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A: 1st Federal Advance Funding offers an innovative program that is designed to help small businesses not only with the working capital they need, but also with and services and products that are not usually available to small companies, or if available, not at discounted rates. The availability of these services and products are designed to provide benefits to your business, its employees, and you. However, we know that the most important reason you came to us was to get working capital for your business, and that is what we concentrate most on.
A: The PlusTM part of AdvanceFundsPlusTM is designed to provide small businesses with many of the same products and services and benefits large businesses have, but small businesses usually cannot afford or even get. We are currently finalizing the arrangements to offer the first products and services that will be available. The products and services will be easily obtained and include programs in different areas such as for:
- Accounts Payable
- Accounts Receivable
- Catalog and/ or Inventory Control
- Customer Management
- e-Commerce Store
- Expense Management
- Human Resources Management
- Merchant Services
- Online Banking
- Order Entry System
- Pharmacy Benefits Card
- Payroll Processing
- Purchasing Management
- Reward/Loyalty Solutions
- Section 105/125/132 programs (Tax benefited health savings and related Programs for employees)
- Vendor Management
- Workers Compensation Benefits Management
More services, products, and beneficial programs are constantly being sought for additions to the AdvanceFundsPlusTM program. We will alert all 1st Federal Advance Funding clients when new services, products, and benefits become available.
A: Just like AdvanceFundsPlusTM and the PlusTM features, C*CASHTM, will provide all of the same products and services (See the answer to the previous question.).
A: Our products offer a different way to finance your business operations. AdvanceFundsPlusTM is not a loan. It Is an innovative business financing program that does not require collateral, has no fixed monthly payments, and does not require A-1 credit ratings - for the business, or for its owners. The AdvanceFundsPlusTM program relies primarily on your expected future sales.
A: All of our products offer a different way to finance your business operations. C*CASHTM is not a loan. It Is an innovative business financing program that allows any type of business to obtain working capital. C*CASHTM has no fixed monthly payments, and does not require A-1 credit ratings - for the business, or for its owners. The C*CASHTM program relies primarily on your expected future sales.
A: For AdvanceFundsPlusTM, your business can qualify if it has been operating for at least 6 months when you apply. Your business must have had at least $2,000 of credit card and check sales per month for the last 3 months in addition to our other simple requirements.
For C*CASHTM, your business should have at least $40,000 in monthly sales, however your business can qualify in a variety of ways even with an "unusual" or "uncommon" situation so you should always ask. Not everyone can qualify for the higher dollar amount C*CASHTM program, but we always do everything we can to try to provide your business with the funds it needs using one of our programs.
A: Looking at your personal credit history is required under our review process to see if your business can qualify. This is because with small businesses, the owners and the business are essentially one and the same, even if the business is a corporation or a limited liability company. We look at a variety of things to assess our risk. We understand what small businesses and their owners must go through to become successful. Our scoring system is set up to allow us to approve as many businesses as possible. That's good for you and your business, and good for us. We're here to help!
A: Nothing. There is no application fee. All it takes is the time for you to fill out and submit the application along with the required credit card processing and bank statements.
A: Provided all required items are submitted with the application, a response can usually be given within 24 hours for AdvanceFundsPlusTM. For C*CASHTM, it may take up to five business days (because we have to customize and design a plan to fit).
A: No! There are no points and no closing costs. Your business receives 100% of the funds we agree to advance to it for the sales we purchase.
A: For AdvanceFundsPlusTM, 1st Federal Advance Funding looks at your business' Visa® and MasterCard® sales, and if to be considered, its check sales. We also look at total sales (from all payment types). We input all those numbers into a formula we use to calculate the amount we can advance. The formula also tells us how much we should collect over time without hurting your business' monthly cash flow requirements.
For C*CASHTM, 1st Federal Advance Funding looks at all of your business' sales from all payment types. It does not matter whether sales are paid for by credit or debit card, checks, or cash, or even if the business has no credit card sales. We input the sales numbers into a formula we use to calculate the amount we can advance. The formula also tells us how much we should collect over time without hurting your business' monthly cash flow requirements. C*CASHTM features longer collection periods than AdvanceFundsPlusTM, if needed.
A: After approval, we will send out the AdvanceFundsPlusTM agreement for you to sign and we will arrange for your business to switch to one of our processor/collector affiliates. (see question below). Your business must then process its transactions through our processor affiliate for 3 days before we can wire the advance. On the third day, after we are sure everything is OK, the advance will immediately be wired into your business' checking account.
A: 1st Federal Advance Funding clients can use the money received from the AdvanceFundsPlusTM program for any number of things. Examples include buying inventory, catching up on bills, buying advertising, doing remodeling, to repair unexpected equipment breakdowns, and for emergencies. But really, it is up to our clients how the money is used.
A: For AdvanceFundsPlusTM, the scheduled collection period is 6 months, although 3 and 9 month periods are available. However, it can be longer or shorter depending on whether sales are increasing or decreasing since the advance was received. Remember, there are no fixed payments. We only deduct a fixed percentage of your business' sales only until we have collected all of the future sales purchased.
For C*CASHTM, the scheduled collection period is generally one year but can also be 3 through 11 months depending on the needs and circumstances of the business.
A: At 1st Federal Advance Funding we understand that all businesses constantly need working capital. If your business needs additional funds while there are purchased sales that have not yet been collected, just let us know. We will immediately review the status of your business' AdvanceFundsPlusTM program to see how much more we can advance. We will let you know right away what additional amount of sales 1st Federal Advance Funding can purchase from your business.
A: No. Your business, your employees, and you will be immediately eligible to utilize any of the PlusTM benefits chosen.
A: When 1st Federal Advance Funding purchases some of your business' future sales, a fixed percentage from your business' sales are deducted until all of the purchased sales have been collected. 1st Federal Advance Funding has collaborated with its credit card and check processor affiliates to manage your business' credit card and payment transactions. You will need to switch to one of our affiliates that provide this service for 1st Federal Advance Funding, unless your current processor is already an affiliate.
If your business has to switch to one of our credit card and/or check processor affiliates, we guarantee that they will match or beat the rate you currently pay for your processing. We will show you the comparison of the actual rate you have been paying with your current processor and the actual rate that our affiliate will charge your business at your request.
A: Each 1st Federal Advance Funding client will receive a user name and password so that you, and only anyone you authorize, can access the business' AdvanceFundsPlusTM program information at any time to view the remaining purchased sales to be collected and other client only information that is available.
A: You can call us at (800) 507-6952 during business hours (8:30 A.M. and 5:30 PM Pacific Time), or leave a message after business hours. If you leave a message, we will contact you the next business day. You can email us at info@1stfederaladvancefunding.com and we will contact you by the next business day by email or by telephone.
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