Merchant Account for our Factoring Clients

P-Card* Invoice Payment Processing

*aka Purchase, Purchasing, Procurement & Credit Cards

The P-Card Invoice Payment Trend

Today, many large organizations, including governmental agencies, have deployed or are deploying P-Cards payment systems for the payment of vendor invoices as part of paperless initiatives. 21st Capital Corp has a Merchant Account and we accept P-Card payments as an accommodation to our small business clients at cost - we do not markup the fee charged by the processing company.

We Charge You Our Exact Cost - No Markup

Card Knowledge

Level-3 Purchase Card Data enjoys the Lowest Processing Cost
  • “Level-1” card data is typically associated with consumer transactions and provides limited purchase data back to the cardholder (your customer).
  • “Level-2” data adds more information to benefit the corporate/government/industrial buyer, but the number of fields is limited because of the restricted data capture capabilities provided by most hardware-based POS terminals.
  • “Level-3” (also known as Level III) provides line item detail back to the cardholder, which is equivalent to the information found on an itemized invoice, and requires greater system capability. We have partnered with 3 Delta Systems, an online gateway, to handle data processing and increase the likelihood of delivering Level-3 data to cardholders.

P-Card Level-3 Processing Costs as of 3/15/2009

Mastercard Transactions
Less than $8,750 2.15% Flat
$8,750 or more ("Commercial Large Ticket") 1.60% + $40.00*
Visa Transactions
$5,000 - 8,750 1.34% + $35.00
$8,750 or more ("Commercial Large Ticket") 1.74% Flat

Here's How It Works
It Couldn't Be Simpler For Your Customer

  • Your Customer's Initial Data Entry
    • Your customer will login to our secure website and enter information regarding an unlimited number of credit cards they may use to pay invoices. They will enter this data once.
    • Type of Card
      • Mastercard
      • Visa
    • Cardholder's Name
    • Credit Card Number
    • Expiration Date
    • IVC (3 digit number on back of card)
      • Provided
      • Not Provided

  • How Your Customer Will Make Credit Card Payments
    • An A/P person will login to our website, select the following, and our server will automatically send Level-3 Data to the Processing Gateway, assuming the transaction is equal to or greater than $8,750.
    • Payment Method - "Pay By Credit Card"
    • Which Credit Card to Use
    • The Invoices to Pay by Clicking Checkboxes
    • Click the Submit button
    • Click the Submit button on the Confirmation Page

Cost-Benefit Analysis

If your customer wants to enlist you in its P-Card invoice payment program, it generally makes good financial sense both to join and to factor your invoices with 21st Capital Corp, especially if your invoices represent "Commercial Large Ticket" merchant account transactions, defined as $8,750.00, or more.
  • You will need a Merchant Account in order to participate in a P-Card program.
  • Merchant Accounts are difficult for small businesses to obtain, because the processing companies which issue these accounts see them as "high risk," based upon the fact that vendees (i.e., your customers) have the right to dispute charges for up to 6 months, and demand repayment from their bank, which will demand reimbursement from the processing company, which will demand reimbursement from you.
  • 21st Capital Corp has a large line-of-credit Merchant Account which your customers can use for payment. That means you don't have to go through the grueling process of trying to qualify for one, and probably won't obtain, anyway.
  • Faster Invoice Payments Means Lower Factoring Fees
     Most studies indicate that vendees are able to dramatically reduce the time from invoice receipt to payment using P-Cards.
  • P-Card invoice payments should result in lower total cost
    • Your factoring fees and P-Card processing costs combined, should be less than factoring fees alone than if your customers paid by check rather than P-Card.
  • 21st Capital Corp's merchant fees are the lowest available, which we pass on to our clients with no mark up.

Caveats

  • Know how long it takes your customers to pay
    • If your customers take an inordinately long time to pay by P-Card, it could cost you more in combined factoring fees and processing costs, than if they simply paid by check. THEREFORE, IT IS WISE TO GET A VERY STRONG INDICATION FROM YOUR CUSTOMER HOW LONG IT WILL TAKE THEM TO PAY BY P-CARD BEFORE YOU AGREE TO ACCEPT P-CARD PAYMENTS.
  • Make sure we will be able to provide Level-3 data
    • Before accepting your customer's P-Card invoice payment request, work with them to make sure that they will provide LEVEL-3 DATA so you will enjoy the lowest processing costs.
  • Clearance Days
    • Merchant account funds are delivered to the bank by ACH transfer, and don't usually hit the bank until 2 days after the transaction is processed.

Processing Cost Reserve

You will be prompted to check a checkbox after you have created/uploaded your invoice(s) indicating that your customer will pay the invoice by P-Card. The amount of the additional charge for processing the Purchase Card payment can vary considerably, depending upon the quantity and quality of data we are able to deliver the processing company when the P-Card transaction is processed. The 3 levels of data are: Level I, II or III data. Level III data enjoys the lowest processing cost.

Since the actual cost will not be known until we receive our monthly credit card processing statement, we will reserve 3.5% of each invoice amount from your advance. For example, 80% advance transactions will actually receive 76.5%. However, when we receive our monthly statement we will rebate you the difference between the 3.5% processing reserve and our actual cost, if any.

Free Web Factoring Services
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The Only Paperless Invoice Factoring System
Fastest Invoice Funding Available
The other invoice factoring companies are paper-based. They can't fund until they receive all paper invoices and backup documents. 21st Capital Corp can fund in real-time, because our extranet connects all partners to the invoice factoring transaction: your company, your customers and our personnel in a 24/7 virtual invoice factoring office eliminating the necessity for paper documents. And we usually fund the same day you create your invoices.
Online Invoice Creation - Amazing
Unless you use Quickbooks, you will create your invoices for factoring, paperlessly, using our online invoice creation system, which is available 24/7. The other factoring companies are paper-based. They can't fund until they receive all paper invoices and backup documents. 21st Capital Corp can fund in real-time, because our extranet connects all partners to the invoice factoring process: your company, your customers and our personnel in a 24/7 virtual invoice factoring office eliminating the necessity for paper documents. And we usually fund the same day you create your invoices.
Smartphone Factoring - Incredible
Our amazing smartphone integration technology enables you to use your smartphone on our powerful invoice factoring extranet as if it were a desktop or laptop computer, such as:
  • Create factored invoices on your smartphone
  • Create your factored invoices in Quickbooks Online & upload the invoice data to our server using your smartphone
  • Check your factored aging
  • And so much more...
Use any smartphone, such as:
  • iPhone
  • Android
  • Symbian
  • Blackberry
  • Palm
  • Windows Mobile
Factor from Quickbooks - Simple & Productive
Quickbooks users can create factored invoices offline and upload the invoice data to our server avoiding double data entry. We support both the Quickbooks desktop and online versions. We also adjust your Quickbooks over the internet - see "We Keep Your Accounting System Balanced," below.
We Keep Your Accounting System Balanced
Invoice factoring will cause your accounting system to be out-of-balance and it must be adjusted, because you sold the asset (account receivable) and received cash. We automagically write the adjusting factoring journal entries to Quickbooks over the internet. We display the factoring adjusting entries on our website for all other accounting systems so you can just copy & paste. Just Login, select Transfers from the History menu and click Import to Quickbooks for any transaction. The link is not present if you have already imported a transaction to Quickbooks.
Email & SMS Alerts
We notify you by email of all important factoring events on our extranet affecting you, and you can can opt-in and receive text messages (SMS), also.
  • When we wire you money
  • When your customer approves/rejects an invoice
  • When we approve a customer for factoring
  • When we approve a customer contact
  • When any of our legal docs need authentication (electronic signing)
Automated Verification & Collection System
All other invoice factoring companies verify & collect invoices with incessant telephone calls. Our system is automated and uses emails and web pages, instead. It's infinitly superior to pounding your customers' employees with phone calls.
Extensive Reporting Including Online Aging
  • Real-Time Aging
  • Payments
  • Customer Check Images
  • and more
Electronic Timesheets for Staffing Companies
Our electronic timesheets enable you to effectively outsource your factored billing to your workers, who create the timesheets. This process virtually automates your billing freeing you to concentrate on growing your business.
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Smartphone Invoice Factoring - Incredible!

Can you imagine creating invoices online and factoring directly from your smartphone? Amazingly, our mobile site is smartphone optimized and has virtually all the functionality of our classic extranet site, with a few exceptions, such as, Quickbooks integration & document uploading. Visit our mobile site by pointing your smartphone browser to www.21stcapital.com or just focus the camera in your QR enabled phone on the QR Code, above.


HTML5 Video Demos
Learn All Aspects of Our Unique Invoice Factoring System
factoring tutorials

    Subject

    Length
  • Extranet Overview (Coming Soon)
    		•
  • N/A
    		•
  • Online Invoice Creation
    		•
  • 10 Min
    		•
  • Quickbooks Factoring Integration (Coming Soon)
    		•
  • N/A
    		•
  • Accounting Adjustments (Coming Soon)
    		•
  • N/A
    		•
  • Electronic Timesheets for Staffing Firms (Coming Soon)
    		•
  • N/A
    		•
  • Invoice Approval (Coming Soon)
    		•
  • N/A
    		•
  • Backup Documents - Virtual Filing Cabinet (Coming Soon)
    		•
  • N/A
    		•
    Our Online Partners
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    Customer Credit Reports
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    EIDVerifier®
    Personal Credit Report
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    Public Filings
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    Fax Services
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    P-Card Processing

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