What are net 60 terms?
Net 60 terms provide buyers with 60 days to pay for their invoice. Slope Net 60 is interest-free for buyers. To learn more, please refer to the FAQ below, or begin with an introduction to What is Slope Net 60 for Buyers.
What are the buyer requirements to be approved 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 and capacity as we get through the initial launch of the product:
- 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)
- Buyers must apply for Slope Net 60 with our partner, Slope. Slope will perform a proprietary credit assessment that does not impact any credit bureau activity.
Who is Slope?
Slope is Brandboom's partner providing financial products to buyers on Brandboom, such as net 60 terms.
How do I sign up as a buyer?
The easiest way to sign up for Slope Net 60 is to apply during the creation of an order. When you place an order, you will see multiple banner options, such as on your cart widget or on the order form itself. In just a few easy steps, you could be approved for net 60 terms.
What happens if am not approved for Slope Net 60?
Just because you weren't immediately approved, it doesn't mean you can't resubmit. If the application process specifies:
- Slope needs further information about your business
- Slope will be happy to reassess with further bank statements or revenue information
- Or similar messages
You may resubmit at your Slope Buyer Portal page at any time for reassessment. If you have not been approved for other reasons, you can reapply after 30 days. If your account is still deemed to be a legitimate buyer account by Brandboom, you will continue to have access to Brandboom. However, you will need to select alternative payment methods for any transactions on the platform.
How do I request net 60 terms?
When placing an order, net 60 terms will be listed as a payment option when you check out. Please note that the loan amount will generally be higher than your final invoice amount. This is because we allow for small threshold changes from your seller. Typically, we expect this to be assigned to shipping costs. However, there may also be instances where product substitution (with your agreement, of course) may be required. This simplifies the financial loan component of the transaction without having to request new terms. The final balance will appear on your invoice, which will be due 60 days after the product has been delivered to you.
What if a seller doesn't approve my net 60 request?
Sellers are not required to approve your request to pay with net 60 terms. In this instance, you will need to work with them on alternative payment options.
How do I pay once the order has been placed?
When you initially apply for Slope Net 60, you will have nominated a credit card for your account. This credit card will automatically be charged 60 days after the products have been marked as delivered to you.
Will I pay interest if I use Slope Net 60?
No, there are no interest fees with Slope. Slope and Brandboom have to right to restrict your service should you fail to make payment. Slope and Brandboom are also not responsible for your credit card on file, and your financial institution may have applicable interest fees if you do not meet their payment obligations.
Why don't I see the option to request net 60?
During the initial launch phase for Slope Net 60, we are taking extra precautions with our applications. We are conducting a phased rollout with criteria agreed upon with our partner, Slope, to ensure as smooth a rollout as possible. Rest assured, we want as many buyers to have access to this as soon as possible. Should you have any questions or concerns, please feel free to contact our Buyer Support Team at buyers [at] brandboom.com. Please also ensure you meet our current minimum requirements per above.
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 your net 60 loan. This allows for minor adjustments, such as the addition of shipping fees or stock/product amendments. However, if the increase exceeds the threshold, you will receive a notification and will need to re-approve the loan at the increased price.
Why is Slope Net 60 only applicable for 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 as soon as possible.