Frequently Asked Questions
The State of Illinois’ Vendor Payment Program allows vendors to assign their late unpaid state invoices to a Qualified Purchaser, which pays the vendor 90% of the invoice within 10 days of official state assignment and the remaining 10% in two installments once the State of Illinois repays the assigned invoice and related prompt payment penalty. By the end of the process, vendors get paid 100% on any assigned invoices.
- Get paid 100% of your invoice. As long as the State of Illinois agrees that you are owed this money and your invoice qualifies for the Vendor Payment Program, we will pay you 100% of your invoice.
- Quickly restore your cash-flow. Currently, the State of Illinois is taking between 6 to 9 months to repay its vendors. By selling us your qualified unpaid invoice, we will get you 90% the cash you’ve earned within 100 days of your original invoice date or within 10 days of State approval. Your remaining 10% comes when the State pays back the invoice and related prompt payment penalty.
- Keep doing business with the State of Illinois. With VCF bolstering your cash-flow, vendors can continue to do business with the State.
- Increase your business focus. By selling VCF your qualified invoice, you can quickly regain certainty over your cash-flow, allowing for more effective management and control of your business.
- No fees and no obligations. Partnering with VCF is easy. If your invoice is eligible, register with us and if approved, you can partner with VCF and we will never charge you a fee, nor will you have any obligations beyond what you have already provided to the State.
The VSI is a State of Illinois program that allows vendors to receive funding under the same terms as the Vendor Payment Program (VPP) for all invoices that do not yet have a State appropriation. Invoices with a state appropriation must use the VPP.
When VCF buys an invoice, we take over the prompt payment penalty owed by the State. The prompt payment penalty starts on the 91st day that the invoice is past due and accrues at a rate of 1% a month until the State makes payment.
No. Vendors voluntarily participate in the Vendor Payment Program (“VPP”) and there are no fees to pay and no obligations to keep selling invoices. Once a vendor signs up with VCF, it is required under the VPP terms and conditions to stay with VCF. If a vendor wants to keep an unpaid invoice and forgo cashflow relief, it does not need to sell its invoice. If VCF somehow cannot buy the invoice, the vendor is free to find another Qualified Purchaser in the VPP.
Once the State of Illinois assigns your invoice to VCF, we will send you your money within 7-10 days.
As long as your invoice is meets the requirements of the State of Illinois’ Prompt Payment Act, is older than 90 days, is free of liens and encumbrances, isn’t a medical assistance invoice, and the State concurs, your invoice will be eligible under the VPP terms and conditions. For specifics, please see the Illinois Department of Central Management Service website.
Yes, the State of Illinois has determined that VCF is a Qualified Purchaser under the terms and conditions of the Vendor Payment Program.
Running your business in a sluggish economy with uncertain cash-flow is a very difficult thing to do. At VCF, we keep our process simple. Registering with us takes 3 easy steps and as long as your invoice is assigned to us by the State, we will pay you 100% of your invoice – 90% within 10 days of State approval and your remaining 10% when the State pays back the invoice amount and the prompt payment penalty. No discounting of your invoice occurs, no fees are assessed and vendors have no further obligation to us if they so choose.