We are pleased to announce that “flex” payment processing is now online! This is a critical enhancement to our payment processsing service as it gives platforms & funds the ability to split off the amount due to them from an issuer’s payment and then forward the balance to investors. This is for those funds and platforms who have a sponsor/developer/asset paying, say, X% interest and who then pay investors Y%; capturing the difference in fees.
Here’s how it works (for manual postings, API posts are pretty much the same)...
1. Log onto your FundAmerica dashboard;
2. Click the “Securities Manager” tab;
3. Next to each security in the system is a “Make Payment” button, click that;
4. Enter the amount due from the issuer and how we will be getting the lump sum to distribute (ACH, check, wire or funds in existing escrow);
5. The system will auto-calculate how much each investor is due based upon # shares they own (for equity) or face value (for debt);
6. Click “Add add’l payee” <= this is a non-investor payee, usually the fund or fund manager or platform;
7. Input how much of the issuers payment is going to this payee, the system will now recalculate how much is due to the investors;
8. Click “DONE” and the system will make the ACH distributions to both the investors and the add’l payee, and of course retain all the payment records for the ledgers and the tax records.
Our fees are:
Setup – $0 (no cost)
Event – $0 (no cost per payment event)
Payee – $0.50 per ACH payment made
Tax Records – $0 (no cost)
This service is available to all of our platform and fund customers in conjunction with escrow and AML services. We make it easy not just for you to conduct online offerings in compliance with SEC and state regulations, but to manage the offering post close through the entire life cycle. More new features and tools coming soon!