—a company that purchases unpaid invoices at a discount, paying about 80% to 90% of the invoice, plus high fees. Unfortunately, after being approved, the factor’s credit scoring model changed, leaving them without a source of financing, and they had to turn down the order and lose the opportunity it represented.While having lunch one day, they realized that retailers and restaurants didn’t have this problem.
Hodgson and Abrams decided to launch the first payment system to help small businesses, such as marketing firms and manufacturers whose clients are corporations or government agencies. The Now Accountminus a one-time 3.5% fee. It feels like your customer handed you a Mastercard or Visa, even though they did not. The seller gets paid immediately, and the purchaser pays on their terms, even if it is six months later.
The pair launched Now Account by cobbling together small amounts of capital. “We couldn't tell everybody about it,” said Hodgson. They didn’t have the cash to pay too many small business invoices. At this point, they were looking for proof of concept.
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