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FAQ

Registration

  • Your customers need to send the status of your invoices to Tungsten Network using the Invoice Status Service (ISS). Your customers are using this service if you can see when an invoice has been approved by your customer on the Tungsten Network portal.
  • You must be located in a country in which Tungsten Network is currently able to offer Tungsten Network Early Payment. The service is currently available in the United Kingdom and the United States.
  • You must have a minimum trading history of three months of e-invoicing transactions with your customers across the Tungsten Network.
  • Tungsten Network must be able to perform satisfactory background checks with respect to the owners and ultimate beneficial owners of your business, in order for Tungsten Network to satisfy the legal requirements placed on Tungsten Network in each country in which we operate.
  • You must have the correct internal authority to enter into contracts on behalf of your company, or you must have requested user access rights for a suitably authorised person to contract on behalf of your company.
  • Any further questions, please contact a support expert at [email protected] - Tungsten Network Finance looks forward to hearing from you.
  • You must have the internal authority to enter into contracts on behalf of your company, or you must have requested user access rights for a suitably authorised person to contract on behalf of your company.
  • As part of the registration process Tungsten Network will perform authentication by asking you to log in on the Tungsten Network portal. If you access the registration process from the Tungsten Network portal, you will already have been authenticated. You can access the Tungsten Network portal at portal.tungsten-network.com
  • Registration is a simple three-step process:
    1. You need to check your company details and confirm that Tungsten Network Finance is allowed to share information Tungsten Network may hold about you between Tungsten Network and Tungsten sister companies within the Tungsten Group. Tungsten Network Finance also needs you to confirm your acceptance of the Tungsten Network standard portal, Website and Privacy Policy terms and conditions. Tungsten Network Finance can then verify your details and perform any necessary background checks as required by law.
    2. You need to select each customer that you want to use as a part of Early Payment. For each customer, you will need to read and confirm your acceptance of the standard terms and conditions (a receivables purchase and security agreement). Once you have accepted these terms and conditions, you then need to provide Tungsten Network with your bank account details. This is to allow us to make payments directly to you.
    3. Tungsten Network Finance will then give you the new bank details for your Early Payment. You need to send these bank account details to your customers that you want to include within Early Payment. Please note Tungsten Network Finance will give you separate bank account details for each of your customers selected on the Tungsten Network. You must remember to inform your customers of these details for future payments.
  • Once your customers have made one payment to the new bank account and Tungsten Network Finance has successfully paid this through to your bank account, you will be ready to go. The next time you log in to the Tungsten Network portal, you will be able to see those invoices available for Tungsten Network Early Payment. You can then select which invoices you want to be paid early and the date on which you would like them paid.
  • Next to each invoice available for Early Payment, Tungsten Network Finance will indicate the discount charge. It's entirely up to you if you want to take it now, later, or not at all.
  • Invoices that are not selected for Early Payment will be settled via the new bank account and forwarded to your bank account directly from there (same day or the day after, depending on when the payment is made). There is no change to the payment terms you have with your customers.
  • Please go to www.tungsten-finance.com for further details. Alternatively, please contact [email protected] to connect to a support expert.
  • When you have registered with Tungsten Network Finance, you can inform your customers of the new payment details for your invoices, (i.e. your Tungsten Network Early Payment bank account). As soon as they have made one payment into the new account and Tungsten Network has paid the monies on to your bank account, Tungsten Network will activate you for Early Payment.

No problem, all you need to do is contact a support expert at [email protected] and Tungsten Network will make the necessary changes.

  • No credit check will be performed on you as an individual or your company.
  • Tungsten Network does need to check with third parties with respect to your company details, including the beneficial owners' details in order to ensure Tungsten Network is meeting the local legal obligations.
  • Early Payment is a confidential service for suppliers.
  • Tungsten Network Finance issues you with a bank account that your customer will use to make payments to, and you notify them of these details. These will be in the form of a Bank of New York bank account, with the account name being the first 35 characters of your company name.
  • Tungsten Network Finance does not contact your customers at any point with respect to your registration for Early Payment.
  • While Tungsten Network Finance will be sad to see you go, you can terminate the agreement at any time. Simply contact one the Tungsten Network Finance support experts at [email protected] and Tungsten Network will take care of the rest.
  • If in the future you want to reinstate an agreement you have terminated, contact one of the support experts at [email protected] and Tungsten Network will help to restore this for you.

Product

  • The discount charge is the amount Tungsten Network deducts for providing Early Payment to you.
  • The discount charge and the net amount Tungsten Network pays to you is clearly indicated next to each invoice available for Early Payment.
  • The charge is calculated as a percentage discount of the invoice value and will depend on a number of factors, such as credit risk of your customer (i.e. the buyer) and the duration of the early payment period.
  • Each day you will see the charge decline, as the invoice nears its due date.
  • No arrangement fees, no commitment fees and no legal fees you would commonly see associated with other finance products.
  • There is no minimum monthly usage requirement or fee.
  • The discount charge Tungsten Network Finance offers on the Tungsten Network portal will be updated on a daily basis, but cannot be negotiated.
  • Tungsten Network Finance continually performs price analysis to offer the most competitive rates it can to its customers.
  • No, the agreement you have signed with Tungsten Network may be terminated at any time.
  • Tungsten Network wants you to be able to use Tungsten Network Early Payment as and when you want, to fit with your business needs, so there are no minimum usage requirements.
  • No, you can select for which of your eligible invoices you wish to receive Tungsten Network Early Payment.
  • Limits are typically set with respect to your trading history with your customers. Tungsten Network Finance seeks to offer sufficient limits to allow you to receive Tungsten Network Early Payment on all of your eligible invoices.
  • If you want to check your limit or request an increase to your limit, please contact Tungsten Network Finance on [email protected]
  • Tungsten Network Finance aims to pay you within one business day.
  • You can take Early Payment on an invoice as long as there is at least 10 days until the due date. After that, the invoice will no longer be available and must be paid by your customer.
  • Tungsten Network will finance invoices up to 120 days early.
  • Provided that you have satisfied your obligations under the agreement, this is Tungsten Network's risk and there is no additional charge to you.
  • This is Tungsten Network's risk, provided that the customer has not been declared insolvent on or prior to the date upon which you selected the invoice for Early Payment.
  • All payments received by Tungsten Network from your customer relating to invoices not selected for Early Payment will be paid into your bank account.
  • Yes, you are free to terminate the agreement at any time - but remember any invoices with outstanding financing will need to be settled first. Send an email to [email protected] and Tungsten Network Finance will get in touch with you.
  • You are liable for any amount not paid that is due from your customer, unless the customer has been declared insolvent following the early payment of an invoice.
  • Tungsten Network will typically deduct the amount due to Tungsten Network from the next payment made by your customer through the account.
  • No problem, simply notify Tungsten Network Finance at [email protected] and they will resolve this with you.
  • If the customer has rejected an invoice relating to Early Payment, Tungsten Network will typically deduct this amount from the next payment made by your customer through the account. If there is going to be a long period before your next invoice is due for payment, you can make a direct payment into Tungsten Network's trust account to settle this.
  • Yes, as long as the customer is ISS-enabled, they have an acceptable credit rating and are based in the countries in which Tungsten Network is currently providing Early Payment, they will be available for Early Payment.
  • Once you have selected an invoice for Early Payment and Tungsten Network has accepted the offer, this is our risk.
  • Tungsten Network Finance will convert the payment into the base currency of the account and communicate this FX rate to you. Tungsten Network's global services partner, Bank of New York Mellon, will execute the conversion.
  • Yes, provided that it is a currency Tungsten Network Finance can support. Tungsten Network Finance currently supports GBP, USD and EUR. However, it is expanding its capabilities constantly and we recommend you contact one of the support experts at [email protected] if you wish to use any other currencies.

Portal

  • Access to the Early Payment function on the portal can be restricted to certain users in your business. Your administrator controls who has access to this functionality.
  • Each portal account has specific user credentials.
  • If you wish to change user rights, please contact your administrator or raise a support request on the Tungsten Network portal (portal.tungsten-network.com).

Support

  • No problem, simply send an email to the support team ([email protected]) with your new account details and Tungsten Network Finance will contact you.
  • There is a receivables purchase and security agreement (RPA) for each specific company relationship. If you have separate companies in different countries where Tungsten Network offers the service, they will sign separate RPAs.
  • No, once a request has been made it cannot be reversed.
  • Please send an email to [email protected] or write to Tungsten Network Finance at Tungsten Network Finance, Pountney Hill House, 6 Laurence Pountney Hill, London, EC4R 0BL, United Kingdom and Tungsten Network Finance will be in touch.