First Media Funding
What is First Media Funding? First Media Funding is a Holt Media Companies affiliate that offers receivables liquidity to the out-of-home marketplace. FMF has partnered with DOmedia to simplify the process of executing on one of their core product offerings known as 3 Day Quick Pay. Through 3 Day Quick Pay, media sellers can submit media contracts between their company and a buying company for 3 Day Quick Pay consideration. If approved, FMF will purchase the entire contract's receivables from that media seller for 90% of it's value. As the media seller performs on that contract, they provide FMF with proof of performance and receive payment from FMF within 3 days of each insertion start date.
To start, FMF will be utilizing DOmedia to execute 3 Day Quick Payments requests on contracts between media sellers and OOH Pitch only but may expand to include other buying companies as we move forward.
For more information on 3 Day Quick Pay, please visit First Media Funding's website here. How do I see this process in DOmedia?
Please note - unless authorized, please do not take the below actions on LIVE or DEMO. Feel free to use TEST to walk through and better understand how DOmedia is helping FMF execute on 3 Day Quick Payments. FMF is represented as a buying company in DOmedia.
In order to see this process happen in DOmedia, the following things must be true:
1. The buying company (e.g. OOH Pitch) that you're creating a contract for must has the 'Participating in Financing' company level flag turned on.
2. The buying company client (e.g. OOH Pitch's T-Mobile Local) that you're creating a contract for must have been approved in FMF's client approval dashboard:
If and only if the client has been approved by FMF, then media sellers with the appropriate permissions will be able to request 3 Day Quick Pay on media contracts that they receive from the buying company for that client through DOmedia.
3. The media seller user who is selected to receive the media contract from OOH Pitch for the approved client must have the appropriate permissions to request 3 Day Quick Pay. Those permissions are currently granted to all approved seller users by way of the 'Seller - Approved' permission module. -- Once you've confirmed that the above mentioned items are true, you can follow the process below to see the 3 Day Quick Pay process executed in DOmedia: RFP RFPs created and issued for approved clients will notify the seller upon viewing the RFP that any contract that may result from this RFP will be eligible for 3 Day Quick Pay.
Contracting 1. As OOH Pitch's Jennifer Seickel, create a media contract for the client T-Mobile Local Field Marketing and issue it to Interstate Outdoor Advertising's Candace Tisdell. 2. As Interstate Outdoor Advertising's Candace Tisdell, approve the newly issued contract. You can approve the contract from the seller's contract dashboard:
Or from the seller's view contract page:
3. As Interstate Outdoor Advertising's Candace Tisdell, once you've approved the original media contract, you'll now have the option to Request 3 Day Quick Pay. You can request 3 Day Quick Pay from the seller's contract dashboard:
Or from the seller's view contract page:
4. As Interstate Outdoor Advertising's Candace Tisdell, once you click the Request 3 Day Quick Pay button, you'll be asked to agree to terms of service, type to sign, and request approval:
Once the seller user has signed and requested approval, they will receive a success message:
The seller can now track the approval status of the requested 3 Day Quick Pay Contract in their Funding Contract Dashboard. To access the funding contract dashboard, hover over the Funding dropdown menu in the white navigation menu and select Contract Dashboard:
The seller's funding contract dashboard will show all contracts that they've requested 3 Day Quick Pay on and the status of each:
5. Once a seller has requested 3 Day Quick Pay, an email will be triggered to FMF's Pat Martucci with details about the request and the media contract:
6. As FMF's Pat Martucci, you can view all 3 Day Quick Pay requests by accessing the contract dashboard:
From FMF's contract dashboard, Pat Martucci can manage all 3 Day Quick Pay requests.
View - Allows FMF to view the media contract between the media seller and media buyer Revise Price - Allows FMF to adjust the purchase price percentage from the default 90%, which will automatically update FMF's Purchase Price
Accept - Allows FMF to accept 3 Day Quick Pay requests and create a Funding Contract between FMF and the media seller. If the request is accepted by FMF, a new "funding contract" will be created and live in FMF's funding contract dashboard - more on that below. Deny - Allows FMF to deny 3 Day Quick Pay requests Export - Allows FMF to export a PDF version of the purchase agreement between FMF and the media seller that requested 3 Day Quick Pay Many of these same actions can be taken when FMF is viewing the contract as well:
Once the 3 Day Quick Pay request is accepted by FMF, FMF will receive a success message:
And the seller will receive an email notification that their 3 Day Quick Pay Request has been accepted by FMF:
Once a 3 Day Quick Pay request is accepted by FMF, the purchase agreement between FMF and the media seller will now live in FMF's Contract Funding Dashboard, which is accessed in the Funding drop down menu:
FMF's Contract Funding Dashboard shows all 3 Day Quick Pay requests that have been accepted and the status of each:
Because payments from FMF, are triggered by the seller providing Proof of Performance (POP), sellers now have the ability to provide POP at the billing addendum level of the media contract between the seller and the buyer:
When a seller provides POP, FMF will receive an email notification:
The POP that sellers provide will flow through to FMF's funding contracts and populate the Date of Payment by Buyer field with a date that is 3 days after the POP was taken:
The legal document that accompanies this 3 Day Quick Pay Funding Contract is attached here.