Policy on management of receivables from trade accounts

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Dear business partners,

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at Advanto, we greatly value our business relationship with you and strive to provide excellent service while maintaining a competitively priced policy. As an earned wage access provider, we are not purely a software company, but at the same time we act as an interest-free financing provider for our cooperation. This implies that we put significant funds into the collaboration and as a good steward we must ensure that these funds are managed responsibly. Our TradeAccounts Receivable Management Policy ensures transparent, fair and normal market practices, which we follow and share with you here. 

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1. Timely issuance of documents

• We refer to all invoices and loans to trading partners in this document as accounts receivable
• We issue accounts receivable in a timely manner and send them on the date we have mutually agreed
• Payment terms and due dates will be clearly stated on invoices

2. Reminders and communication‍

• The first contact is the actual issuance of the receivable
• If the receivable remains unpaid after the due date, we send a reminder
• Starting on the 5th day after the due date, we will send a notice informing you that we are starting to charge statutory interest on late payment
• If a payment remains overdue for 15 days, we will notify you that the date of any termination of service is approaching
• Starting on the 20th day after the due date, we will send a notice informing your employees that service will be discontinued
• Communication is carried out electronically through e-mail messages addressed to the contact person

3. Charging statutory interest on late payment

• If a receivable remains unpaid more than 5 days after the due date, we reserve the right to retrospectively charge interest on the total number of days after due date.
• Interest on late payment will be charged on the following invoice

4. Termination of service

• We reserve the right to terminate services if a claim remains unpaid more than 20 days past due
• Termination of services is considered a last resort and is definitely not in the interest of Advanto

5. Debt collection process‍

• If a receivable remains unpaid more than 60 days after the due date, we reserve the right to initiate a debt collection process with third parties to recover the amount due

6. Resolution of exceptional situations

• In the event of exceptional circumstances that may affect payment of a receivable, we urge you to contact our accounts receivable team as soon as possible
• We understand that unexpected situations may arise and are willing to work together to find mutually beneficial solutions on an individual basis

This policy ensures a fair and transparent approach to claims management whilst maintaining our valued relationship. This policy may be reviewed and modified from time to time in accordance with business requirements and legal requirements and does not take precedence over the provisions of the Advanto Collaboration or ServiceAgreement (or equivalent) or the General Terms and Conditions for Use of Advanto. 

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Thank you for your cooperation.

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Receivables Management Team

fakturace@advanto.io