Factoring Details

Customer Information

When you create invoices using our online system, or upload invoices from Quickbooks, our system will prompt you to enter your customer's information. In addition to the regular information, consisting of company name, address, phone number, etc., you will also enter the information for your contacts at the customer with whom we will communicate by email:

• Name
• Phone number
• Job title/position
• Email address

Also click the check boxes denoting his/her responsibility:

• Accounts payable
• Invoice approver
• Timesheet approver, if you are in the staffing industry

There are 2 ways to Factor

1. Create your invoices online using our Free 24/7 Online Invoice Creation Software

This revolutionary application is similar to and just as simple as webmail applicationd such as, HotMail®, Gmail®, etc., and is nearly as robust as accounting software, minus the double entry aspect.
10 Minute Flash Movie Demo

2. Create your invoices online in Quickbooks® & upload the invoice data to our server

This is the only Quickbooks® Factoring Integration application available. Other factoring companies their clients to mail them their paper Quickbooks® invoices. Our clients simply create their invoices offline in Quickbooks® and upload the invoice data to our server. This revolutionary application leverages Quickbooks® with the amazing power of our Factoring Extranet. It's the Best of Both Worlds. Caveat: You must not mail Quickbooks® invoices. We mail all invoices.
10 Minute Flash Movie Demo

Document Management Virtual Filing Cabinet

Your documents that support your legal right to invoice your customers must be stored in our Virtual Filing Cabinet. There are 2 ways to store them:

• Fax paper documents using our bar coded fax cover sheets, or
• Upload scanned paper documents or computer files, such as PDFs, Word documents, Excel spreadsheets, etc. Click here to download doPDF, the free PDF conversion tool with which you can convert any document to PDF format before uploading it

Our Unique Approach to Collections

The staff of other factoring companies' collection departments spend all of their time making verification & collection phone calls to their clients' customers. Our verification process involves the use of automated emails to the customer contact decision maker which navigates him or her to a verification web page where he or she approves the invoices in question. Collections are similarly automated. Phone calls are rarely necessary.

We Keep Your Accounting System Balanced

Creating factored invoices in any accounting system, including Quickbooks®, will cause an initial imbalance, because the accounts receivable asset has been sold, cash has been received, and some initial cost has been incurred. The same is true after the invoices have been collected. Therefore, appropriate adjustments must be entered reflecting these events. We are the only factoring company that offers free accounting adjustments, which assures that your accounting system is always in balance, and eliminates he necessity of massive, costly period end accounting adjustments.

• Our Exclusive Quickbooks® Plugin:
• Internet Explorer users will initially download and install our ActiveX control.
• Firesfox, Opera, Flock, Netscape, and Safari users will download and install our Netscape Plugin.
• Both are imbedded in your browser creating a communications channel between your Quickbooks® and our web server.
• Upload Quickbooks® invoices with one click on the Add/Edit Invoices page of our website.
• Post accurate factoring adjusting entries to your Quickbooks® with one click on the Transfers page of our website, free of charge
• Automated Quickbooks® Adjustments:

Merely click the Adjustments link on your Transfers web page, and, voila!, the adjustment is entered in Quickbooks®. However, if you choose not to use our adjustments technology, you can still make your own manual adjustments using our free suggested entries like non-Quickbooks® users.
• Non-Quickbooks® users

We post comprehensive recommended accounting adjustments on the Transfers web page, regarding each transfer we have made to your bank account. You can make manual journal entries by copying and pasting these suggested entries into your accounting system for each transfer, or you can do so monthly, quarterly or annually.

90% Advance Transactions:

All new clients start factoring at an 80% Advance (see below). However, at our discretion, and after we have had sufficient collection experience to demonstrate that your customers pay their invoices promptly, you will have the option of receiving a 90% advance when you release your invoices on our extranet for us to process, for any transaction which meets all of the following conditions:

• The total transaction amount, including all invoices, must be $10,000 or greater
• All invoices must have Net 30 day terms, or less
• The customers being billed must have AAA credit

If all these conditions are not met, a 90% Advance will not be available, and the transaction will be processed with an 80% Advance (see below). Rebates are only available for 80% Advance transactions and are not applicable for 90% Advance transactions. The Factoring Fee for 90% Advance transactions is a flat 10%.

80% Advance Transactions:

Fee Plans:

• Plan 1:
• $50,000 minimum transaction value
• $10,000 minimum individual invoice value within each transaction
• Customers must be highly creditworthy
• Plan 2: All other transactions.

Rebates:

By advancing 80% of the value of each factored transaction, we actually purchase your invoices at a 20% discount from face value. The discount consists of our factoring fee and your "Rebate," which is your share of the 20% discount, based upon the collection period, which is detailed in the Fee Plan table below. The sooner your customers pay, the higher your rebate and the lower our fee.

Rebate Table

Rebate & Factoring Fee Table Rebates are funded daily, as available
	Fee Plans
Collection Period	Plan 1		Plan 2
Number of Days	Rebate	Fee	Rebate	Fee
1 - 10 Days	19%	1%	18%	2%
11 - 20 Days	18%	2%	17%	3%
21 - 30 Days	17%	3%	16%	4%
31 - 40 Days	15%	5%	14%	6%
41 - 50 Days	13%	7%	12%	8%
51 - 60 Days	11%	9%	10%	10%
61 - 70 Days	9%	11%	8%	12%
71 - 80 Days	6%	14%	5%	15%
81 - 90 Days	3%	17%	2%	18%
Over 90 Days	0%	20%	0%	0%
21st Capital Corp is the only factoring company that publishes its factoring fees

Hypothetical Example:

Assuming a $10,000 transaction, Plan 2 and a 30 day collection period, your initial advance will be $8,000, our fee will be $400 and you will receive a rebate $1,600, or a total of $9,600, including the advance. Of course, the rebates & fees for your transactions may differ.