Slope Net 60 is one of the available payment methods available for buyers using Brandboom. Transactions using Slope Net 60 will then be paid out to seller accounts via Stripe Express (also known as Brandboom Payments). Below are some of the typical questions asked about Slope Net 60.
Who is eligible for Slope Net 60?
As of 1/23/2023 the following conditions must be met to be applicable for Slope Net 60. We plan to expand capability as we get through the initial launch of the product:
- Sellers (brands/showrooms/manufacturers,etc...) must apply and be approved for a Stripe Express account
- Buyers must be registered businesses in the United States (incl. territories) that have been vetted by Slope and Brandboom
- Goods must be shipped to addresses in the United States (incl. territories)
How do you vet buyers?
Any buyer with Slope Net 60 enabled will have multiple verifications performed before approval. Brandboom requires proof of business such as EIN, business certificates, websites, brands they work with, etc... and this information is then further processed and assessed by Slope. The combination of multiple checks ensures that we provide our brands with the best possible protection.
How do I accept net 60 payments?
If you go to your Brandboom account panel on the bottom left button of the platform, you will see a 'Get Paid' menu option. All you need to do is follow the steps to sign up for a Stripe Express account. Similar to buyers, your account will be vetted and verified with business information and linking your ACH account to accept payments. Verification for sellers will typically take up to 3 business days and requires you to link your bank account via Stripe Express Connect.
When do I, as the seller, get paid?
Once you have logged the tracking number on your Brandboom invoice, our system will automatically update the shipment status. When the parcel(s) are in buyer possession, the status will update to "Delivered." This status will trigger payment and will typically take up to 5-7 business days to deposit in your account.
What happens if the buyer doesn't pay after 60 days?
For you, the brand/seller, absolutely no change! You've already been paid. Slope and Brandboom will work with the buyer to collect payment. Talk about peace of mind, right?
Do I have to offer net 60 terms?
No, you do not. It costs nothing to apply and activate, so we strongly encourage you to set up the service so that it can be used as a payment option at any time if you wish. Net 60 is enabled on a per-presentation basis, so you could create different presentations with different payment options. Alternatively, you could have it enabled on your presentation and decide to reject net 60 as the payment method on a per-transaction basis.
What if a buyer hasn't signed up for Slope Net 60 yet?
As long as you have Slope Net 60 enabled on your presentation, buyers will receive multiple prompts to use this as a payment method during the checkout process.
If a buyer requests Slope Net 60, do I have to authorize it?
No, you can reject the payment method. However, you will lose the security of guaranteed payment, and the buyer may be frustrated that their preferred payment method has been rejected.
How do I authorize net 60 terms for an order?
You simply need to open the order and confirm Slope Net 60 as the payment, as described in this article.
What happens if there is a change to the final order/invoice amount?
If the final amount is lower than the initial order, there will be no changes to the finalization process. If the amount increases, we have built a threshold into the buyer's net 60 loan. This allows for minor adjustments, such as the addition of shipping fees or minor stock/product amendments. However, if the increase exceeds the threshold, you will be prompted to confirm the adjustment. Should you confirm, the current loan will be canceled, and your buyer will need to confirm the adjustment and resubmit a new loan.
Is the commission an additional charge if I get an order through Connect Marketplace?
Slope Net 60 fees will apply in addition to the standard Connect Order Fees.
Why is Slope Net 60 only applicable to US-based transactions?
During the launch of this service, we believe we can deliver the best quality service performance by limiting this to transactions in the United States. We will continue to expand the service in the near future.
Why is my buyer unable to request net 60 terms?
We are rolling out availability in phases in the initial phases of the launch for Slope Net 60. As such, there are certain criteria that may initially prevent some buyers from applying for Slope Net 60. Rest assured, we will be opening up availability to as many buyers as quickly as possible. Should they have any questions or issues, please let them know the contact our Buyer Support Team at buyers [at] brandboom.com.
What are the returns and dispute policies for orders paid with Slope Net 60?
For orders that are paid out by Stripe Express (Slope Net 60 and other products), there are different policies depending on the type of order and transaction. Please refer to this page to learn more.