TimePayment to LEAF Transition FAQ
What will the transfer of water equipment contracts from TimePayment to LEAF mean for dealers and their customers? Here are answers to questions you may have, as well as some information to help you address questions from your customers about this change.
Why did TimePayment sell to LEAF?
- To better align its business with today’s marketplace and ensure that water equipment dealers and their customers receive outstanding flexibility and support from experts in financing water equipment, TimePayment has chosen LEAF to service all water equipment agreements.
When will LEAF begin servicing agreements from TimePayment?
- LEAF will begin servicing TimePayment water equipment agreements beginning June 1, 2023.
What is LEAF’s experience in the water industry?
- LEAF has been a leading finance provider to the water equipment industry for decades. In that time, we’ve created and supported programs with major players in the industry, including Culligan. When you work with LEAF, you can be confident our team knows the industry, the challenges dealers face, and how to help you win more opportunities in the marketplace.
What is LEAF’s background?
- LEAF, a subsidiary of M&T Bank, was founded in 2001 and is headquartered in Philadelphia. From our offices in PA, MO, MD, TX, and CA, we offer customized finance options, sales support, and other resources that help dealers across a variety of industries drive bigger sales that close faster.
How will my current backlog be moved over? Will I need to get these customers reapproved?
- Though TimePayment may honor existing approvals through expiration, any backlog to be booked with LEAF must run through our credit process and be resubmitted.
How are you communicating the transition to my customers?
- LEAF has developed communications that include emails, direct mails, invoice messaging, and other communications to assure customers they’ll be taken care of through the transition and beyond, as well as highlight how LEAF’s finance flexibility can help them get more of the equipment and technology they need now, with less pressure on cash and budgets.
Can I get a copy of communications sent to my customers?
- To receive a copy of a customer communication about this transition, please reach out to your account executive.
Will my customers have a grace period to allow time to make necessary remit to changes without incurring additional charges?
- Yes, there will be a grace period during which late fees will be waived as customers make the necessary changes to their accounts payable systems and procedures.
Can I view the transferred portfolio in the dealer portal to be able to track the original TimePayment contracts?
- Yes, your customer information will be included on our dealer portal along with any other customers of yours who have contracts with us.
What is the contact information for customers with questions regarding the transfer of their contract?
- If any of your customers have questions prior to the June 1, 2023, transition, please have them reach out to TimePayment at 877-480-8533.
Will my customers receive a new W9?
- Yes, since customers will now remit payment to us, we will send a new W9 for their records in the email and direct mail communications.
Will the online customer portal change?
- Customers will no longer be able to access their account at myaccount.timepayment.com. They will need to register for our payment portal at MyLEAFnow.com using their invoice number and invoice amount.
Why is LEAF’s process different than what I experienced with TimePayment?
- LEAF’s process is designed to streamline financing for dealers and their customers while going beyond off-the-shelf finance options to deliver the kind of outstanding customizability and seamless customer experience that makes water equipment easier to buy – and sell.
I also sell (or want to sell) [X, Y, Z]. Can you finance that?
- Absolutely. And the great thing is, we can finance everything from equipment and technology to services of all kinds on the same agreement with one affordable payment each month to help you deliver a better customer experience and take advantage of profitable bundling opportunities.
What can LEAF provide that other sources cannot? What differentiates you in the market?
- With LEAF, you get a team that has served the industry for decades. We deeply understand the business, and we go beyond just helping you close today’s transaction to providing sales support, market insight, and a wide variety of tools to help you win more business every day. In addition, our platform is built on advanced technology to help you spend less time on your finance program and more on your business. And it’s all supported by the resources of M&T Bank.
Is my vendor program agreement with TimePayment accepted with LEAF?
- We are accepting most VPAs. In some situations, dealers will be notified of the need to complete a new VPA, which we will provide for review/signature. For dealers that want to take advantage of certain program features, like our Partners in Profit program, LEAF may require addendums to existing VPAs.