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Carriers: Everything you need to know about QuickPay
What is QuickPay?
It is a prompt payment service for carriers that allows you to receive your payment in less than 48 hours for a fee of only 3% of the value of your invoice.
What is QuickPay for and how does it benefit me as a carrier?
Using this payment service allows you to have immediate cashflow to operate and grow your business. It also offers you collection certainty and portfolio recovery within 48 hours of the approval of your invoice. The QuickPay application process is easy and uncomplicated, giving you greater visibility in your collection management, improving your working capital and saving time in monitoring accounts receivable.
What charges apply to QuickPay?
Quickpay applies to all the loads you move with Nuvocargo. There are no restrictions as long as you upload the documents that prove the shipment delivery.
CanI apply QuickPay on each load?
Yes. Once you accept the Terms and Conditions, you can apply QuickPay on your next invoice. When uploading your invoice, you will be able to choose the QuickPay option in the Payment Terms section.
How do I apply for Quickpay?
The process is very simple. Once you accept the Terms and Conditions, you just have to upload your invoice and proof of delivery (POD) of your last shipment in the link we send to your email regarding “processing your invoice”, complete the additional fields, and finally request the type of payment you want: QUICKPAY or Regular.
What are the steps to apply for QuickPay?
You must first contact your Carrier Representative to sign the Terms and Conditions. Then, the steps to apply to the "QuickPay" invoice discount are as follows:
- Open the email from Nuvocargo about invoice processing.
- Click on the link that comes in the email.
- Fill in the requested fields (Trailer number, Nuvocargo reference, Type, Invoice number, etc.)
- Upload invoice and POD.
- Select QuickPay in the Payment Terms section.
What documents or requirements do I need to apply?
Once you have signed the Terms and Conditions, the documents you need to apply to QuickPay are the invoice, Proof of Delivery and fill in additional fields that include trailer number, Nuvocargo reference (#AT), invoice number, date of issuance of the invoice, currency, etc. in the same format.
What happens when I finish applying for QuickPay?
The Nuvocargo team reviews your documents within 24 hours from your application and sends an email notifying the approval or rejection of your invoice. You will then know if your payment is being processed or if you need to follow up our team to resolve any inconveniences.
How long does the payment take?
Payment takes 48 hours from the approval of the invoice.
Can I apply for Quickpay after I have selected the regular payment option on the form?
In case you want to change the payment terms, you can contact your Carrier Representative to make the corresponding adjustments.
Is the 3% fee charged on the value of the freight or on the total value of the invoice?
The QuickPay fee is charged at 3% of the total value of the invoice.
How can my accounting team balance the payment received with the discount?
Nuvocargo issues an invoice for the fee, which serves as a proof so that the accounting area can balance the "short" payment.
Related to operations
What formats should the Proofs of Delivery be uploaded in so that they can be received?
The Proof of Delivery must be uploaded in PDF format and without the invoice. Since this proof is sent directly to the client, you should not be able to see freight costs, etc.
Is it enough to upload the documents in the billing process on the form or do I have to resend my documents by mail to my Carrier Representative?
The link that we send you to process your invoice is designed so that your documents are saved in our system, and avoid having to send them by mail to your Carrier Representative.
Related to accounting
For what reasons could my invoices be rejected?
Invoices can be rejected for any of the following reasons:
- The reference does not match what was agreed.
- The payment amount does not match what was agreed.
- Incorrect billing information. (Company name / RFC)
How is the QuickPay discount billed?
Nuvocargo Capital issues the creditor an invoice for the value of its fee with the form of payment "17 Compensation."
What is Nuvocargo Capital?
Nuvocargo Capital is an affiliate of Nuvocargo who operates as a transferee in QuickPay transactions. Nuvocargo Capital acquires the rights of payment of the invoices of the carriers paying the amount of this minus the agreed discount in less than 48 hours.
What changes from the previous billing process?
Regarding the billing process, the difference is that in the payment supplement, it must be issued for the total of the operation, separating into two payment nodes and listing in each of them the invoice issued to Nuvocargo. In the first node you must put the form of payment with which you received the payment from Nuvocargo Capital. In the second node you must put in the form of payment "17 compensation" for the amount of the fee charged by Nuvocargo Capital.
Is the QuickPay fee invoice tax deductible?
Yes, this invoice will have the effect of tax deduction as long as the invoice issued by Nuvocargo Capital for the collection of the fee is well prepared in accordance with the CFF.
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