Equipment Leasing & Financing FAQ

Find answers to some of the most common questions we get from Equipment Buyers like you.

No matter where you are in the process of financing your equipment purchase with TimePayment, we've got the answers to all your questions.

Select an FAQ Category

Which step in our process do you need assistance with? Select an FAQ category below.

About Equipment Leasing

1What is equipment leasing?

A lease is a contractual arrangement in which a leasing company (a Lessor, such as TimePayment) gives a customer (the Lessee) the right to use its equipment for a specified length of time (known as a Lease Term) and specified payment plan (usually monthly).

Depending on the lease structure, at the end of the Lease Term the customer will have the option to purchase, return, or continue to lease the equipment.

2What is the difference between an equipment lease and a loan?

Leasing your equipment with TimePayment may be an affordable alternative to a loan.

Many lending institutions have very strict requirements businesses must meet before the bank will extend a loan or line of credit. Bank loans usually require a significant down payment that can range between 10% - 20% of the equipment cost.

With a TimePayment lease our standard program only requires one advance payment and the documentation fee prior to the start of the lease. TimePayment is able to offer financing to more businesses that have yet to establish a strong credit history or have a compromised credit history through our innovative, multilevel financing products.

3What happens at the end of my lease?
Refer to the End of Lease Section of your specific Lease Agreement for details. Typically, a Lessee will have an option to buy the equipment, return the equipment, or continue to lease the equipment on a month-to-month basis.

Initial Application Process

1I don't have an equipment vendor selected. Can I still apply for financing?

Yes. We have a nationwide network of TimePayment-authorized equipment vendors across a large range of industries.

We can help you find a reliable equipment vendor for virtually any equipment you need.

2How quickly will I receive a credit decision?

Typically customers seeking to finance less than $10,000 will receive a credit decision instantly after submitting your application, or via email confirmation within 2 minutes.

For transactions above $10,000 you will receive a decision within 4 hours.

3Can I apply for financing even if I have bad credit?
Yes. TimePayment has programs that support all ranges of credit.
4Do you provide financing for startups and new companies?
Yes. Unlike other financing and leasing options, TimePayment provides equipment financing solutions for startups and established companies.
5I would like to purchase equipment for personal use. Can TimePayment help me?
Yes, TimePayment extends lease financing to consumers. Typically the maximum exposure, or lease amount, for this type of transaction is $100K. Contact TimePayment Sales for details, or click here to apply for a quote.
6Can a non-US citizen personally guarantee a lease / transaction?
Yes, we do accept non-US citizen applicants if you can provide government-issued documentation that shows you are authorized to be in the US for the full term of the transaction.
7What should I do if my application for financing was declined?

Your application was not approved because you did not meet our minimum credit guidelines based on the information provided to us during the application process. You may simply need to submit additional documentation to TimePayment for your application to be approved, or you may have the option of adding an additional Personal Guarantor or a cosigner.

Please submit a signed credit application with the additional cosigner or Personal Guarantor to [email protected] or fax it to 781.994.4775, referencing your original application number, and we will add the information for you.

You can also contact Credit Services at 877-868-3800 x1611 to discuss your specific circumstances with a representative.

Billing & Making Payments

1What are the payment options available to me?

We can accept payments in the following ways:

1.  Via your TimePayment MyAccount Manager Portal. Once you create an account, you can log in at any time to make a one-time payment or setup recurring automatic payments through your checking account or credit card.

2.  By mailing a check or money order. Mail your payment to TimePayment Corp. P.O. Box 3069, Woburn, MA 01888-1969. Be sure to reference your account number on your check or we will not be able to apply the payment to your account.

3.  Over the phone. Make a one-time payment or setup automatic billing by calling our Customer Service Team at 877-868-3800, extension 2250.

4.  NEW! Text / SMS Mobile Alerts & Bill Pay. Call our Customer Service Team at 877-868-3800, extension 2250 to enroll, or log into your TimePayment MyAccount Manager Portal and signup from the Account Details screen.
2How can I make payments online?

First, you have to create your MyAccount Manager portal login:

1.  Visit is the login screen of the TimePayment MyAccount Manager Portal.

2.  If this is your first time visiting the MyAccount Manager Portal, you will have to create an account to access your information online.

3.  Your User ID is always an email address. This address is what you provided during your account creation process.

4.  Enter the password that you also created during your account creation process.

Once you've created your account, you will be able to make one-time payments or set up automatic billing, view your payment history, and more! Click here to get started!
3How can I make payments via my mobile phone?

Enroll in TimePayment Mobile Alerts & Payments to receive text messages about upcoming payment due dates, secure links to pay your bill from your cell phone without needing to log into your MyAccount Portal, and reminders of any past due balances.

Standard message rates and data charges from your cell phone carrier will apply.

Learn more about Mobile Alerts & Payments from TimePayment.
4Can I make a pre-payment or pay my lease off early?

Yes. You can make a pre-payment via your MyAccount Manager Portal, by sending a check or money order, or by making a payment over the phone.

To pay off you lease before the contract end date, please contact our Customer Service department for assistance:

Phone: 1-877-868-3800

Email: [email protected]
5How do I remove the Loss & Destruction Fee from my account?
1.  Provide a valid insurance binder, or ACORD form which names TimePayment as the Loss Payee or Additional Insured:

TimePayment Corp.
1600 District Avenue, Suite 200
Burlington, MA 01803
Please note- if you provide an insurance binder / liability certificate, it must show proof of property coverage.

2.  To submit your insurance binder via your MyAccount portal:

a.  Visit and log into your account.

b.  Select “Documents” from the main navigation menu.

c.  Select “Upload Document” from the sidebar menu. If you have multiple accounts, be sure you are selecting the correct account to upload to.

d.  From the Document Type drop down menu, select “Insurance Binder”.

TimePayment's MyAccount Management Portal - Upload Your Insurance Binder

e.  Click the “Browse” button to locate the file on your computer.
TimePayment's MyAccount Manager Portal - Upload Your Insurance Binder Part 2

f.  Once you have selected your document, click the “Upload” button to submit your insurance binder.

g.  Once your insurance binder is uploaded, our Customer Service department will review your insurance binder within 24 business hours. You will see the fee removed from your next invoice if the insurance binder is accepted. You will receive a letter in the mail if your insurance binder was not accepted.

3.  Or you can submit your insurance binder / ACORD form by one of the following alternative methods (Please note your TimePayment account number on the binder):

•  Fax to: 781-994-4710
•  Email to: [email protected]
6Where can I find TimePayment’s W9?
Please click here to download TimePayment’s W9 form.

Equipment Maintenance

1My equipment has arrived, but it is damaged, something is missing, or it’s not the equipment I ordered. What should I do?
Contact the TimePayment Customer Service team and let them know there is something wrong with your equipment and they will help you determine your next steps.
2My equipment is in need of maintenance or repair. Who should I contact?

You should work directly with your Vendor for equipment servicing issues and warranty discussions.

Your Vendor's contact information is accessible via your MyAccount Manager Portal.

If you’re still not sure how to contact your Vendor, please contact Customer Service and we will provide you with the contact information for your Vendor.

3I no longer want this equipment. Can I cancel my lease agreement with TimePayment?

Your Lease Agreement is non-cancelable. As the Lessee, you are responsible for all of the lease payments.

If you wish to pay your balance in full to put an end to your monthly payments, you can buyout the lease early with no penalty. To request a payoff click here.

If you wish to return your equipment prior to the end of the lease term, it is considered a voluntary repossession. You would still be responsible for the remaining lease payments. To arrange for the return of your equipment, please contact TimePayment Customer Service.

4I want to upgrade / have additional equipment needs for my business. How can I lease more equipment through TimePayment?

If you have an established relationship with a TimePayment Broker or Vendor, you can work with them to submit a new application for equipment financing. You can also apply for financing directly; click here to get started.

Updating Account / Contact Information

1How do I change my bank account or credit card information?
To change your existing payment information, log into your MyAccount Management Portal account and update your information. Click here to get started.
2How can I setup automatic debit of my account?
To setup automatic debit, log into your MyAccount Management Portal account andset up your payment information. Click here to get started.
3How can I update my billing address?
To update your billing address, , log into your MyAccount Management Portal account and update your information.  Click here to get started.

Still Need Help?

Contact our Client Services Team for assistance.



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