Terms and Conditions for Pre-repair finance:
- The applicant agrees to comply with these terms and conditions and the standard Onetick factoring agreement.
- Onetick will provide finance up to the value of an Insurer Repair Authority provided to Onetick.
- The applicant will pay the following fees for Pre-repair finance which will be deducted by Onetick from the funds otherwise payable to the applicant when the repair (invoice once the repairs are completed) is factored with Onetick, with the applicant being paid the net funds remaining after this reimbursement:
- 2.0% of the value of the pre-repair finance provided for up to 30 days and then a further 4.5% per 30 days thereafter, pro rata.
- A pre-condition of the contract is that the Insurer Repair Authority must be transmitted to Onetick prior to the granting of finance
- Finance will be paid to the applicant’s nominated business supplier within 24 hours of any application being approved.
- The applicant must execute and return to Onetick the Onetick factoring agreement within 7 days of the granting of finance.