Acudeen is an SEC registered corporation as a technology platform.
So long as your company fits the following criteria: Registered in the Philippines (Corporation / Sole Proprietor) The company engages in business-to-business, service now pay later model.
Sign up in this website https://platform.acudeen.com/account/register
• Verify your email
• Complete your ‘Know-Your-Customer’ (KYC) requirements
• Fill in and Verify your Bank Details
• Once your account is verified, you can start uploading your invoices
Acudeen asks for an average discount rate of 2%-5% of the invoice face value per 30-day cycle. For example, if the maturity date/payment term of your invoice is scheduled to be paid in 60 days, then the discount rate will be multiplied by 2. The discount rate is based on the payment behavior and credit rating of the Payor through a proprietary algorithm that measures the risk of delay and default of payments.
• Personal Information
• Business Information
• At least two (2) valid IDs
- Driver’s License
- (TIN ID, PRC ID, NBI Clearance, Postal ID, Voter’s ID, GSIS E-Card, SSS ID, Senior Citizen Card, OWWA ID, OFW ID, AFP ID, HDMF ID, NCWPD ID, DSWD Certification, Integrated Bar of the Philippines ID, Company ID, Immigrant Certificate of Registration, Unified Multi-Purpose ID)
• At least one (1) latest Billing Statement billed to the Company Address
- Utility Bills (i.e. Electric, Water, etc.)
- Bank/Credit Card Statements
• At least these Business Documents
- SEC / DTI Registration (required)
- BIR Permit (required)
- (Mayor or Barangay Permit, Business TIN, Articles of Incorporation, FATCA Form, GIS)
• Which banks are accepted?
- Asia United Bank
- Bangko Mabuhay
- Bank of Commerce
- China Bank
- China Bank Savings
- Chinatrust Bank
- Citibank, N.A.
- City Savings Bank
- Development Bank of the Philippines.
- Dumaguete City Rural Bank
- East West Bank
- East West Rural Bank (Green Bank)
- Equicom Savings Bank
- Enterprise Bank
- Entrepreneur Bank
- ISLA Bank
- Korea Exchange Bank
- Land Bank
- Malayan Bank
- Maybank Phils. Inc.
- One Network Bank
- Philtrust Bank
- Philippine Business Bank
- Philippine National Bank
- PNB (Allied Bank)
- PNB (Allied Savings Bank)
- PS Bank - Philippine Savings Bank
- Philippine Veterans Bank
- Plan Bank
- Postal Bank
- Quezon Capital Rural Bank
- RCBC Savings Bank
- Robinsons Bank
- Security Bank
- Sun Savings Bank
- Standard Chartered Bank
- Sterling Bank
- Tong Yang Bank
- UCPB Savings Bank
- Wealth Bank
- World Partners Bank
- Add Bank Account
- Check your bank account to see new amount credited
- Go back to the Acudeen platform – a list of banks you added will appear
- Click on the ‘verify button’ then input new amount credited
- Bank account is verified
Acudeen finances 100% of your invoice – less discount rate. We only the finance the face value of the invoice, hence any VAT amount will be credited to you come collection date.
Invoice approval will take 24 hours. Upon approval, your invoice will be bidded out for 8 hours to a day giving a total of 2 days from invoice upload up to sale. Once an invoice has been awarded to the winning bidder, the funds will be automatically reflected in your E-wallet in this case you can already request for a withdrawal of funds.
Upon withdrawal request, transfer from your E-wallet to your company bank account will take 3 to 5 days (to include bank clearings).
In the unlikely event that your invoice is not successfully bought, you may reupload that invoice for the next auction or it goes through the normal terms of payment with your client.
Yes, you may apply for a subsequent invoice sale with Acudeen.
Acudeen collects on behalf of the buyer.
• Acudeen to collect Official Receipt from your company
• Acudeen to collect check payment (issued to your company) from your client and to release Official Receipt to your client
• Acudeen to release check payment (issued by your client) to your company and to collect check payment from your company (issued to Acudeen Trust Account)
• Acudeen to collect check payment from your company (issued to Acudeen Trust Account)
Acudeen uses a proprietary algorithm to measure the risk of delay and default of payments. Our company considers previous payment behavior and incorporates in the expected days of repayment and collection.
You can email us at email@example.com for any post-disbursal service requirements and our team will get back to you within 30 minutes (between 8am-5pm of a business day).
Acudeen introduces itself as your 3rd party collecting agency. Acudeen gives out reminders before 10 days, before 5 days, on the due date of the invoice, and once the invoice falls delinquent we do a daily reminder until we have received a pay date promise from them. This is all done in the most respectful manner as our value proposition to our Sellers is making sure their business relationship with their Payors improve with Acudeen.