Frequently Asked Questions

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WHAT CAN FCF DO FOR MY CLIENT'S BUSINESS?

FCF offers small to medium-sized business owners a way to easily access working capital. It’s not a traditional bank loan where decisions are solely based on credit score, so merchants are much more likely to be approved, and the cash becomes available quickly.

WHY SHOULD I WORK WITH FCF?

FCF has several flexible funding programs to meet the unique situations of business owners. Our customer service is unparalleled and you will be dealing with an assigned Business Development Officer directly on each and every advance for your clients. FCF offers a fast, smooth and uncomplicated process of submission-to-funding in as little as two business days.

HOW CAN THE CLIENTS USE THE CASH?

Merchants may use the cash any way they see fit! There are no restrictions on how to use the working capital. As the business owner, your client knows how to best utilize the funds to improve and increase success for their business. Whether the funds be used towards the purchase of inventory, renovation or expansion, 1st Choice Funding is only interested in helping the merchant’s business grow.

HOW DOES IT WORK?

1st Choice Funding offers a merchant cash advance (purchase of a portion of the future revenue) based on the current gross sales. After funding, repayment occurs by either a daily payment or a small percentage is deducted from credit card sales until the contract is paid in full.

WHAT IS THE INTEREST RATE?

Most programs FCF offers are similar to factoring because there is no interest rate, just a set cost. An example for a previous client shows that 1st Choice Funding purchased $26,000 of credit card receivables in exchange for $20,000 in financing. The programs are unsecured and pricing is driven by the client’s business risk profile.

WILL THE CLIENT QUALIFY?

If the merchant has been in business for at least six months and is not currently in bankruptcy, then they are well on your way to an approval! FCF will just need to have the client complete a simple funding application and see copies of their three most recent bank statements and three most recent months processing statements (if they accept credit cards).

HOW LONG DOES IT TAKE TO GET APPROVED?

Approval generally takes one business day or less. Upon receipt of the signed contracts and stipulations, funding takes place within two to four business days.

HOW MUCH CAN THE CLIENT QUALIFY FOR?

Most clients are approved in the $25,000 to $50,000 range; our funding programs start at $5,000 and go as high as $500,000!

HOW SOON CAN THE CLIENT RECEIVE THE CASH?

After completed contracts are submitted with all required underwriting stipulations, funding generally happens in less than three business days. Most clients receive their financing within a week from the time they submit a completed application with necessary statements.

WILL CLIENTS BE ABLE TO MONITOR ACCOUNT PAYMENTS AND BALANCES?

All funded merchants will have access to a dedicated customer service department available for payment and balance inquiries.