A model for element abundance fractionation between the solar chromosphere and corona is further developed. The ponderomotive force due to Alfvén waves propagating through, or reflecting from the chromosphere in solar conditions generally accelerates chromospheric ions, but not neutrals, into the corona. This gives rise to what has become known as the First Ionization Potential (FIP) Effect. We incorporate new physical processes into the model. The chromospheric ionization balance is improved, and the effect of different approximations is discussed. We also treat the parametric generation of slow mode waves by the parallel propagating Alfvén waves. This is also an effect of the ponderomotive force, arising from the periodic variation of the magnetic pressure driving an acoustic mode, which adds to the background longitudinal pressure. This can have subtle effects on the fractionation, rendering it quasi-mass independent in the lower regions of the chromosphere. We also briefly discuss the change in the fractionation with Alfvén wave frequency, relative to the frequency of the overlying coronal loop resonance.