Seller Frequently Asked Questions
Becoming a Preferred Partner
No, there is no cost to join. Preferred partners have access to a suite of free and customizable web tools and marketing materials in order to help partners offer monthly payment options for their equipment. Not only are there no fees, but Kingswood offers preferred partners opportunities to earn cash rewards based on activity.
There are several reasons why we may not be able to approve a vendor for our services. The most common are:
- Secretary of State status is not in good standing
- Credit did not meet our minimum required guidelines
- Time in business is insufficient
Mistakes happen. We understand this. Simply contact your Kingswood Account Executive and a dedicated team of people will help to fix any mistakes.
Selling Monthly Payments
Kingswood has the flexibility to provide web applications, Adobe PDF applications, and paper applications. We can also process applications over the phone. Account Executives will work with each vendor individually and personalize these options based on your preferences.
Kingswood regularly handles transactions as high as $250,000 and as low as $1,000.
Several factors affect the amount of time necessary for a credit decision to be made, such as transaction size, accuracy of application, and receipt of supporting documentation. In general, transactions totaling less than $10,000.00 can receive a decision within 1 hour, and for larger transactions more time may be necessary.
Typically credit approvals are valid for 30 days. If a transaction takes longer than 30 days, which is sometimes the case, then an extension or new credit decision will be necessary.
Credit decisions are transaction specific, involving specific equipment, for a specific price, sold by a specific vendor. This allows vendors the opportunity to offer programs unique to their business.
Proof of business is required for all sole proprietorships. Acceptable documentation includes:
- Business License
- Secretary of State listing in good standing
- Schedule C from recent tax return
The tax application is the same regardless if you finance or pay cash, however, customers who finance may have some options how the tax is paid. For example, they may be able to include taxes in their financing or to pay for taxes separately. Each state has their own laws regarding tax application. Contact your Account Executive for specific tax treatment questions.
We have a broad range of financial products in order to provide financing options to as many people and companies as possible. Unfortunately not all applications will be approved for financing. However, we are confident that Kingswood can provide more finance options to more customers than most finance companies.
A declined decision means that the customer’s application did not meet the minimum credit guidelines for the financing that was sought.
When receiving a declined credit decision, you may want to consider talking about increasing the strength of the credit application by adding a cosigner or additional Personal Guarantor(PG). To be considered eligible to be a cosigner or PG, the person must be either a member of the business or a family member.
To resubmit your customer’s application with an additional cosigner or PG, please have additional individuals sign a credit authorization.
Documentation and Funding
Pre-funding allows you to be paid a portion of the transaction before delivery of the equipment. Vendors must be approved for pre-funding and will fill out a Pre-Funding Form to qualify. Once approved you will be able to exercise the pre-funding option on any transaction going forward. After delivery and acceptance is verified, the remaining portion of the transaction is paid.
Vendors are paid either through Automated Clearing House (ACH) or by paper check.
Once the completed funding package is received, the documentation department reviews the documents for quality and accuracy. As soon as the funding package has been approved, the documentation department coordinates with the customer to verify delivery and condition of the equipment. This is called the Verbal or Site Inspection, and once the customer has successfully completed the Verbal or Site Inspection, you get paid.
If the Verbal or Site Inspection occurs before 4:00pm EST you will be paid the same day.*
*Please note, ACH can take 24-72 business hours to fully process and checks are sent via overnight mail.
Site inspections are a visually accounting of leased equipment by a third party. They are sometimes necessary depending on the value of equipment and length of time in business. More often the delivery and acceptance of equipment is verified by a recorded phone conversation.
Kingswood will provide billing and collecting information directly to the customer.
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"Thank you Alyx. You guys at Kingswood leasing are great and have been very helpful and patient with my many calls. It’s honestly hard to find a good staff like the one at Kingswood where everyone is polite and helpful and diligent when it comes to getting the job done. Thank you again."
-Shawn Sanchez, Owner of Dirty’s Wild West BBQ-