Somero Equipment Finance Protection: What You Need to Know

Somero customers may have heard the phrase ‘Equipment Finance Protection’ or EFP. EFP is a software program that provides leverage for our finance department to ensure timely collection of installment payments or payments in entirety that are due after shipment. This tool allows some customers to qualify and obtain financing for equipment with the utilization of a bank approved equipment disabling device.

Please be advised that if your equipment is equipped with EFP and equipment payments go unpaid, the EFP shut-off will disable the functionality of your Somero Laser Screed™ machine.  To avoid this happening, two things must happen.

  1. Your scheduled payment must be received in our bank account on or before the due date.
  2. You must access the computer screen on your screed prior to the payment due date and generate a request code and provide it to customer service in order for them to send you a response code that you will key into your computer to extend the functionality to the next pay date. (Customer Support –  906-482-7252 Option 4 or e-mail support@somero.com)

In the case of installment payments, you will need to make timely payments and request code generation every month by each due date for the entire term.

Sample of the EFP screen on the S-22E.

Sample of the EFP screen on the S-22E.

Please plan accordingly to ensure the payment is received in our account before the cut-off date to avoid any lapse in screed function. Domestic wires generally are same day transactions depending on your bank’s cut-off time for transfers; ACH transfers usually take 2 days and again depend upon on your bank’s specific rules and procedures. If you are sending a check in the mail it is critical that you send the check well enough in advance to allow sufficient time for it to arrive before the cut-off date. Even when overnighted, it can take a few days for a bank to show receipt of a check.

To avoid mail delays, we highly recommend using a courier like FEDEX or UPS to over-night your paper check. Please do not wait till the last minute to make your payment.  If getting to the machine to generate a code is not convenient we can accept request codes up to 15 days in advance of the expiry date. We can store your request code in our database in advance of the due date and release the response code to you as soon as we receive payment.  If your expiration date falls on a weekend or holiday, please make sure we receive the funds and request code on a business day prior to the closed period.  Customer service never sleeps, but please remember any funds received in our bank account late on a Friday afternoon will not be visible to finance until the following Monday.

Our EFP program is a helpful option for customers who may need a little more assistance to qualify for a purchase, but at the end of the day, all customers need to ensure that the EFP switch never expires.  Allowing your EFP switch to expire may require our having to send a tech to your location to re-program your computer at your expense. This costly expense can be avoided by making your payment on time.

If you have any questions about this program or would like further information, please contact us at +1-239-210-6519.