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FactorFox Software News and Updates
FactorFox Software Innovation News
At FactorFox we believe it’s imperative to be at the forefront of computer science research and technology development to give our customers an advantage over the competition. Working with our factors to enhance current features, develop new ones, and brainstorm for the future, we’re able to improve our software year after year. Our customers benefit tremendously from our innovative features that streamline processes and increase their overall profitability.
FactorFox Nimbus Release September, 2018
FactorFox Nimbus was designed to streamline operations and scan for any transactions that deviate from what is standard, normal, or expected. Our newest release includes new automation, increased speeds, smarter software, and better reporting.
New accounting and transactional audit trails are fully integrated to ensure data integrity and full transparency. The FactorFox private ledger is encrypted and will be the foundation for moving over to blockchain when it is ready for this industry. Blockchain technology is the public ledger that will be used in the future for fraud prevention, security, payments, verifications, and many more possibilities. FactorFox will have a private blockchain that will work with the public blockchain model offering much more security and anonymity.
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Factor to Customer Invoice Verification
Factors now can send customers invoice verifications at any stage. With just one click from the transactions page, factors can send the schedule and invoices to customers for online verification. The customers then approve the invoices and submit, and the notes section for the client, customers, and invoices are updated.
Client and Customer Document Delivery
FactorFox’s electronic document delivery service to clients and customers easily and securely delivers e-documents. The service helps factors significantly reduce costs and wait time for document delivery. The factor gets a quick return on investment by leveraging our technology through a hosted solution.
FactorFox Automated Collections
The FactorFox automated collections module sends emails reminding customers of payments due the factor. Through a secure link, customers can communicate with the factor as to which invoices will be paid in full, and which will not, or have an issue. Automating the collections process improves efficiency, minimizes write-offs, improves customer relationships, and reduces days sales outstanding (DSO).
Client and Customer Document Sharing
Share and request documents from clients and their customers over the web using a secure link. Get notifications when your clients and customers send and receive documents. Send these documents from our built-in CRM and carry it through to client and customer conversion.
Credit Exchange and FactorFox Software LLC Partnership
FactorFox is always looking for ways to save our factors and their client’s money and increase efficiency with day-to-day operations. When transportation clients can run their own credit reports on the road right from their rig, everyone benefits. Offer your clients the ability to run free credit reports on customers, enabling them to determine if a load can be accepted without having to contact you first or return to the office. How is this possible? FactorFox is integrated with the Credit Exchange, a product of the Factors Network, to provide free credit reports to factors and their clients.
Early Fraud Detection Only on the FactorFox Network
With FactorFox, our subscribers leverage the strength of our network; as a result, we’ve been able to stop dishonest clients trying to defraud factors. Our software alerts a factor entering a new client that another factor already has this company as an active client. This early detection gives our factors an additional layer of safety and prevents clients from moving from factor to factor to commit fraud.
Iron Mountain and FactorFox Partnership
FactorFox uses Iron Mountain’s SaaS Protect Escrow Services to safeguard both our source code and the object code in conjunction with Iron Mountain’s LiveVault® server backup service. This also protects your personal data as well. FactorFox subscribers have a greater comfort level knowing they have recourse if something goes wrong. It also helps factors demonstrate proof of compliance so that they can avoid exceptions on their audits.
RackSpace and FactorFox Partnership
Partnering with RackSpace makes a lot of sense for us. Using the hybrid dedicated and cloud servers have given FactorFox the ability to rapidly and dynamically scale resources up and down to efficiently meet business demands. More importantly, FactorFox and our customers benefit from Rackspace security and compliance requirements. This frees FactorFox to focus on software development while RackSpace focuses on hardware, network software, backup, and redundancies.