Frequently Asked Questions
General feeSmart FAQ
Q - Is there any restriction on who may register for feeSmart?
Q - When does my practice get paid
Q - Are faxed/scanned loan applications sufficient?
Q - What are the interest rates?
Q - Do we get training?
Q - What happens when a client doesn't pay?
Q - What happens when a loan reverts?
Q - Do professional advisers receive brokerage?
Q - Are there any penalties for early repayment by the client?
Q - Our practice already offers clients a standard fee package which they pay on a monthly basis - why would I use feesmart instead?
Q – What happens if a client disputes an invoice?
Q – What is the smallest/biggest individual invoices that can be funded?
Q – Can multiple invoices be funded in a single agreement?
Q – Why would I offer this option to my best paying clients?
Invoice Template FAQ
Q - How do I make sure I have the most recent update?
Q - My invoices show "This option is not available"
Q - Can we remove the automated feeSmart offers from individual invoices?
Q - How do I change margins on the feeSmart invoice template?
Q - How do I change my payment options on the feeSmart invoice template?
Is there any restriction on who may register for feeSmart?
Yes - Generally firms with turnover less than $500K or that have been operating for less than 2 years will not be able to register.
When does my practice get paid?
Currently 5 working days from the first successful instalment. Remittances are also emailed on the day of payout itemising the payment details.
Are faxed/scanned loan applications sufficient?
No - loans will be loaded but not processed till the original papers are received
What are the interest rates?
Interest rates will vary from time to time and from firm to firm. Generally rates will be within a band of 7.5% to 11% (flat) for a 12 month loan. Contact feeSmart for current rates.
Once your practice is setup you will receive all information to use feeSmart. Additional ongoing assistance is available via the website and telephone.
What happens when a client doesn't pay?
The funder will be responsible for collecting regular monthly installments from your clients and reconciling payments. If a client misses a payment the funder will contact the client and arrange to process the payment again on a date that suits. Should the client fall more than 2 installments behind we will contact your practice and discuss options for collection or whether the balance should revert. The funder does not engage in "debt collection".
What happens when a loan reverts?
feeSmart is an agreement between a funder, your practice and your client. Your practice undertakes to repay the balance of the loan (excluding unearned interest) if your client defaults. Defaults are very rare - but the reversion agreement is why practices should not arrange the funding of any fee or service that is likely to become a bad debt.
Do Professional Advisers receive brokerage?
No. The benefit to accountants and lawyers is primarily providing a payment service to their clients that is convenient and competitive. Unlike a credit card or factoring facility there are no fees charged to accountants or lawyers - they receive 100% of their invoice shortly after the first payment.
Are there any penalties for early repayment by the client?
No - Clients may settle their loan at any time by paying the outstanding principle (calculated by rule of 78) and a small processing fee of $50
The two offers are not mutually exclusive. Maybe use your own system for "standard fee packages" but feeSmart for large one off projects. Many firms do replace their own schemes with feeSmart simply because they then get paid 100% in advance and somebody else handles the month to month payment administration. It is entirely over to you which clients and when you offer feesmart.
The two offers are not mutually exclusive. Maybe use your own system for "standard fee packages" but for large one off projects. Many firms do replace their own schemes with simply because they then get paid 100% in advance and somebody else handles the month to month payment administration. It is entirely over to you which clients and when you offer feesmart.What happens if a client disputes an invoice?
Clients confirm and accept invoiced amounts as part of the funding process. The funding documentation will actually enhance your recovery position in the unlikely event of non payment.
What is the smallest/biggest individual invoices that can be funded?
It depends on the size and turnover of the accounting practice. Most loans are between $1,000 to $10,000. Larger firms can fund up to $40,000 for a single invoice. Bigger amounts may be funded subject to individual approval.
Can multiple invoices be funded in a single agreement?
Yes, so long as in aggregate the amounts exceed the minimum amount of $1,000 and are a single entity.
Can multiple (but related) entities combine invoices to fund?
No - Individual loans need to be established for each entity.
Why would I offer this option to my best paying clients?
All clients have the potential need for fee funding from time to time. Don’t risk not offering it to everyone. In the insurance world some of the largest firms in NZ still use premium funding for $1m+ insurance premiums. They have the cash – but prefer to use it for other purposes.
Can I make monthly payments on behalf of my clients?
Generally no - in some exceptional circumstances the financier may accept payment from the professional adviser.
Invoice Template FAQ
How do I make sure I have the most recent update?
On the computer the file was originally downloaded on go to START / ALL PROGRAMS / feeSmart / Check for Updates.
My invoices show "This option is not available" for feeSmart.
feeSmart is only available on balances over $500. If you have a client with over $500 outstanding the entire balance can be funded however.
Can we remove the automated feeSmart offers from individual invoices?
Sure. Simply override the default invoice template in Accountants Office for those individual invoices.
Q - How do we change margins and settings on the feeSmart template?
Open invoicing in AO then File > Housekeeping > Invoice designer
How do I change my payment options on the feeSmart invoice template?
Under the Start > All Programs > feesmart. Under this option you can amend payment options e.g. bank account details.
Call us on 0800 467 634
