CO-VID 19 Financial Hardship Arrangements

As a result of the CO-VID19 pandemic, businesses are looking for opportunities to improve cash flow and profitability. In conjunction with our general financial hardship policy, Binary Networks has released a specialised COVID19 Financial Hardship policy which is detailed below.

 

This policy took effect on 1st April 2020 and was discontinued on 30 September 2020.  No further claims will be assessed under COVID19 criteria however financial hardship claims will still be considered under General Financial Hardship Policy criteria.

Financial Hardship Policy

 

 

 

To assist our clients, we have categorised the level assistance into Tiers and outlined below.

Please note that claims will not be assessed for outstanding amounts preceding 1st July 2020 or where account balance has already exceeded 60 days as at 1st July 2020.

Tier 1 Claim

Eligibility
Tier 1 claims are available to all small and medium business customers with a turnover less than $25 million.

Processing Time
5 to 10 working days

Assistance Available

  • Temporarily suspending or deleting (permanently) Hosted PBX extensions to reduce overall spend.  Associated early termination fees will be waived as long as the total reduction does not exceed 50% number of extensions.
  • Temporarily suspending or cancelling SIP Trunk services.  Associated early termination fees will be waived.
  • Cancellation of  ADSL, NBN Broadband services with a capped early termination fee of $350.00 ex GST (if a termination fee is applicable)
  • No fee NBN upgrades and downgrades (Note: 100/40 speed tier may not be available for all service types).
  • Account review to identify any surplus services that may reduce overall client spend.
  • Fast-track termination requests of the above services.
  • Increase in default credit terms from NET10 to NET30 (subject to credit history check)

How to make a claim

  • Complete the application form at the bottom if this page requesting Tier 1 support
  • Ensure the business account information is correct and matches your recent invoice.
  • Ensure that your account balance is paid up to date.
  • Make sure you provide us with detailed information on how your industry and business has been affected.
  • Send all the information above to accounts@binarynetworks.com.au with the subject line “Tier 1 COVID19 Hardship Claim”

What happens next?

  • We will review your claim and provide a preliminary response within 5 to 10 working days.
  • We will assign your claim to an account manager who will review your services and work with you to find a solution.

Download the Claim Form: Financial Hardship Claim Form

 

Tier 2 Claim

Eligibility
Tier 2 claims are available to small and medium business customers with a turnover less than $25 million and are engaged directly in the following industries:  Retail, Hospitality, Education, Travel.  Additionally, you must be able to show a reduction in average turnover of more than 30% since 1 March 2020.  This turnover must not include government assistance packages.

Processing Time
5 to 10 working days

Assistance Available

  • Temporarily suspend broadband and voice services (they will be offline).
  • No charges will be levied against the suspended services for a period of 3 months.

How to make a claim

  • Complete the application form at the bottom if this page requesting Tier 2 support
  • Ensure the business account information is correct and matches your recent invoice.
  • Ensure that your account balance is paid up to date.
  • Make sure you provide us with detailed information on how your industry and business has been affected.
  • Obtain from your accountant a statutory declaration that the organisation is in financial distress, that turnover has decreased by more than 30% and that the suspension of services is critical to the continued viability of the business.
  • Provide a copy of your Profit & Loss Statement as at 31/12/2019 and 1/7/2020
  • Send all the information above to accounts@binarynetworks.com.au with the subject line “Tier 2 COVID19 Hardship Claim”

What happens next?

  • We will review your claim and provide a preliminary response within 5 to 10 working days.
  • We will assign your claim to an account manager who will confirm the details within your claim.
  • The suspension will be put in place within 10 working days.
  • You will continue to receive bills as normal, however a credit line will be added to the invoice to negate the cost of the service.
  • The billing suspension will be limited to 3 months, after which it will be automatically un-suspended and normal billing operations will progress.
  • The minimum term of your service agreement will be extended by 3 months once billing resumes. If you are on a month-by-month agreement or your minimum term has ended, a new term of 3 months will be applied to your service.

Download the Claim Form: Financial Hardship Claim Form

Tier 3 Claim

Eligibility
Tier 3 claims are available to small and medium business customers with a turnover less than $25 million and are engaged directly in the following industries:  Retail, Hospitality, Education, Travel.  Additionally, you must be able to show a reduction in average turnover of more than 30% since 1 March 2020.  This turnover must not include government assistance packages.

Processing Time
5 to 10 working days

Assistance Available

  • Terminate voice and broadband services (where remaining term is less than 6 months)
  • Terminate voice and broadband services with a reduced early termination fee (to be determined upon application)

How to make a claim

  • Complete the application form at the bottom if this page requesting Tier 3 support
  • Ensure the business account information is correct and matches your recent invoice.
  • Ensure that your account balance is paid up to date.
  • Make sure you provide us with detailed information on how your industry and business has been affected.
  • Obtain from your accountant a statutory declaration that the organisation is in financial distress, that turnover has decreased by more than 30% and that the suspension of services is critical to the continued viability of the business.
  • Provide a copy of your Profit & Loss Statement as at 31/12/2019 and 1/7/2020
  • Send all the information above to accounts@binarynetworks.com.au with the subject line “Tier 3 COVID19 Hardship Claim”

What happens next?

  • We will review your claim and provide a preliminary response within 5 to 10 working days.
  • We will assign your claim to an account manager who will confirm the details within your claim.
  • We will confirm the services to be disconnected.
  • We will confirm the disconnection process and criteria, along with any expected costs. A no fee cancellation cannot be guaranteed –  each claim is assessed and approved individually depending on the circumstances.

 

Download the Claim Form: Financial Hardship Claim Form