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FAQs Who is behind the development of FactorFox and why was it created? How is FactorFox different from other software products for the factoring industry?
Answers
Who is behind the development of FactorFox and why was it created?
FactorFox’s design and production evolved over 3 years, with factor and author Jeff Callender being the driving force behind it. Jeff wanted an online software package for his factoring business, and felt the other packages available were either too expensive or too limited for his own business as well as others. Therefore he teamed up with skilled software programmers to create FactorFox.
How is FactorFox different from other software products for the factoring industry?
In many ways! First it was written originally and specifically as a web-based program for factors, not converted to the web from another application, or developed with old technology. That means it runs completely on secure servers and requires no disk space on your hard drive, has seamless integration with the net, and can be shared easily among several users at the same time from any location with an internet connection.
Its reports are available 24/7/365 to virtually anyone you give the pertinent permissions to view, including staff, clients, broker consultants, and private lenders. Your clients and you can enter schedules any time online, and automatic email notification is sent to you when a new schedule has been submitted. When you approve the schedule, another automatic email is sent to your client.
FactorFox was created especially for smaller factoring operations... not with large banks or similar institutions in mind. Thus smaller factoring companies are not forced to fit into molds demanded by big operations. This makes for a more simplified interface and enhanced ease of use for subscribing companies.
Cost is significantly lower than most other programs, and there are no additional charges for add-ons like annual support, upgrades, web-based report availability, and additional users. And the written documentation (available within the program) is thorough, clear, and actually answers your questions about using the software on a daily basis.
For a list of FactorFox’s features and technical specifications, click here. To see an in-depth comparison with WinFactor, click here.
What operating system is required to run FactorFox?
Pentium II or higher systems with Windows 98 or higher are recommended. High speed connections such as DSL or cable are required and the program requires MS Internet Explorer (the most recent version is best). FactorFox is not optimized for other browsers such as Mozilla FireFox, which should not be used, though other browsers will work in a future version. The Google toolbar and Yahoo toolbar cause conflicts and must be disabled when using FactorFox. However, these programs can still be used in an independent browser window when using FactorFox.
Can someone give me a demo of FactorFox?
A self-running introductory video is available for viewing, as well as a series of 7 video demos. This series gives you an excellent idea of the program’s look and feel, easy navigation, and answers most of your preliminary questions.
After viewing the demos, you are welcome to register for a 30-day free trial which gives full access to all of FactorFox‘s features. All data entered during this period can be kept and need not be re-entered when you subscribe. We are happy to personally work with you as you get started entering information during the 30-day free trial, and provide one-on-one assistance as needed during this time.
Do you provide a guarantee to subscribers?
Yes, we provide a no-risk guarantee that is the best in the industry, and makes your decision to subscribe as safe and easy as possible.
Do you provide training classes for new users?
We don’t feel such classes are really necessary for several reasons:
- FactorFox is quite easy to learn and use without them.
- With one or two phone sessions with a FactorFox staff person during the 30-day free trial, new users consistently say a class isn’t needed.
- Our support is provided free of charge during and following the 30 day free trial period.
- The online Users Guide answers just about every question new and experienced subscribers have, and is just a mouse click away.
- Costs for travel, lodging, food, and time away for training classes add up quickly and would significantly increase your start up costs. If it’s not needed in the first place, why spend it?!
Will the documentation actually help me use the program?
Exceptionally well! From the Help page within FactorFox, the full written documentation in PDF format is provided, clearly describing each menu and each page of the program. This are not skimpy instructions which tell you very little beyond the obvious.
The built-in search feature lets you find all references to virtually any word or phrase in the Users Guide in the blink of an eye.
How much does FactorFox cost?
FactorFox is provided as an annual subscription. That means once you subscribe and your account is activated, you have full use of every one of its features for the next 12 months. You are not charged extra for additional users, web access to reports or schedule creation, nor our handy document sharing module, DocuFox.
Payments can be made at intervals convenient to you, with automatic charges to your credit card on an annual, semiannual, quarterly, or monthly basis. They are charged automatically so you don’t need to hassle with invoices or remember to pay your next installment. Costs vary slightly with the frequency of your payments, and are explained on the Free Trial and Order pages.
Is my data secure on FactorFox? What about backups?
Yes. FactorFox uses the safest encryption methods available on the internet (Secure Socket Layer, or SSL), and your data base URL begins “https://” showing this security measure is in place. Further, a hardware firewall is used on our server to provide additional security from unauthorized hacking.
Backup of your data is done automatically by our server so you need not worry about losing the information so vital to your business. Further, additional backups are made twice daily at a remote location from the servers.
Remember, Jeff is a small factor too, and uses FactorFox for his factoring business. He is as concerned about security and back up as everyone else!
What are the currency symbols used?
Currency symbols ($, £, etc.) are not used so any currency using a base-10 numeric system will work fine.
What reports are provided?
Over 25 reports come built in to FactorFox, and each has several filtering fields which generate multiple specific and different reports. Together these make about any piece of information you need just a few mouse clicks away from any page in the program.
Reports specific to clients, consultants, and lenders are available in their particular modules, and these individuals have access just to the reports which pertain to them. Only the factor has access to all reports.
Remember, because your clients, consultants, staff, and others can view reports 24/7/365, you do not need to provide reports for others. They simply log on and view the reports themselves!
In what formats can reports be viewed or exported?
All the reports are viewed on the FactorFox reports page online, and with a simple mouse click, are immediately exported to any of these formats:
- Excel
- HTML
- Web archive
- TIFF
- CSV (Comma delimited)
- XML file with report data
If you want to save reports to your hard drive, you can do so using any of these formats, making paper copies optional but unnecessary. If desired, you can email a report in any of the above formats, or print or fax reports using any printer driver you have installed on your computer.
Can a client or factor create invoices using FactorFox?
Both the factor and clients can create and enter Schedules, with invoices to factor listed on them, at any time. The ability to create invoices (to send to clients’ customers) within FactorFox is under development, and will be provided in a future release. When this feature is added, there will be no extra charge to any subscriber for this capability.
Both a client and the factor will be able to create invoices, and save them in any format (PDF, etc.) described above. The factor or the client can then print the invoices if needed and mail, fax, or email them to customers. Clients choosing to create invoices in other programs such as QuickBooks are welcome to continue doing so; creating invoices in FactorFox is purely optional.
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