Invoice Discounting
Please take a few minutes to look at how invoice discounting with Acorn Partners works in practice. Process Overview

Profile of Invoices Purchased

Profiles of the invoices our clients have sold us vary widely. Some sell us one or two invoices in the low to mid six-figure range. Others sell us five, ten or a hundred invoices every week with the value of these being a few hundred dollars each.

List of Items Required

To promptly open an invoice discounting account we will need the following:

1. Copies of invoice(s) you wish to sell.
2. Copies of contracts with your customers.
3. Letters of incorporation or business registration (also trade name if applicable).
4. Corporate documents identifying the signing authorities, corporate officers and directors, and their dates of birth.
5. Do you have a corporate seal? If so, please provide a sample of it on paper.
6. Five sheets of your letterhead.
7. Bank account information (void cheque) and the account manager's name.
8. Accountant's name and firm name with complete address and telephone number.
9. Your lawyer's and firm name with complete address and telephone number.
10. Last Revenue Canada remittance for payroll GST; PST WCB & EHT.
11. Corporate officer(s) personal ID: driver's license and SIN.

For the individuals named above, please provide telephone, e-mail and fax numbers.

SR & ED Claims
Please take a few minutes to look at how we purchase SR & ED claims. Process Overview

Profile of advanced claims

For advances on SR & ED refunds, the minimum value is $10,000. We have and do purchase refunds in the six-figure range.

List of Items Required
To promptly open an SR & ED account we will need:

1. Amounts to be claimed or those that are claimed and outstanding: Federal and Provincial.
2. Copies of last filed claim if any: Federal and Provincial.
3. Amounts paid on last filed claim.
4. Letters of incorporation or business registration (also trade name if applicable) and proof of status as a CPCC.
5. Corporate documents identifying the signing authorities, corporate officers and directors, and their dates of birth.
6. Has the corporate year-end ever been changed?
7. Do you have a corporate seal? If so, please provide a sample of it on paper.
8. Five sheets of your letterhead.
9. Bank account information (void cheque) and the account manager's name.
10. Accountant's name and firm name with complete address and telephone number.
11. Your lawyer's and firm name with complete address and telephone number.
12. Name and telephone numbers of CCRA Scientific Review & Financial Auditor.
13. Last CCRA remittance for payroll GST; PST WCB & EHT.
14. Corporate officer(s) personal ID. Driver's License and SIN.

For the individuals named above, please provide telephone, e-mail and fax numbers.

Basic Documents

Notice of Assignment to Customer to Pay Acorn Partners
We can also ask that the debtor acknowledge their receipt and acceptance of the notice with the following form.

Related Terms & Conditions
In addition to setting out the financial terms of the purchase and ensuring a basic discount and a reserve, the terms and conditions contain a dispute resolution mechanism and provisions where a lock box is employed to avoid disruption of sensitive customer relationships.

Discount
The discount is our fee for services rendered. It ranges from 3% to 8% of the value of the invoice you are selling to us.

Reserve
The reserve is a portion of the value of your invoice that is set aside as a guarantee against late payment of the invoice. It usually amounts to between 7% and 12% of the value of the invoice. Provided your customer makes full payment on time, the amount is returned.

Statement of Disbursement
With each disbursement, clients receive a statement setting out in detail what they have sold and the amount received. A sample follows.

Letter of Introduction to Customer (Debtor)
The text of the letter of introduction follows. It is on the client's letterhead and explains the relationship and responsibilities. It was prepared by one of our clients, a specialist in marketing communications.

The letter can be accompanied by a one-page summary of what has occurred and what the customer has to do.