When you sell your invoices through FINSYNC's cash advance feature, you must notify your customers. Whereas in the past, you might have received payment directly to your office, your customer must now make payment through one of two methods:
1) An ACH deposit through your invoice issued by FINSYNC. If your customer has made payment to you through FINSYNC by ACH, this is exactly the same as in the past.
2) Through the FINSYNC Lockbox. Invoices that have been sold must have the Lockbox feature turned on.
The nice thing is that if you can collect money and sold and unencumbered invoices in exactly the same way. Your customer does not have to make payment one way sometimes and another way at other times.
Here's a sample of the notice your customer receives:
To: [YOUR CUSTOMER'S NAME]
Re: [YOUR COMPANY'S NAME]
CHANGE OF REMITTANCE INSTRUCTIONS
Attention: Accounts Payable Manager
I am pleased to inform you that we are now using FINSYNC, Inc. to manage cash flow and automate the processing of incoming and outgoing payments. This will help us focus more on our valued clients and spend less time collecting payments and updated our accounting records.
As part of moving to FINSYNC for cash flow management, all payments, now or in the future, should be made through FINSYNC. All payments should be made and remitted as follows:
PAYMENTS VIA MAIL:
[YOUR COMPANY NAME]
P.O. Box 723427
Atlanta, GA 31139
PAYMENTS VIA ACH:
Name: FINSYNC, Inc.
Bank: Atlantic Capital Bank
Account No: 1500169345
Benefit of: [YOUR COMPANY NAME]
This notification shall remain in effect until you are notified to the contrary, in writing.
[YOUR COMPANY REPRESENTATIVE]