Approval Process
Once your finance application has been approved, a simple process follows to finalise the agreement and prepare the payout for your asset.
Step 1: Credit Approval
- Your application is assessed by the finance provider.
- If approved, you will receive an approval letter outlining the terms and conditions of the finance agreement.
Step 2: Confirmation
- You review and sign the approval letter.
- Any remaining documents may be requested at this stage.
- This may include the supplier quote or invoice for the asset.
Step 3: Document Verification
- All submitted documents are reviewed and verified.
- This ensures everything is correct and compliant before the contract is prepared.
Step 4: Contract Preparation
- The finance agreement is prepared based on the approved terms.
- You will receive the contract for secure digital signing.
Step 5: Contract Signing
- You sign the agreement electronically.
- The signed agreement is securely recorded and processed.
Step 6: Payout Preparation
- Once all documents and agreements are completed, the payout process begins.
- The funds are prepared for release to the supplier of your asset.
How Your Finance Payout Works
Once your finance agreement has been signed and all requirements are met, Finance Online SA coordinates the final steps to help ensure funds are released to the supplier quickly and securely.
How the Payout Stage Works
Payout is the stage where your approved finance becomes a reality. Once your agreement is signed and all supporting documents are in place, Finance Online SA works with the finance provider to prepare the transaction and release funds to the supplier.
Before Payout Can Proceed
- Your finance contract must be signed.
- All required documents must be submitted and verified.
- A final compliance check must be completed before funds are released.
Documents Required Before Payout
- Final equipment invoice from the supplier
- Commission invoice, if applicable
- Supplier bank account confirmation letter
- Proof of payment of your deposit, including VAT if applicable
- Signed landlord waiver, if applicable
- Confirmation of insurance noting the finance provider’s interest
- All required FICA documents
- Declaration of Ultimate Beneficial Ownership (UBO), completed and signed
Final Confirmation
Before payout, a final confirmation call may be made to ensure you understand the agreement terms and that everything is ready to proceed. This helps make the transaction smooth, clear, and properly aligned before funds are released.
Release of Funds
Once all documents are received and verified, the funds are released to the supplier. This completes the finance transaction and your agreement officially begins.