About Innovative Business Funding (IBF)
IBF was organized in 2009 shortly after the evolution of Checking Account Based In House Financing. The company's Headquarters in Western Pennsylvania. Our professional staff has well over 20+ years experience in Financing, Marketing, Advertising, and Business to Consumer Sales. A successful Regional Management and Sales team throughout the country serving businesses, small and large.
Global Check, one of the pioneers of Electronic Debiting and Checking Account Based In House Financing, is the financial source behind all the business transactions and customer service. VISA is the Guarantor of payments for the IBF program.
IBF is a Authorized reselling agent for Global Check 's Accounts Receivable Conversion program or ARCNET. IBF's overall program has evolved into a revolutionary way of Business to Consumer In House Financing
Global Check is a 15 Year Old Company and a long time member of the National Automated Clearinghouse Association (NACHA) and the Electronic Check Council
Global Check is the processor for VISA. VISA provides the guarantee for the ARCNET program. Visa and Global Check are in direct partnership with the program. Global Check is responsible for all transaction processing which includes running all checks through the National Check Network (NCN).
Frequently Asked Questions:
Q: This seems like a great way to do In House Financing, Is this type of Checking and Income based financing new?
A: Yes its relatively new and fast becoming the preferred option of businesses and their customers. Credit companies are rethinking financing and realize that Short term Checking based finance is what the customer wants.
Q: Who handles all the transactions and customer service for the program?
A: Global Check is the financial processing company behind our program and handles all transactions and customer service for the merchant.
Q: Who is Global Check?
A: Global Check is a large electronic check clearing company that has been in the Electronic debiting business for over 15 years.
Q: What is the relationship between IBF and Global Check?
A: Global and IBF have an agreement where IBF has developed a program that promotes and sells the In House Checking Based Financing program to merchants across the country. IBF is a Authorized Selling agent for Global Check ARCNET.
Q: Why does your program work and how is it different from traditional lending?
A: We are truly NO CREDIT CHECK we don't ask for a Social Security number and there is no credit inquiry, credit report, or report of the debt at all since the program is only up to 90 Days, our mission is not to keep the customer in long term debt, but instead give them a great option, and be done quickly. Results in repeat sales and referrals.
Q: Do you base it on the customers Credit Score? if not how is approval done?
A: We do not base approval on the customers credit rating at all, we require they have Legal Photo ID, Most recent proof of income or award letter for subsidized income etc., and a Established checking account with the address matching the ID (We do not ask the customer for personal checking account statements). We also run the checking account against a National Database of Bad Check writers.
Q: What are the costs to the customer for using the program?
A: A low $35 application fee (must be included in the first payment) and 6.95% interest for up to 90 days! No hidden fees, no ballooning rates.
Q: How does the Business owner get paid?
A: Customer writes post dated checks which are entered by the business employee into Global Check's online Accounts Receivable Program (ARCNET). Payments are withdrawn electronically from the customers checking account on agreed dates and deposited to your business account, behind the scenes, seamlessly, and paperless.
Q: Do we have to send payments and deposit the post dated checks locally?
A: There are no statements to send or checks to process locally.
Q: What's the approval rate of applicants and how is the amount limit of financing set?
A: Our approval rate of applying customers is 85-90%, approved in minutes, finance amount based on 50% of monthly Household income so the customer knows immediately what is available to them.
Q: Who Guarantees the business owners payment from the customer?
A: The customers payments are GUARANTEED by Global Check and VISA Check.
Q: What if a customers payment is returned by the bank to Global Check?
A: If a payment is returned Global Check will notify the Business owner who then faxes copies of the items collected at the time of application to Global Check. Global then deposits those funds on behalf of the customer and will recover the payment directly from them.
Q: How much will it cost my business to use the program?
A: We have a low ONE time setup fee, then its only $15 month, No annual fees.
Q: How long is the agreement ?
A: 12 month agreement that recurs annually FREE.
Q: How much will equipment to use the program cost?
A: There is no equipment to lease or buy!
Q: What do customers like most about this program?
A: How easy it is and how fast approval is. Customers feels very comfortable with our program, no prying into their personal finances.
Q: Do the checks have to be post dated for monthly payments and for a total of 90 days?
A: No, You control the program completely customers can pay monthly, bi-weekly, weekly, or key dates for their income. Very flexible.
(952) 583-1142 .
