HX Guaranteed Payment is a subscription based payment option designed for sellers transporting loads that require a haulage vehicle. It provides certainty of payment when you have invested significant funds in delivering a load, removing the risk of non-payment.
Eligibility overview
When you create an invoice, the system automatically runs eligibility checks to determine which payment options are available to you.
If you have an HX guaranteed payment subscription:
For loads using an HX vehicle (over 7.5 tonnes), Guaranteed Payment will be the only payment option presented. Standard payment terms will not be available to select.
Sellers with Guaranteed Payment will only see HX loads eligible for the payment guarantee (where the buyer is on IF), as well as all other CX loads.
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For loads that do not use an HX vehicle, the system will instead check whether 60-minute payment is available, and present either:
Standard payment terms only, or standard terms + the 60 minute early payment option
Guaranteed payment eligibility criteria
All of the following criteria must be met for an invoice to be eligible for Guaranteed Payment. The checks are run in order: if any check fails, no further checks are performed.
Subscriptions are active Both the factoring company (TEG) and the seller must have the Guaranteed Payment offer activated.
Buyer is eligible The buyer on the invoice must have 'Make payments' enabled, and their remaining credit limit must be equal to or greater than the invoice gross total. For members with a parent-depot relationship, the customer on the invoice must be either the depot company or its parent company.
Load uses an HX vehicle The vehicle type on the load must be over 7.5 tonnes. For batch invoices, every load in the batch must use a vehicle over 7.5 tonnes: if any load does not, the entire batch is ineligible for Guaranteed Payment.
Currency is GBP The load must be invoiced in GBP.
Invoice type is standard The invoice must not be private, a customer invoice, or an uploaded invoice.
Destination and source All destinations and sources are currently accepted. There is no restriction to UK locations.
Invoice is submitted on time The invoice must be created within the eligible window. This is calculated as:
Load completion date + half the number of days between load completion and the payment due date
If today's date falls after this calculated date, the invoice is considered late and Guaranteed Payment will not be available.
Example: for a load with 30-days end-of-month payment terms, completed on 1 November, Guaranteed Payment can be offered at invoice creation up to and including 30 November. It will not be available after that date.
No hard copy POD required Loads where a hard copy proof of delivery is required are not eligible for Guaranteed Payment.
Payment terms are not COD Invoices with Cash on Delivery payment terms are not eligible.
10. Booking is not archived The booking must not have been archived by either the buyer (on AP) or the seller (on AR).
11. No external factoring provider selected The seller must not have an external factoring provider's bank details set as their default payment option.
12. Invoice amount is within the maximum limit The invoice must not exceed the maximum amount set for the Guaranteed Payment offer. The current default limit is £5,000.
Have questions about HX guaranteed payments or want to sign up?
Please get in touch with your account manager or contact our support team.