TimePayment Reviews - Financial Lender Pros & Cons

TimePayment provides equipment lease financing for US clients with varying levels of credit. TimePayment has a network of more than 10,000 independent vendors. Based in Boston, TimePayment was founded in 1986 and is owned by Fortress Investment Group.

Overview

TimePayment is an all-purpose lease financing company providing affordable monthly lease payments and business equipment financing. TimePayment serves as a bridge between equipment sellers, financial intermediaries, and businesses. Since 1986, TimePayment has served clients ranging from Fortune 500 companies to small business startups. There are over 100,000 active users of TimePayment, and they provide transaction amounts between $500 and over $500,000. 

TimePayment itself does not process credit card payments or sell merchant accounts. Instead, TimePayment’s sales agents resell leases to other credit card processing companies such as Velocity Merchant Services or Riverside Payments. In April 2019, TimePayment acquired two organizations - LeaseQ and Kingswood Leasing. 

Equipment leasing

Acquiring new equipment and upgrading technology can be cost-prohibitive for many companies. However, without making these updates, many companies find that their growth is stunted. Spending the money for a company’s expansion can be an insurmountable challenge so long as purchasing new equipment remains unaffordable. 

TimePayment lets companies lease and finance a wide range of equipment so they can grow their business. Leasing aids long-term asset management and strategy. It also helps companies to ensure that their equipment does not become obsolete while they are saving up to replace it. 

Through equipment leasing, TimePayment allows businesses to carry out an effective asset management plan. They make it affordable for companies who are scaling up to expand their operations with upgraded equipment or to replace commercial equipment before the break/fix moment. 

Leasing frees up cash flow for businesses. A business can apply the money saved through leasing to other parts of the industry, such as renting a warehouse, hiring additional employees, or developing a new marketing campaign. Leasing also lets your business conserve money in case unanticipated events occur or if there is an emergency. 

Leasing often makes more sense than buying new equipment and technology, particularly during a business’s growth stage or in an industry where updates are frequent. Leasing is a faster, cheaper way to make the necessary upgrades without making a considerable investment. Monthly lease payments through TimePayment are regular and predictable, making it easy to anticipate costs and plan your budget. What’s more, when the lease term ends, you can get new equipment without feeling locked into outdated products.  

Benefits of TimePayment

Automatic billing is a helpful feature that ensures TimePayment customers never miss a payment. Fixed monthly payments are deducted on a set day of the month, making it easy to anticipate costs and to budget for your lease payments.

TimePayment’s target market

TimePayment is suitable for small businesses and large corporations. TimePayment serves customers with all kinds of credit histories. Business owners who need more capital quickly to acquire technology and equipment are TimePayment’s target market. While a mixed credit history won’t necessarily be held against you, TimePayment requires you to have a current credit score of 550 or higher. 

TimePayment’s offerings

TimePayment supports a wide range of equipment sellers and buyers. They cover dozens of industries, types of equipment, and custom program options. TimePayment meets the needs of equipment buyers, equipment sellers, and lease brokers alike. They serve as a liaison between the different entities all while making business purchases feasible and simple. 

TimePayment is committed to preventing customer financial issues from standing in the way of sales growth. Financing starts at just $500 and applying is simple. Complete product and equipment lines can be purchased in a way that is affordable and manageable, allowing businesses of all sizes and types to expand and thrive. 

The Quick Quote Lease Calculator allows you to see a monthly payment estimate at a glance and then easily begin the enrollment process. 

Industries served

The industries served by TimePayment include auto repair and diagnostic tools, beauty salon and spa equipment, fitness and exercise equipment, HVAC heating and cooling, restaurant equipment, security systems and monitoring, specialty graphics and signage, telecommunications and VoIP, veterinary and pet grooming equipment, and water purification and filtration. 

These sectors are growing and expected to continue to do so in the coming years. While many lenders are not amenable to financing business owners or facilitating leases in these fields, TimePayment seeks to help them expand their businesses. Fast funding offered by TimePayment helps close deals on both sides of the finance lender equation. Within each of these industries, TimePayment has dedicated sales representatives who understand the equipment financing needs of businesses and can support suppliers. 

Automotive industry equipment that can be financed through TimePayment includes auto body equipment, automotive lifts, diagnostic equipment, auto service equipment, carwash, detailing, and other equipment.

Beauty salon and spa equipment that can be financed includes salon and spa furniture, electrical appliances, and pneumatic and hydraulic equipment. 

Fitness and exercise equipment that can be financed with TimePayment includes cardio equipment, strength training, and health club essentials.

HVAC equipment that TimePayment finances ranges from heating equipment, to air conditioning equipment, to ventilation equipment and tools. 

Restaurant equipment includes bar and beverage equipment, cooking tools, refrigeration and food storage equipment, and other restaurant needs. 

Security and monitoring equipment that can be financed includes merchandise for commercial, data, and home security, as well as products for security professionals. 

Specialty graphics and signage supplies include printing equipment and graphics and signage production supplies.

Telecommunications equipment, network equipment, and other business technology supplies can be financed, as can a complete line of VoIP telecommunications tools. 

 Veterinary and pet grooming equipment can be financed as well as business tools for grooming and pet care businesses.

A complete line of water quality products can be financed through TimePayment, including filtration equipment and purification systems. 

Equipment buyers

If you’re looking to purchase new or used equipment for your business, you can finance it through TimePayment. 

What are the advantages of financing equipment using TimePayment?

• You can apply online anytime and find out the maximum amount of credit you’re eligible for in just seconds. 
• Even if your credit history is mixed or you’re running a startup, you are welcome to apply for financing. 
• Leasing can help you plan for upgrades of your technology and equipment so you can avoid getting stuck with out-of-date equipment. 
• Monthly payments are fixed and affordable, making it easy to budget for purchases.  
• Upfront costs are minimal. In a standard lease, only one advance payment and a documentation fee are required to start the lease.
• Leasing through TimePayment allows you to preserve your other credit sources, such as your bank and credit card lines. 
• In some cases, you can write off your lease payment as a tax deductible operational cost.

Why leasing?

When business owners need to purchase equipment, they may look into other options before considering leasing. How does TimePayment leasing compare to other methods of financing business purchases?

Purchasing outright

Most companies cannot afford to purchase all of the equipment, software, and furniture they need outright. Leasing these buys through TimePayment allows a company to have more available credit for other business needs. 

Buying with a credit card

Startups and small businesses have limited credit lines available. By purchasing equipment with a credit card, a company ties up its other lines of credit. TimePayment gives a company more flexibility for other purchases. 

Small business loans

Financial institutions have strict requirements for businesses applying for loans. Bank loans also require a down payment that typically ranges from 10-20% of equipment cost. Leasing through TimePayment incurs just one advance payment and a documentation fee before the start of the lease. TimePayment provides financing to businesses that have compromised or insufficient credit histories. 

TimePayment’s Customer Portal

TimePayment offers several resources to support equipment buyers through InfoHub, its online portal that can be used to manage your account. InfoHub allows users to make monthly payments, view invoices and payment history, set up automatic billing payments, and download leasing contracts.

The QuickQuote lease calculator provides an instant estimate of monthly payments based on the cost of the equipment and the length of the lease. MyAccountManager is the customer portal that puts all of a customer’s account information right at their fingertips. Lease agreement forms and information about lease types are all available in their online resource section. 

How do I apply for a lease?

TimePayment’s equipment leasing application is simple. You’ll fill in your business’s name, address, phone number, and federal ID. The application also asks for a description of the type of equipment you want funded, as well as the total funded amount or monthly payments if you’ve calculated them. You’ll also provide guarantor information. If all checks out, funding could be available in hours.

Equipment Sellers

Many TimePayment customers are not looking to lease or purchase equipment but rather to sell or lease to buyers. Becoming a TimePayment equipment seller incurs no costs to the vendor. It lets vendors offer convenient financing solutions to customers on their equipment purchases. 

What are the benefits of becoming a vendor through TimePayment?

• You can beat out competing suppliers by closing more sales with businesses of all sizes, even those rejected by other financial institutions for financing. 
• If a customer defaults on their lease, you incur no risk and receive no chargeback or bill. TimePayment will deal with the customer directly to resolve the problem. 
• Same-day funding is available, and you’ll receive your commission payment within hours of closing a transaction. For deals under $10,000, credit decisions take place instantly. For transactions of $10,000 or more, a credit decision will be reached within four hours. 
• TimePayment will fund the full invoice amount to you, a better deal than credit cards often offer. 
• Because customers have the option of affordable monthly payments, there’s no need to negotiate on prices. You can sell more equipment at full price, maintaining your profit margins.
• TimePayment’s sleek technology and web interface eliminate paperwork. From the application stage to receiving a final e-signature, transactions can be completed in 10 minutes. 

Online tools for vendors

TimePayment features a range of online sales enablement integrations and tools for dealers. They make it easy for you to add links or embed code into your website. For example, they’ll help you put an EasyApply or SmartApply button or banner on your webpage. You can also add a CartApply shopping cart integration, which lets you offer customers an “as low as” payment estimate for customers’ shopping carts, or access an application for a lease that is already populated with the contents of their online shopping cart. These conveniences make it easier than ever for customers to make a leased purchase. 

TimePayment lets you educate your customers with “About Financing” landing pages that will explain everything they need to know. This way, they can get most of their questions answered and find out about their options for financing and leasing even before they complete an application. “About Financing” landing pages can be customized with the company’s logo and contact information for TimePayment customer support. 

TimePayment Lease Brokers

TimePayment offers support for lease brokers as well. They provide training for brokers to learn how to oversee vendors, process transactions, and provide affordable financing for their vendors’ customers. TimePayment has a dedicated Broker Services desk and hosts regular webinars assisting their authorized lease brokers. 

Lease brokers also benefit from TimePayment’s online sales tools, incur no risks or fees, and have the opportunity to earn cashback rewards. 

Company Contact Details

TimePayment

200 Summit Drive 

Suite 100 

Burlington, MA 01803 United States

1-877-868-3800

www.timepayment.com

info@timepayment.com

TimePayment’s customer service department is available by phone on Monday - Friday from 8 am to 8 pm EST.

Frequently asked questions about TimePayment

TimePayment requires your credit score to be 550 or higher. 

Yes. TimePayment prides itself on working with small businesses, startups, and large corporations. 

Lease terms range between 14 and 60 months in length.

You’ll pay a documentation fee before signing your contract, as well as one advance payment.

If you complete your application before 4 pm EST, you can get funding the very same day.

Point-of-Sale Equipment 

TimePayment also provides point-of-sale systems for credit card processing. Their primary customers for point-of-sale equipment are restaurants, spas, and salons. Point-of-sale systems allow these businesses to read credit cards, process payment, and issue receipts. TimePayment also offers the ability to become a reseller of point-of-sale equipment. TimePayment provides e-commerce services such as virtual terminal and payment gateway services, which may incur additional fees for technical support, transaction rates, and more. 

Lease contract terms

TimePayment’s standard contracts are multi-year agreements, and they cannot be cancelled without paying out the full value of the lease.  Generally, contracts are between 36 and 60 months. At the end of a lease, buyers may have the option to purchase equipment for an additional cost according to the item’s fair market value.

What customers are saying about TimePayment

While some reviews of TimePayment are positive, many reviews call the company’s business practices into question, even citing bait and switch methods. TimePayment was involved in a legal dispute that claimed that a leasing contract was in fact a consumer credit sale in disguise. TimePayment’s competitors in the field of equipment leasing all have very poor reputations and have received bad reviews. 

TimePayment’s website features glowing recommendations such as these:

“I can’t thank you enough for making the lease-to-own process fast, simple, and painless. I appreciate a company that will simply get the job done efficiently.” 

“Very fast answer after the application process, all paperwork was sent right away. I was very pleased with the whole process and would recommend them to anyone who needs financing.”

The Better Business Bureau has TimePayment’s rating listed as A+. However, it also lists 147 complaints against TimePayment in the last three years. Out of 141 customer reviews, TimePayment ranked 1.09 out of 5 stars. 

A review filed in the past month on the BBB about TimePayment states the following:

“Steer clear of this company. You can never get a detailed listing of what is owed/ finance charges. I’ve sent email after email requesting this because the numbers don't quite add up. No response. Do not use them if you can help it!” 

Many reviews on sites throughout the internet reiterate these same concerns and complaints. 

Review and summary

TimePayment provides an important service, bringing together sellers and buyers of business equipment through leasing agreements that can make everyone’s life easier. Businesses that would have otherwise struggled to scale up or modernize their equipment can afford to do so through financing. 

However, many negative reviews online indicate that it’s common for business owners to get in over their heads and struggle to make timely payments. The nitty-gritty details of leasing agreements may mean that business owners aren’t fully aware of what they’re getting into. Customers were unpleasantly surprised by things like high interest rates and unexpected extra payments that took them well over the original cost of the equipment. 

The bottom line? Buyers looking to lease equipment can do well with TimePayment, but they must be sure to read the fine print and stick carefully to the payment schedule. While the company is easy to work with, its terms are unwavering. Failing to follow the agreement could result in paying double the price of the leasing amount initially agreed to. Many small businesses struggled with these terms especially in light of the COVID-19 pandemic, and found that TimePayment unwilling to be flexible. As with any business agreement, do your research ahead of time, know the risks, and proceed with caution.