It is free to create an account, start selling in the marketplace, and send unlimited invoices. Payments on the platform are 10 cents for individuals and businesses.
Instant Wallet to Wallet money transfers
Next and Same Day Bank Transfers
Item and Profile Creator to begin promoting your goods & services
Searchable Marketplace for buying and selling
Mass and Group Payments
Mass and Group Invoicing
1FX Pay is the fast and secure way to promote your goods and services in the marketplace, get paid, and send money between banks, partners, vendors, friends, or family
All funds held within 1FX are held at Evolve Bank & Trust. Each depositor is FDIC insured at least up to $250,000 dollars.
When you pay someone, the money is withdrawn from your funding source and sent to your friend's 1FX balance or bank account. In order to make a payment, simply add the recipient, amount of the payment, a note, and then select pay.
When you invoice someone, the recipient of the invoice will be notified to pay you.
Do I need to add money to 1FX to pay someone? Yes. You can add funds to 1FX or when someone pays you the funds will sit in your 1FX balance. You can then choose to use your 1FX balance for payments or you can transfer those funds to your bank account. Your 1FX balance can only be used for payments if the amount you intend to pay is less than or equal to your 1FX balance.
Anytime you're moving money between bank accounts, or looking to sell your goods and services and avoid high merchant fees, we can help. Our customers include everything from freelancers to rental and payroll companies and many more. Common use cases:
· Peer-to-Peer: Send funds between friends, business, and banks
· Invoicing clients and getting paid
· Marketplace : Setup your store and promote your goods and services
· Escrow: Hold funds in a 'wallet' until ready to release funds.
· Payouts Only: Hold funds on our platform, then issue one-day payouts to individuals & businesses.
· Freelancers and Independent Contractors who want to invoice and get paid fast
· Multi-Tenant Rental Billing
· Small Business Payments, Payroll, Disbursements
· Mass Payments and Invoicing to many people at once
· Urgent Claims, Refunds, Collections
· Account-to-Account payments – movement of funds between accounts at different financial institutions
There are two ways to verify a bank account:
2. Online Banking Logins
This article is about verifying an account with micro-deposits. When are micro-deposits required? For RECEIVE ONLY accounts, micro-deposits are not required. For SEND-AND-RECEIVE accounts, micro-deposits are typically required. What is the User Experience / Micro-Deposit Flow?
· Step 1: A user supplies their account / routing numbers to 1FX If the account has not been verified, they will have 'CREDIT' permissions.
· Step 2: Two micro-deposits are automatically initiated to the bank account that is being added.
· Step 3: A user must check their bank statement in 1-2 days. They should see two credits (<$1) from 1FX on their bank statement.
· Step 4: The user must return to the 1FX app and enter in the two micro-deposit amounts.
· Step 5: If the micro-deposit amounts are correct, the account is verified and they will receive 'CREDIT-AND-DEBIT' permissions.
Note: We do not charge a transaction fee for micro-deposits.
2018 Bank Holidays are listed below.
· New Year’s Day: January 1
· Martin Luther King, Jr. Day: January 18
· Presidents Day: February 15
· Memorial Day: May 30
· Independence Day: July 4
· Labor Day: September 5
· Columbus Day: October 10
· Veterans Day: November 11
· Thanksgiving Day: November 24
· Christmas Day: December 25
Note: Payments are delayed by one business day on bank holidays
Yes, we allow you to hold funds in escrow on our platform -- free of charge. However, we are not a certified escrow service provider. This means that certain industries may not be able to use our services as an escrow agent due to industry regulations. Where are the funds held? All funds associated to customers within 1FX are held in pooled accounts at Evolve Bank & Trust. 1FX utilizes its specialized ledger to track fund distribution within the pooled accounts.
No. 1FX clients may link their Stripe accounts to receive payments by debit&credit card.
1FX currently supports transactions between US bank accounts using ACH & Wire Transfers.
Need Faster Payouts?
Pre-fund your account for one-day payouts.
When to submit transactions:
Step 1: Supply personal information
Step 2: Supply Photo ID or SSN
Step 3: Supply Online Banking Logins
(1) Search for Bank
(2) Supply username & password
(3) Verify Account (if bank requires MFA questions)
Step 2: Supply EIN Verification Letter of Business
Step 3: Supply Banking Information
To do so, call the IRS Business & Specialty Tax Line toll free at 1-800-829-4933 between the hours of 7am and 7pm in your local time zone.
Request a 147c letter when you speak with an agent on the phone. Requesting a letter is free. They will either mail it to you or fax it to you.
Anyone who is 13 or older can create a 1FX account. However, if you are a minor (under 18), make sure you set up your account appropriately.
Unlike credit/debit cards or checks, we do not transmit or share any financial information with fund recipients or third parties. That information is only shared with banks, limiting possible identity theft. A fund recipient only has access to your name, profile picture and transaction amount.
Step 1: Click on your transaction
Step 3: Select 'Cancel Transaction' under Transaction Status
Step 4: Your transaction should now show a 'canceled' status on your dashboard.
Congrats, your transaction's canceled.
There are two ways to connect to a bank account for ACH payments:
(1) Account/Routing Numbers:
Users submit their account/routing number.
(2) Online Logins:
Users supply their online banking logins:
An ACH return is a reject generated by the receiving depository financial institution (RDFI) following an ACH transaction that tells us that the transaction could not be processed.
The most common reasons for return codes include:
Returns can happen up to two business days after a transaction has been marked as settled.
In the case of a return, we will attempt to retrieve the funds from the fund recipient. If we are unable to do so, you will be responsible for covering those funds.
Credits & Debits:
Moving funds between two users? There are two parts to a transaction:
Step 1: DEBIT an account to pull funds onto our system (funds will be held at our partner bank in an FDIC insured account in that user's name).
Step 2: CREDIT an account to push funds from our system to the recipient's bank account.
Payment instructions are submitted to the ACH network on business days (Mon - Fri). The cutoff time for submitting your transaction is. Transactions are settled at .
Note that payments are not submitted on weekends or bank holidays.
ACH Debit Example:
Transaction Status changes throughout the lifetime of a transaction.
Processing: ACH Debit batched out to and sent to the Fed
Settled: ACH debit finished and funds added into your 1FX account