You may cancel our agreements at anytime and we require 15 days notice. To cancel, you’ll need to either buyout any invoices that we’ve invoiced on your behalf or work with another factoring company to buy them out.
We will work with any factoring company to make your transition as easy as possible and we’ll help you review your new contract with them. We’re always looking out for you, even if you decide to cancel your account with Outgo.
You can take a look at all of our agreements at outgo.co/legal
If you have any questions about the details - we are happy to walk you through our agreements. We’ll even review your current factoring agreements to show you what to look out for.
Once you have an account setup with us, you can begin to immediately submit invoices.
The process is easy:
The process is easy:
$5.00 for Plus plan members
$15.00 for Base plan members
ACH transfers are free for all Outgo members
Wire transfer fees
$5.00 for Plus plan members
$15.00 for Base plan members
You can identify an in-network ATM by looking for the Allpoint logo on or near the ATM.
We automate invoice funding, ACH/Wire transfers, and invoice reconciliation. This allows us to offer our customers a dramatically cheaper rate than 3% per month.
We can delay factoring for you until they need access to funds, whereas a typical factoring company always enforces a 30-day minimum term. This enables us to offer a 'daily factoring rate' instead of the 'monthly factoring rate' that is more common in the industry.
Plus users have a 2.0%-1.0% decreasing rate and free factoring on the Outgo Card
Base users have a 1.5% fixed rate
In your payroll system add your Outgo account and routing numbers to securely pull funds from your Outgo Account.
If you don’t know your account and routing numbers, contact your account representative and they will securely share them with you.
Checking Account
Your business’s checking account with Outgo and your Outgo Card. This is where money you factor and paid invoices are deposited.
Factorable Balance
Money available from your approved unpaid invoices with rates as low as 1%. Plus users can also factor for free on purchases with the Outgo Card. You can find all of these balances on the Balance tab of the Outgo App.
The invoice is treated like any other invoice, we will send an invoice to the broker, continually remind the broker of the due date, and get you paid. Once the broker has paid the invoice the money will be deposited into your Outgo Checking Account.
To verify a broker in the app, tap Profile. Tap Verify broker and search for the broker you want to verify.
To verify a broker on web, first sign in. On the overview tab under invoices tap Verify Broker.
If you can't find your broker, they may still be approved. Request a new broker and we’ll get back to you shortly with its status.
If a broker isn’t approved it generally means they have a lower credit score.
Even if a broker is not approved, we will invoice on your behalf - you just won’t be able to factor those invoices.
Your factoring rates are daily rather than a traditional monthly rate factoring companies typically charge. This means your rate lowers the closer you are to the due date of an Unpaid Invoice.
If you make an ACH transfer or Wire transfer and your Checking account is at $0, we’ll automatically factor from Invoice A because it has the better rate.
If you were make that purchase on your Outgo Card - we’ll automatically factor from Invoice A - and you won’t be charged a thing.
You can factor with the swipe of your Outgo Card or as you’re transferring money. You’re only charged Factoring Fees when you transfer money.
In all cases, we’ll always get you the best rate - by factoring from the invoices with the lowest rate.
On each individual invoice you may end up just spending a portion of it - because we select the invoice with the lowest rate when you need to factor. So sometimes, you might factor an entire invoice, while other times you may factor only a little.
Plus users don't have to factor every invoice. We invoice for you and you decide how much money you'd like to factor from your Factorable Balance.
Base users invoices are immediately factored into their checking account.
Plus users - Within four jours
Base users - Within 1 business day
Less than 2 business days
For approved brokers you haven’t worked with on the Outgo platform.
If the broker isn’t approved or the invoice isn’t eligible for factoring, funds will be deposited in your Checking account when the invoice is paid by the broker.
You can find your Factorable Balance on the Balances and Transactions.
If you write a check to one of these providers using our account numbers, when a user tries to deposit these funds, the account will be rejected and they will not receive funds. In some cases you may be charged a return check fee.
Transactions made before 3:00 PM EST on a business day:
Submitted the same day
Transactions made after 3:00 PM EST or on a weekend or holiday:
Submitted the next business day
The transaction will be credited to the receiver’s account the day after submission.
To wire transfer money from your Outgo Account
To transfer money from your Outgo Account
To transfer money from your external bank account to your Outgo account.
Use your external bank account’s system to add Outgo as a counterparty using your Outgo accounts routing and account numbers.
If you don’t know your account and routing numbers, contact your account representative and they will securely share them with you.
When your Checking Account hits zero - your Factorable Balance will fund all of your transactions until more money is deposited into your Checking account. When that happens, you can swipe your Outgo Card and every purchase funded by your Factorable Balance will factor for free.
To submit load documents in the Outgo App or on the web.
Our team will transcribe the load information, create, and send the invoice on your behalf. If there are any issues, our team will reach out to you.
