TimePayment Corp. was founded in 1986 by CEO Jay Haverty and its headquarters are located in Burlington, Massachusetts. The company is wholly acquired and a subsidiary of Fortress Investment Group. TimePayment is not a merchant service provider, but only an equipment leasing company. It offers loans ranging from $500 to $1,000,0000+ on monthly lease payments, solely for financing business equipment as opposed to other business expenses. This TimePayment Corporation review will cover the offerings and affordability of the company in depth.
TimePayment offers loans to businesses in all industry sectors, and there is no business size requirement to be eligible for a loan. The company caters to businesses with all sorts of credit histories, but they should have a credit score of above 550. Businesses that need quick capital to acquire business resources such as POS systems and other business tools are the most typical clients of TimePayment. Besides providing loans, the company also leases equipment outright through monthly renting. Borrowers can purchase the equipment from the provider or keep working with them on a month-to-month basis. Read on for an in-depth review of the offerings and feasibility of the leases by the company.
Features of TimePayment
As the company is primarily an equipment leasing company, all its features circulate around equipment leasing and loans. Here are some of the notable features of TimePayment:
Several Leasing Options
TimePayment Corporation helps businesses fund existing and new needs. Even companies as small as startups can apply for equipment leasing with the provider. Small business owners can get leases for business equipment ranging from $500 to $1,000,000 and above based on the spectrum of their requirements.
The company also offers residential leases to their consumers to get residential equipment up to $15,000. Their nominal lease terms lie between 14 and 16 months. Clients who get equipment from the provider can choose several leasing options such as month-to-month renting or lease-to-own payments. Once the payment term for the equipment ends, clients are given a chance to buy the equipment or to continue with month-to-month renting.
Online Payment Portal
TimePayment has made it easy for clients to manage their payments through its online customer portal. Most people who lease equipment through equipment financing services] have a hard time keeping track of expenses. Several customer reviews claim trouble meeting deadlines and suffering from late payment penalties. But through the customer portal of TimePayments Corporation, merchants and residential clients can set up automatic billing and view invoices. Whenever a client needs to view their payment history, it is easily accessible through their portal.
Their portal also has educational material that helps clients through the process and makes the leasing process easy. The ease of signing up is also reflected in client reviews, even if positive ones are lesser in number.
Other Beneficial Features
Another beneficial option that gives value to TimePayment is that they have a vast credit window, and merchants and customers with credit scores as low as 550 can easily lease equipment from them. Their approval system is one of the quickest and easiest in the industry, and they have fixed monthly payments.
Problems with TimePayment Corporation
TimePayment is one of those companies with too many negatives stacked against them, and this part of the TimePayment review will focus on them. Here are some of the critical problems with the provider:
Equipment Leases Only
Most merchant service providers provide cash advances to merchants with almost the same acceptance rate and quickness for any expense the business may have, but that is not the case with TimePayment Corp. Based on information on the internet, the provider only focuses on equipment financing.
Non-Cancellable Terms
This is by far the biggest client complaint in reviews, as no one can do anything about their lease terms once a contract is signed. Merchants will have to pay their monthly lease until the lease ends or pay the whole lump sum in one go. The agreement terms are absolutely binding, and no promises by an independent sales agent can change them, which takes us to our next point.
Unethical Sales Practices
While merchants can sign up for financing directly through TimePayment, there is no direct marketing attempt to merchants. The only marketing TimePayment engages in is through independent sales agents. These sales agents have very unprofessional habits of coercing clients into getting an account. A large number of complaints arise in merchant reviews because of the unethical practices of sales agents. Many of the complaints are about these ISOs failing to disclose the exact terms of the agreement.
Very High Complaint Total
The company has received 151 complaints in the past 36 months alone. The track record and reputation of the company based on its reviews are miserable. Here are some of the common complaints of their clients;
- Predatory Tactics: Once you are locked in a fixed monthly payment schedule with the provider, you cannot stop it even if you offer to pay in full. Some merchants claim that they seemed to owe money even when the lease-to-own contract ended, and either they had to return the equipment or pay the dues.
- Hidden Fees: Several merchants claim that they have a trend of charging more than what they tell you. Their exorbitant interest rates are already frustrating for merchants; adding hidden fees is another critical blow to struggling businesses.
- Inconsiderate Staff: This is the most common problem TimePayment’s clients have with them. There are countless stories in merchant reviews telling stories that will infuriate any potential buyers. There is a client review of someone who mistook their leasing of a wheelchair for an upfront sale. Despite the misunderstanding and dire situation, the disabled client claims to be stuck in a non-cancelable contract and forced to pay.
The Verdict
If it is not already evident by the information in this TimePayment review, avoid the company at all costs. There are too many red flags and setbacks when signing up with the provider and little to nothing worth considering about them – from outrageous markups to unethical practices. Equipment leasing never works out to favor merchants, and it is always wiser to pay upfront for equipment.
