Settle offers financing in the form of Extended Payment Terms to qualified businesses. The underwriting process occurs on a case-by-case basis but in general there are some minimum criteria we look for when qualifying a business:
Roughly 1 year’s worth of operating history
At least $300,000 USD in trailing twelve months’ revenue (TTM)
Demonstration of revenue growth
The business is domiciled in the United States
The business is solvent
In order to ensure your business meets this criteria, we carefully review your submitted financial documentation to assess your eligibility. These documents help us evaluate business solvency and growth potential.
Profit & Loss (P&L) statements and Balance Sheets broken out monthly for the current and previous years, as well as any closed months for the current year.
The last six months of bank statements.
Accounts Receivable (AR) and Accounts Payable (AP) aging reports.
If you previously applied for credit and were not approved, we are open to re-evaluating so long as the financial health of your business has improved since last review. Our underwriting team reviews several factors during the evaluation process, including:
Consistent growth in sales revenue.
Maintenance of a sufficient cash runway (typically at least six months).
Ability to cover current liabilities with cash and AR balances.
Positive asset-to-liability ratio, signifying greater assets compared to liabilities.
Limited exposure to existing lenders.
As underwriting progresses, additional documentation might be required, such as:
Financial statements as of 60 days ago, covering the most recent closed periods.
Updated financial documents for any newly closed months.
Staying in contact with your underwriting representative ensures that you can quickly respond to any updates or additional requests.
Integration with Financial Tools
If you use financial tools like Finaloop, you can streamline the document submission process. When your Finaloop account is connected to Settle, the financial team will confirm once the correct data has been shared. To expedite the review process, you may also upload your P&L and Balance Sheets for the most recent months directly to your Settle account.
Compliance Documentation for Bank Details
For compliance purposes, you may be required to provide proof of beneficiary bank details. This involves submitting an invoice that:
Clearly reflects the beneficiary’s current bank account details (e.g., account number or last digits).
Matches the beneficiary name as it should appear. The invoice must align with the banking information associated with the payment to pass verification.
If your business doesn’t meet one of the thresholds listed above but you think you may qualify for an exception, please feel free to get in touch with us by scheduling a call with our team or reaching out to your Settle representative.
Note: Most approvals are completed within 1–3 business days after you submit your application and connect your bank account and accounting platform.
If you uploaded manual financial statements, reviews typically take 2–3 business days. You will receive an email confirmation once your documents have been submitted successfully.
Once the review is complete, your Working Capital eligibility, including your approved amount, will be updated in your dashboard.
If you would like an update on the status of your Working Capital application, please contact support at support@settle.co or sales@settle.co.
For questions related to your Working Capital or credit line, please reach out to your Account Manager.