able to work with several noza members as well and um i will open it up for questions as well so do feel free to ask questions i love working with the nosa members and they're they're very good about asking questions and not holding back and so hopefully this session is informative and there's some good takeaways but do not hold back as far as asking questions and so um again i'll start a little bit with about me about me um as the managing member of plex capital um i've been really really lucky to be able to join several organizations or groups and really trying to educate new companies on what it is that we do and how we can benefit them um i am also the proud mom of a 17 year old um who is officially a senior at olathe west here in kansas city and also a six-year-old boy that typically acts like an 18 year old but um i'm a single mom and so i try to juggle my business with uh being a mom at home and then also having a little bit of time for myself and so um that's a little bit about me i've been in commercial finance for 13 years i started my career back in 2007 in commercial finance and throughout the years i basically was able to i guess climb the the corporate world and became vice president of student marketing for a pretty large um commercial finance company that was specifically focusing on financing transportation so pretty much the same uh what what we do at flex capital but specifically specifically with transportation companies when i ended up leading the company i decided that i was ready for uh my own business and so along with the then general manager of that company and myself we decided to launch plex capital and um as you can imagine we had to stay away from transportation so that opened up the doors to other industries and one of the heavy ones that we are currently um focusing on is the nurse staffing industry and so this is how i came in contact with uh shamika and she gave me the opportunity to um you know make contributions to the group by giving you content and information on how to select your funding company and so this is the reason why we're here now um what is factoring or also known as uh accounts receivable finance basically this is another alternative for you to access capital when you are selling a service or product on terms so typically you as the agency that is facing nurses they're going to go to facilities and get contracts that will probably end up doing net 30 net 40 even net 60 with larger organizations and so what that causes is a lack of working capital because as you're placing your nurses what happens is that you're having to sell finance and that's great if you have the funds but self finance and pay your nurses every week or bi-weekly and that might prevent you from scaling up if you don't have enough working capital or if you're not able to sell finance or business and so with factoring the way that we work is we take the receivables that you're generating for the work completed and we pay you as soon as you complete the work so for example if you're placing let's just say five nurses every week and you have net terms of net 30 uh payment terms of net 30. what happens is that typically you're going to have to pay your nurses every week or by weekly and meanwhile your customer is going to take the 30 40 50 or 60 days that you get them to pay you and um what we do we say okay send the invoice to flex capital and we will fund you and that allows you to be able to have that working capital to continue to scale up your business and bring on new uh nurses and also take new contracts with other facilities it's a good example um i'll go ahead and run some numbers say that um and i'll use just simple numbers so we don't get anyone confused but say that you placed one nurse and that total invoice was for a thousand dollars and it was monday through friday and so you fill out your facility the following monday when you fill out the facility following monday so you have the funds for payroll on that wednesday or thursday you're going to send the invoice to not your customer but also to plex capital plex capital will verify that indeed you have that contract with that facility and you also place that nurse that you're billing for once we're able to verify which typically is within 24 hours um we are able to advance you a percentage of that invoice that same day so again i'm using very simple numbers um and so on a thousand dollars i would be able to advance you that same day that i'm able to verify with your customer the work that you're billing for 85 that 85 can be either wired or ach to your bank account so now you have the funds to go and do your payroll on wednesday thursday or friday however it is that you're paying your cut your nurses now 15 of that will go to your um escrow account similar to when you buy a home and you have an escrow account and so with that escrow we're going to put it as a security deposit when we collect on the 1 000 30 40 50 60 days however long you gave to your customer we're going to release that 15 back to you and from there we will take our fee our fee typically will run about 1 every 10 days so if you're giving your customers net terms of um net 30 payment terms of net 30 you will end up paying around three to four percent depending on when it is that we get the payment from your customer so on a thousand dollars you're looking at thirty to forty dollars now you do have an online portal which is critical for you have that as well um that online portal allows you to see the entire history of the relationship with flex capital not only that but also it allows you to keep track of who has paid who hasn't paid how much it might pay less capital because it is something that um it's a business expense so it's something that you can add claiming your taxes right um the other thing is with our services uh we do uh check credit on your customers so before you even go into contracts with any facilities out there you're able to provide us all the information of that company and we're able to receive um sorry we were able to pull credit commercial credit on that facility to ensure that that is a good company to work with and we pull that information from various different sources uh from duns and brass read uh e-credit several different organizations where we are able to pull that information and then let you know if it is a good facility if it's someone that you want to extend credit of 30 days 60 or even 90 depending on how good that contract is now i will stop here and ask if any of you have any questions before i proceed before i continue any of you have any questions okay now i've done several presentations um i believe i'm sorry i've done another presentation for uh nosa members and i will tell you some of the most common questions that came after the fact and one of the questions uh the most common one that i got was how long should i sign with a funding company for and there were a couple members that had signed up with another company that did have a three-year contract and she found herself one of them found herself having issues breaking that contract in my personal opinion under no circumstances should you ever sign up a contract for three years especially as a startup uh you never want to put yourself in that position because you don't know um how things are going to turn out for your business we all have big goals for our businesses but in some instances um you might uh there may be some delays or you might not be able to um you know get the contract that you were hoping to get and so under no circumstances any of you should be doing a three-year contract from the get-go typically a factoring company is going to be about six to 12 months uh with my company i i usually do 12 months um unless we discuss something else but typically 12 months but no um like i said under no circumstances three months i'm sorry three years um the other question was should i have minimums so in many instances there will be companies that do charge monthly minimums or administration fees and so as a new company as you're going into your new business you should not be signing up with a company that is going to require you to commit to a monthly minimum and a monthly minimum is basically you stating hey i predict that i'm going to be billing ten thousand fifteen thousand thirty thousand dollars and so when you make that commitment of whatever amount you discuss with your funding company now you're expected to build that amount and if you don't there are penalties involved so i caution you when you're looking at evaluating your fund income [Music] factoring company or accounts receivables finance company there's so many terms um i encourage you to please um stay away consider as you're getting ready to um you know start up start your business and so um be sure to stay away from that now i am going to review here a question uh this is from audrey williams um if the facility if the facility doesn't pay are we responsible yes um you are responsible so what we do as alternative finance um as an alternative finance company we're no different than a bank when you go and get a line of credit from a bank you're expected to pay that line of credit when you use it even if you are unable to collect from your customer and so it's the same thing with me and with many funding companies we finance the receivable for up to 90 days that is the max that we're gonna go anything over 90 days if your customer has disputes or issues than issues paying then you would be responsible for repaying that invoice back to the factoring company there are some factoring companies that might offer what is called non-recourse and so what non-recourse typically means is that if there are credit related issues you might not be responsible for repaying the factoring company if they're unable to collect from your customer and so the language is a little tricky and you need to really understand what that means because credit related means that maybe your factoring company did approve your customer in their system for you to finance the receivables but your customer had disputes with you had questions about the invoices that you were sending or maybe your customer uh just doesn't want to pay um under those circumstances you're still responsible and so the terms that we use in the industry is recourse or non-recourse so i am a recourse company up to 90 days i'll finance it and after 90 days if i'm unable to collect then you will be responsible for repayment um what is non-recourse hi when is non-recourse once again um the factoring company basically stating that um under credit related circumstances you might not okay so it's not a hundred percent for sure you might not be responsible for repayment so i'm more than happy to do a comparison and really evaluate exactly what is the proposal that you're getting from a funding company and i expect nothing other than just really making a contribution to the group because i do have several clients that are nosa members and i just i want to be able to give back and and try to guide you and and tell you the good the bad and the ugly um because just like anything there's always the good there's always the bad and there's always the ugly 200 exactly what it is as you're going into it okay now let's see uh this is from ogie i think is there a monthly fee when you sign up with a funding company in addition to the percentage charge for funded amounts okay okay so and i hope that i'm pronouncing your name correctly um like i stated before you gotta be very very careful because um there will be with some companies there will be monthly fees and as you're getting started with your business you must not commit to any of that because let's just say that you are in the process you're checking the boxes right now you're getting your insurance you're getting uh your logo your website you're looking for contracts and so on right and you go and sign up with a factoring company or a funding company and you say hey i'm gonna do i don't know twenty thousand dollars i'm already negotiating a contract for twenty thousand dollars and so you commit to doing twenty thousand dollars uh with that funding company every month if you don't there will be um a monthly minimum fee charge for not meeting that commitment and not only that but also they might have administrative fees as well and so with plex capital we only have the fee of the percentage for the factory and then depending on how you want to receive your funds which transaction you select if it's a wire or an ach there will be either a twenty dollar fee for a wire or a ten dollar fee for an ach and that is um basically for a batch of invoices you might say i mean i'm sending you 10 invoices well if you select to send 10 invoices and you want your money via ach also known as direct deposit there will be a fee of 10 flat field 10 or flat fee of 20 for a wire question so far shamika do you have any questions no i don't have any questions okay perfect now um let's go over the um let's go over the um uh setup process uh setup process or signup process typically is pretty um fast and i'll talk to you a little bit about the requirements all speed on behalf of flex capital and then generally i'll share with you what i have seen that other funding companies require um with flex capital you can have your account set up in less than 48 hours and i typically say you know they ask well how asking can i get set up and i say well i'll dance with the rhythm that you dance so there's this checklist of items that i need if you get them all to me we can get everything processed for you uh within 48 hours if not less and so um typically with a funding company there will be an application fee and a setup fee plex capital doesn't have an application fee or a setup fee we have a one and a half page application that requires uh all of your personal information we do not pull credit personal credit because our decision is not going to be made based on your credit score uh or your personal credit our decision is going to be made based on your company being on llc and not only that but also making sure that you individually don't have any federal or state taxes passed to if you do we're going to ask for uh proof that you already made arrangements to make payments and so that is primarily what we're looking for when we send that application and that application is sent to you via takes typically five minutes unless you struggle with computer and with computers and technology but typically no more than five minutes it's just one page and then the second page is where you sign we will ask for your driver's license or id we're going to ask for your articles of incorporation we will ask for avoided check your business account voyage if you've been operating for a while we will ask for the last two months of your bank statements okay and then we will also ask for your liability and workers comp insurance now if you're operating already and you have a client base we will ask for that list of customers for clients so we can actually pull credit and we are also going to ask you to send us the agreement so we can review that agreement and make sure that we're able to work with you and your customer as well okay um typically we can start the process with the application and the articles and then as you're getting everything else you start submitting all the documents which that also works with us just understand that um the account won't be fully set up until we get all of the documents now once we get all the documents we will then prepare the agreement in the agreement is where we cover the terms such as hey you will be responsible if um if i'm unable to collect if there's dispute between you and your customer then um you will be responsible for repaying me you will also be responsible for paying the percentage fee on the factoring the factoring fee i am also going to list the uh transaction fees that are optional so if they're an ach also known as direct deposit or a wire and so we cover the agreement typically the way they cover the agreement and some of the fellow i know some members can tell you um i do a google meets or a zoo meeting and we go page by page on the agreement to ensure that there's a clear understanding on what to expect from each other um i believe in in long-term relationships and so i do my best to just cover the in and out and as i usually say the good the bad and the ugly okay um that process again it can take it can take about 48 hours and i literally pull you throughout the process hold your hand throughout the process now i am reading as i'm speaking i'm trying to keep track with the keep track of the questions and i have a few more here um do you have use factoring for all of your clients okay this is from shamika um so here is here is one thing you do not have to use factoring for all of your clients and that's another thing that you should be looking at when evaluating your funding company as you're looking at the various different ones that um all your customers and do the financing for all of your customers voices for that specific um customer of yours and the reason why is because the last thing you want to do is create conflict or um create confusion between your customer your company and plex capital on which invoice is owed to plex capital or to the staffing company and so you can have 10 10 customers and only finance five of those customers and you do the rest on your own and that's totally fine with us but once you submit one we will ask you to continue to submit the invoices for that specific one okay um what if your state does not require workers um okay uh and this is for this is a question from augie as well if your state doesn't um then we don't need it but typically we like to have this on file because if you're working with a customer that requires a workers comp then they might hold back the payment if we are able to provide them that information and typically most of the facilities are really really good about collecting all the information directly from you when you're setting up the account with them or establishing the relationship with them but um in instances or maybe they overlooked that they might reach to your factoring company say hey i can't release the payment for the staffing company until i have proof of insurance uh workers liability so um that would be something that you can just get um clarification specifically as you're setting up or again establishing the relationship with your customer okay all right let's see what other questions i have here um okay i don't have any more but let's talk a little bit about um your process of checking credit on your customers so regardless of using a funding company uh or a company like flex capital uh i do ask that you hire the services of a company that can check credit on your customers larger organizations or larger facilities that you know are strong and they've been in business for a while you might not necessarily be worried about being able to collect from them nonetheless if you're going to the smaller medium-sized companies i do ask that you should always check the credit on uh your facility um you want to make sure that you understand exactly how strong they are financially and this is information that is available to you and that you should always always pull before you go and do 30 40 60 100 000 with um your customer so try to do that as soon as you are establishing that relationship um and definitely before you go and um place nurses with them uh how can this is from shamika so there are different agencies out there where you can pull credit duns and brass red street is one or dmv is one um it is a little bit more expensive and just so you know even though we pull credit on um the businesses that is something that we do not pass on the expense we do not pass it on to our clients that is something that we do uh for all of our clients and so that is free um let's see i apologize i'm trying to keep up here with the questions okay okay so what other questions do we have okay do you have any more questions ruth michelle any of you okay i'll share with you some of the success stories that we've had um i do work with like i said a lot of uh members from noza and um they are actually some of the members that some of my clients that started with me earlier on this year they're the ones that encouraged me to speak with shamika and let her know that i was helping them um i had one specific nurse that started with me staffing a company that started with me back in february of this year and so right as we were going into covet she had started her business literally two weeks before the whole situation happened and the first week that she placed uh nurses she did about ten thousand dollars that week she then found out that she was that basically she overlooked the fact that she needed more money in order to pay her nurses and she wasn't she was put in contact with me by another nosa member called me and said i'm in my second week this week i'm billing twenty thousand dollars and i don't know how i'm going to fund this business because i'm taking on this contract and it's just growing really fast now currently she's billing about a hundred thousand dollars every week and so the way that she has scaled up her business is um obviously the contacts she had and she's truly a great salesperson so she goes out there and gets those contracts but she has been able to scale up her business because flex capital has been able to be there as she is getting those contracts and we're able to fund her um every week and even though it has been really just going up every week every month we've been there to help them out um and that's another thing with factoring is that it doesn't matter if you start with ten thousand dollars the first month and then by the second month you're at two hundred thousand or three hundred thousand with factoring we're not a traditional bank and so um we're not going to be holding you back from getting those contracts because now we got to reevaluate your personal assets and you know what do you have for collateral or anything like that basically we will grow your line of credit as you are growing your contracts assuming that you're working with reputable companies and that is the reason why we check credit on your customers and so that is a success story and we have plenty of those uh we do work with other industries as well um but the nurse uh staffing industry is one that is really booming especially with covet 19 and um we feel very comfortable with it uh we really like the the business and we understand the business clearly and so it is an industry that we really enjoy working with okay any any more questions shamika do you have anything for me no i don't okay and so all of the ones and all the members that are attending um where are you at with the process and uh what were you hoping to get out of this meeting i want to make sure that i cover everything and that you're getting what you were hoping to to get especially on a saturday uh when you can be with your family you decided to join us so uh michelle um if you don't mind tell us where where are you at with the the process uh opening your uh staffing agency and what were you hoping to get from this meeting okay you wanna chime in okay so okay where are you at with the process shamika are they able to unmute themselves okay and everybody should be able to unmute themselves i think um if they just click on the microphone i haven't muted anybody everybody's self-muted and i think most of the people here amanda are getting started um and a few of them are part of my my course so they're at the very very early stages okay wonderful and um have any of you ladies um heard about the the services that we offer hey can you hear me i can hear you yeah address this is audrey hi uh i'm just starting good to meet you as well i'm just starting i'm actually finishing up my certifications to be approved to operate in the state of maryland and hopefully by october i can start seeking contract so i'm deciding what uh which funding company to go with okay and andre what are some of the things that you have heard about funding companies and what are some of the questions that i have not answered through this presentation i haven't gotten a baseline information about funding companies i think the major question for me is what risks am i taking going through a funding company i think they're very beneficial especially for small companies starting off um and so that's why i asked the question about so if this facility doesn't pay like how much do i have to pay to make sure this is taken care of so i'm just thinking about going in what type of money i need to have uh stored you know uh as a cushion just okay just in case you know things fall apart you know what i mean so i'm just looking at my options i just want to make sure i'm prepared of course of course and what i would say is you know when it comes to um the good the bad and the ugly again i would i would say a um never ever go with a company that is going to make you sign a contract over 12 months um that is not um a good situation to put yourself in that's number one number two uh look at every fee that you might be responsible for such as monthly minimums administration fees application fees set up um and the list goes on and on and on and so that's some item number two that i would say take a look at and then of course item number three um if it's you know if someone is telling you're not responsible for anything that you can just send the invoice get funded and never worry about it that that is just not no business operates like that um so the terms that we use in the industry is recourse and non-recourse which i stated earlier and um typically with a non-recourse funding company what they will do is the fee is going to be a little bit higher because they're giving you peace of mind that you're not responsible for anything but um it is only um when your customer well let's put it this way it's under uh credit related matters so understanding the definition of what they mean by saying credit related um it is critical and what i typically would say is take that to a business attorney and make sure that he explains it to you um a salesperson will obviously tell you exactly what uh might make it more attractive and so i always encourage anyone that is a little bit confused to just go and talk to a business attorney to take the actual agreement and have that person review the agreement with you and explain it to you because credit related can be defined in various different ways and so you never want to walk into a company get set up thinking that it doesn't matter what happens you're not responsible you will be responsible and like i said earlier it's no different than getting a line of credit from your bank at the end the bank is giving you that line of credit and regardless of the situation with your customers or your business you're still responsible for repayment and so just you know understand clearly what it is that um that that non-recourse is covering so you you're not surprised later on and then the other thing is understanding for how long they will be financing that invoice i stated earlier that with flex capital we do it for up to 90 days after 90 days i'm expecting my client to send the payment back to us now we do a really really good job of evaluating your customer evaluating your contract with your customer um and evaluating and verifying every single invoice that you send into our company so we never get to that point where we're not able to collect we're not in the business of financing invoices that um i'm gonna have to go and charge back to my customer i'm sorry my clients at the staffing company it's just not good business that's not how a funding company should be operating so the experience that the factoring company has slash funding company i keep changing the terms the funding company has matters because a good experience uh funding company knows that they are not in the business of buying invoices or financing invoices if they're gonna have to go and charge them back when it hits 90 days and so that's one thing the other thing is making sure you have visibility to your account um you never want to be put in a situation where you're just relying on the factoring company to um to tell you what's going on with your account you want to have full visibility you want to be able to log into your account pull reports uh see images of the invoices you want to be able to see collection calls you know have they been calling my customer and and trying to figure out why this invoice has not paid um typically is a collaboration between you and the factoring company like it with plex capital for example we work with our clients because we don't necessarily want to be bugging or damaging the relationship between you and um the facility that you contracted with so understand what type of experience they have um the funding company has or slash factoring company has because that really matters they might harm your relationship with your customer they might be financing or buying invoices that in the end you're just gonna have to go and repay if they're not doing their due diligence and so that also matters um so yeah that's that's my advice now i do have a few questions here do you guys offer same-day payment options do you all partner or work with payroll companies so shamika we do um the biggest thing is when you're setting up the relationship with applex capital the number one thing that i'm telling you is or asking you to do is as you're establishing uh your contracts with your customers set the expectation that you have hired a company to manage your receivables and um that company will need to get acknowledgement of the invoices when you send them in and so our green light to get you funded on invoices how we verify is by you sending the invoice to your facility and asking your contact to acknowledge the invoice and also to acknowledge that the work was completed and that there are no issues with the hours that you're billing in that email when you're sending it in you are carbon copying flex capital and so when they respond back acknowledging it that's our green light to get you funded so always set that expectation with your customer saying hey when i send you an invoice what is the can we agree on a time frame when you can acknowledge that invoice because i do have a company that is uh managing my receivables and so set up that expectation of hey 24 hours 48 hours however long you think it's a a decent amount of time to give them to actually sign off on your invoice but so long as they do respond back and we're included in that communication between you and your customer i can get you funded the same day and what i like to do is to get that acknowledgement by 2 p.m central because we do have the cut-off time of the bank and so if you're wanting a wire um i want to make sure that i can get that wire out to you that same day but um we do offer same-day funding at no additional charge that is just uh part of the services that we offer um do you all work with gnosis that are a part of vendor management systems so um yes i can't give specifics as far as who but yes because um of course you know they um the those companies are the the larger ones and so yes we do have uh companies that are working with vendor management systems and uh we also have um members that are uh working with smaller facilities as well medium to small to medium-sized facilities so amanda the reason i asked the question and for you guys who don't know what the vendor management system is kind of like a middleman that houses a lot of job opportunities with bigger clients and i can talk with you offline if you want more information about that but how is the process as far as getting funded different than if you're working with a client that is a direct client that might do a 45 or 30 day um payout where the vendor management systems typically run a little bit longer yeah yeah so typically and and that is a great point typically what you're gonna see with um the um the middle guys or the brokers let's go ahead and call them brokers um it's going to be about 60 days and that's what we see we also see that the margins are a little bit um less and you know i kind of like i compare them to ch robinson again i came from transportation so you know as i um as i'm learning everything that i have to learn specific to your industry i i try to you know just kind of like say okay this is like a freight broker and so it's the same thing and when you get into um freight brokers that are the the larger ones in in the us uh companies like ch robinson or total quality or you know bigger companies like that um those are the ones that i kind of see as the vendor management systems or msps and so typically they're going to have a big audience and so there's not a whole lot of negotiation and i mean generally speaking i'm not accusing anyone of anything i'm just saying generally speaking so um they are easier to get i think but margins are a little bit um you know they're not as high um in my experience did i answer your question shamika um yes can you touch on a little bit if there is a difference in how you guys fund it or um there's not a difference because many of these uh vendor management system companies they're very technology based and so there are portals and so when you know the process of billing them might be a little slightly different where you just upload the invoice to an online portal a vendor online portal and so we would just ask our client you to give us a a user id to log in or your credentials to log in and that's how we would uh be able to verify so we wouldn't even need to receive acknowledgement via email from that customer or in this case the vendor management systems uh company and so um we will just be able to do it online um with other companies when you're uh contracting directly with them you know again we're gonna go a little bit of the old school you send the invoice to them because that's what they require and in that um when you send that email with your invoice that's when you're going to carbon copy plex capital and ask your customer to just sign off on the invoice and when they reply back saying yes everything looks correct um you know invoice is correct everything that is our green light and so we do very little picking up the phone and calling your customer everything is basically you initiate the conversation um and they get back to you and we're kind of in the middle and unless we have questions about something then that's when we uh reach out to your customer and we're very professional about uh introducing ourselves and saying hey we work with xyz nursing company and we just want to verify this invoice and so they are able to give us that information because part of the agreement with your funding company is getting a notice of assignment signed and so that notice of assignment is kind of like a a power of a journey um that is something that i can give to your customer and say hey please update the remittance to flex capital um also you can provide us information on the company um on the vendor because they are authorizing you with this notice of assignment and so that's when we would be uh reaching out to them without you having to get involved okay all right what other questions do we have ruth do you have any questions i see you there um any questions that you might have okay well shamika do you have any others for me um nope i don't have any questions i am going to save this um zoom and share it with the group so you might have some more questions kind of coming down the pipeline wonderful yeah this is i mean this is a great opportunity in my opinion uh for uh for you to look in to get into business if you know what you're doing do surround yourself with people that know about the business and you know i think that shamika has done a wonderful job putting this group together because there are so many resources um validate all the information validate validate make sure you understand exactly what you're getting into with contracts with your customers with your funding company with your payroll company like really it's overwhelming but do the work do your homework because um you don't want to be stuck with a service provider that um it's not necessarily benefiting your business and so um i wish i could share specifics as far as like names of people that have reached out to me and i just i can't do anything for them but um again use me utilize uh the knowledge that i've acquired throughout the years and in the end if you don't do business with me that's fine it's okay i i never ever take it personal i really enjoy being able to collaborate with um different organizations and i do that i'm very very involved here in kansas city in the business community as well and so um do not hesitate if you just want to have a call with me let me know and we'll schedule something that uh works for both a good time that works for both you and me and um you know we'll go down the list of all the questions and the questions you should be asking other funding companies as well and i do have one more question here from your experience okay so i have a question here saying uh basically asking from your experience have you had any issues on getting paid out is it a lot so i believe um earlier on i mentioned why it's so critical to go with a funding company that is experienced and the reason why is because you don't want a funding company that is sloppy and just buying buying buying your invoices and then charging them back to you because they're not doing their due diligence at the beginning and so in my experience we have not had um a lot of uh paid out issues actually the only issue that we had even in the midst of covet was with one company that took 154 days to pay an invoice and that invoice was about 3 500 and we never charge it back to our client because we um gave our clients some additional time due to covet and so our clients customer was delaying the payment because they were impacted by covet and they had a shutdown and everything we actually extended out that 90 days um and we just said we'll we'll just work with them our client is still doing business with us and our clients customers still taking our calls we'll just we'll delay it right but no we we do not um we are very thankful that we're not uh in that situation but it's because of our underwriting and risk management team they they are amazing and they do a really really good job uh validating the invoices that you're billing for the amounts that you're billing for and we do not just advance the funds without verifying it and so if we were just sloppy buying invoices and then saying okay well later on the client can pay us then we would have a lot but i will not pay out i will not finance or or buy a receivable that has not been verified by your customer and i will not finance a receivable for a company that doesn't have good credit because in the end i'm putting my company at risk and you will have to be responsible for repaying that invoice so that we're just simply not in that business in the ideal relationship i'm financing your receivables for no longer than 60 days to me that is the ideal relationship um but no uh it it does um and i can't pronounce the name is it woodland um in my experience i i rather not finance or fund you on an invoice um than buying it or financing it and then having having to charge it back that is just sloppy business okay um all right well i don't have anything else i did include all my contact information right at the beginning um if you have any questions or anything like that feel free to text and and if you need to coordinate a call um text me or or call me or email me whatever you prefer um please do reach out and again i have no expectations other than just truly being able to collaborate with the noza team and uh being able to help you with uh checking the boxes as you're moving along i'm not an expert on insurance i'm not an expert on many things but when it comes to commercial finance that's what i've been doing my whole life and so um i do feel very comfortable speaking to uh to anything that has to do with uh commercial finance specifically as it relates to factoring but thank you thank you so much and um have a wonderful rest of your day and we'll talk soon bye bye thanks shamika thanks amanda bye you