From: Jeff Callender
Dear Factoring Colleagues,
If you own or work in a factoring company – or are planning to start one – you need good factoring software to manage your accounts efficiently. If you’ve been in the business for some time, you know how crucial good software is for tracking every client’s account smoothly and accurately.
Time-Saving Tool
Gives Your Clients 24/7 Online Access
to Reports and Creating Schedules
I am sold on this software! It is an excellent administrative system, saving a lot of time that can be better spent acquiring business.
Tony Neglia
Stonebridge Financial Services LLC
Accessible information is at the heart of what you do: every day you manage accounts, keep track of every invoice you buy, and provide reports so you and your clients can keep everything on track. It’s what a factoring office does, day in and day out.
Difficulties You Face in Your Factoring Business
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Daily data entry is a time-consuming chore, whether you do it yourself or have staff making the entries.
It takes time (and therefore cost) to:
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No matter what size of a factoring business you run, you face challenges:
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Enter client schedules
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Enter customer checks and receipts
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Provide reports to clients and broker consultants
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Enter daily transactions into both your invoice tracking program and your accounting program such
as QuickBooks.
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Calculating your factoring rates and advances, and applying them correctly to each client’s invoices you buy, may be slow and prone to error…especially with spreadsheets
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Keeping daily tabs on all your mission-critical data takes more and more time
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Tracking A/R Agings, so you know which accounts need follow up calls for slow payments, becomes
harder as your business grows
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Writing notes of these calls (that both you and your clients can record and view) may not be
convenient or even possible with your current system
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Receiving new schedules from clients and keeping a good paper trail takes more time with moreclients
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Paying daily advances and rebates to clients needs to be simple, accurate, and easily tracked
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Time is becoming scarce for marketing, performing proper due diligence, and making follow up calls
when they’re needed (not when they become a crisis).
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Like many people, I was in another career for many years which required many long hours and not enough time with my family. I learned about factoring somewhat by chance and was intrigued with its possibilities -- the high returns it provides and the means by which it helps so many client businesses. First starting as a factoring broker, I began purchasing receivables myself in 1994.
Since then I have run my own small operation for most of those years, and for a time worked for a large national factoring company. Like most, I have had my ups and downs and all these encounters have taught me how the business works, inside and out.
These experiences led me to want to teach others how to avoid the mistakes I made. Over the years I’ve written numerous books on factoring, which have made me the top-selling author in this field. I’ve provided coaching for new factors and have personally trained many successful factors who are now colleagues.
For several years I spent countless hours with spreadsheets making sure the records were done correctly. This was a slow-going, tedious process which was robbing me of time for growing the business, and time I wanted to spend with my family. For many years, one of the greatest frustrations running my business and helping others with theirs was the lack of good, affordable software for operations like mine. What was available was either 1) complicated and quite expensive, intended for banks and large factoring companies; or 2) affordable but limited in features, capabilities, and convenience that wouldn’t allow me to run my business efficiently. Therefore, I was stuck using spreadsheets.
I then developed a data base for my own use which was an improvement… but it resided on my hard disk and wasn’t convenient when I was away from my office. I spoke with other factors using factoring data bases then available who were either spending more than they could afford or weren’t very pleased with what they were using… or both. Others struggled with spreadsheets, as I did. Several people asked if they could use my personal data base, but it just wasn’t ready for use by others.
As web-based programs became available and more powerful, I realized what I needed, and what we all needed, was web-based software that could be used anywhere and that was affordable. So in 2003 I started developing new software with another factor and a professional programmer. We spent many, many hours discussing and deciding what to include and testing it… and we included just about everything but the kitchen sink. It worked, but it was sluggish and buggy and bloated.
We encountered several difficulties trying to get it off the ground, and in the end, the software didn’t succeed as we had hoped. It was an expensive, time-consuming lesson, but I learned a lot about which software features were needed not only for my company, but for other factors too.
In 2005 I set out to re-create the software, this time on my own. I hired new programmers and began to create a program that provided just what I needed, and that other factors would find useful too. The only requirements I stipulated were that it had to be:
I Started Just Like You
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Web-based, not hard disk-based
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Easy to learn and use
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Affordable for even the smallest factoring operations.
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Your Factoring Business
So what does this have to do with your factoring business?
If you’ve been factoring for a while, and are considering or are already using a factoring data base, you may have found it to be
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very expensive
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difficult to set up and configure
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hard to learn
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confusing for your clients to use
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cost extra for basic features you need - internet access, support, updates, file sharing
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providing inadequate documentation and poor support
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or all of the above.
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Fortunately, my years of learning the hard way have led to an excellent factoring software solution for everyone – from newcomers trying to decide what to use, to smaller factors using spreadsheets, to experienced factors using another data base. This software keeps exact track of all your factoring records, addresses each of your problems above, and is affordable for any size operation. The software solution is…
FactorFox
Software BY a factor, FOR factors
How FactorFox Will Help Your Business
Quite simply, FactorFox will make running your business far easier and will pay for itself many times over. It will save you time, effort, money, improve communication with clients, improve the accuracy of QuickBooks entries, and much more. Specifically:
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There’s nothing to install on your computer - we set up your data base; you just log in and go. No
head-scratching, no aggravation, no switches to set, no frustrating tech support phone calls just trying
to get the program to work the first time.
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Do you find daily backups a chore? There’s nothing for you to backup - this is done daily by both our
server host and in-house technicians. Your data is safe, secure, and always available, no matter
where you want to work. You don’t have to bother with backups, yet you can still sleep soundly
knowing your data is safe.
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Your clients can login, create schedules, and view reports 24/7/365. You don’t need to manually key in
schedules any more…your clients do it instead! AND you no longer need to fax or email reports to
clients! How many hours each day will this save you?
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You receive an automatic email notification with each new schedule your clients create online. You’ll
never wonder when a client has submitted a new schedule - you’ll know in a matter of minutes, every
time. Thus you can give better, quicker service to your clients.
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You can access your data base from any high speed internet connection -- including your web-
enabled cell phone!
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Since you’re no longer bound to work from just one computer or location, you can work from
almost anywhere! From your office, home, a client’s office, out of town on a business trip, on a
working vacation from a high class resort, you name it - just log in and view your data.
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If you have others entering data for you, they can work from their own office if you prefer, saving
you the cost of a workstation for each of them.
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Document sharing is built-in:
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Invoice copies and other documents (PDF, Excel, Word, etc.) can be quickly and easily uploaded
from client to factor and factor to client.
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This makes submitting invoices both simple and instantaneous for both you and your clients.
Eliminate the time, trouble and cost of sending and receiving faxes!
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Reports can be viewed by you, your Clients, Broker Consultants, Lenders, and (soon) CoFactors
without the need to print and fax or email these to anyone. More time and cost savings to you!
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My clients log into FactorFox to view their reports. I don't need to send them anything! It's a tremendous time saver.
Rex Brady
Fuller Funding
2. FactorFox is simple to learn and use compared to other factoring software.
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Off-site training is not needed for staff or clients, saving you off-site travel and overnight costs
(not to mention the cost of a training class itself), and the inconvenience of being away from the
office.
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You can be up and running in less than an hour; don’t wait weeks or months for the next training
class to be offered. Just log in and start.
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The thorough, online Users Guide (if you need it) is a step by step handbook that shows you
exactly what you need to do and includes numerous screen shots. It’s a mouse click away from
anywhere in the program: just click Help - Documentation. Save hours puzzling over how to make
something work!
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3. Excellent support is provided:
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Telephone and email support are available during regular business hours at no extra cost. You don’t
need to pay extra for a service agreement if you ever need help or want an upgrade. These are
included with FactorFox, automatically.
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Technical support is provided by people who use the software daily. You’ll talk to someone who
knows the product and understands your factoring business, not just a “hired hand.”
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Over 60 videos (in the Factor Module alone) will show step-by-step “how-to’s” for the most
frequently used features. You’ll see and understand instantly how to make a particular entry.
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4. For security and privacy, FactorFox comes in separate modules, each of which provides the highest level of convenience and security available. Here are the modules:
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Factor - with access to all information and records in one data baseClients - who can see and enter
only their own data
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Clients – who can see and enter only their own data
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Broker Consultants - who can see only reports that pertain to their referred clients
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Lenders - who can see their interest payments history
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Accountants - who can see only reports for a factor or client
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(Coming soon): Participation - participants can see only data which pertains to accounts in which
they participate
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5. FactorFox is provided as a very affordable annual subscription:
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Even the smallest factoring operations can easily manage its cost: no additional costs for each new
client, no burdensome total owed for months or even years when your company is new or small.
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There are no extra charges for online usage, updates, or support. You don’t pay more for basic
services you need.
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You have a choice of monthly, quarterly, semi-annual, or annual subscription payments.
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You choose the frequency of your payments.Payments are automatically made from your credit card;
you receive no invoices and don’t need to write a single check.
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FactorFox’s cost is far lower than its competition, and provides better online access and ease of use.
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6. Reports can be created and are available 24/7/365 to anyone with login privileges YOU create. No one can enter your data base without your permission.
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Even though the data base is web-based, reports can be saved instantly on your hard drive in these
formats:
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PDF
Excel 2007
Excel 2003
Excel XML
CSV
HTML
Word 2007
Text
Rich Text
DBF
XML
Web archive
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You can create paper copies whenever and only when you need them. If you don’t need them, you’ll
save a bundle on paper, printer supplies, and the time of storing paper in a filing cabinet.
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Because FactorFox creates PDF reports internally, Adobe Acrobat is not needed to create them (free
Acrobat Reader is needed to read them). Create and view your PDF reports without paying hundreds
of dollars for Acrobat!
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“Besides tracking our everyday factoring transactions flawlessly, the web based reports are fantastic. It allows my clients to receive up to date, online reporting giving them the information they need about their invoices. Thank you for being such a tremendous asset to my business!"
Don D'Ambrosio
President and CEO
Oxygen Funding, Inc.
1. FactorFox is completely web-based, online software:
7. Exports to QuickBooks take just a couple mouse clicks:
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You’ll effortlessly and accurately export your advances, discounts, consultant commissions, rebates,
wire fees, and much more.
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You’ll save hours every day over manual entries of line-by-line transactions.
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You’ll eliminate data entry errors common with tedious manual entries from spreadsheets.
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8. You don’t need to take a chance on your factoring software decision – you can try before you buy:
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Free introductory and demo videos show clearly how the product works
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My stress-free guarantee assures that you have no risk at any time during your trial period AND
subscription. (More on this in a minute.)
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Utilize the free 30-day trial! Use your very own full featured FactorFox data base and try every feature
available. Then when you subscribe, your data is retained without needing to re-enter a single item.
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What Does FactorFox Include?
FactorFox comes loaded with a complete array of features you’d expect to find only in much more expensive products, yet are included in the annual subscription at no extra cost. These include:
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The Home page (with a layout you can customize) shows thumbnails of A/R Agings, Receipts, Rebates
Due, Invoices Past Recourse, Chargebacks, New Schedules, and New Customers, and Flagged Invoices
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Factor-created logins and passwords for factor staff, clients, consultants, lenders, and accountants,
with complete modules and reports for each
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24/7/365 online schedule and invoice submission by client and/or factor
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24/7/365 online reports visible as appropriate to factors, clients, consultants, lenders, and accountants
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Invoice verification page for each invoice
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Multiple notes for each invoice, date-stamped showing who made each entry, visible to factor and
client
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Exceptionally simple creation, management, and application of multiple terms for factoring discounts
and advances
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Exporting capability to QuickBooks
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Auto-email notification to factor when a client submits a new schedule
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Auto-email notification to client when factor approves a new schedule
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Document management module for document sharing between factor and client
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Very thorough online Users Guide built into the Help menu for immediate quick reference
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Features Comparison
How does FactorFox compare to other factoring software? Here’s a chart showing features of three other products.
Feature
Free Demo Videos
Free 30-day trial
Additional free 60-day trial
for IFA members
No installation needed
Thorough Users Guide
Modules for Factor, client, consultant, lender, accountant
Online data entry
Online schedule entry by client
or factor
Online reports
Document sharing or scanning
No extra charge for support, upgrades
800 # for support
Export to QuickBooks
Unlimited # of clients
Annual subscription
No-risk guarantee
FactorFox
WinFactor
FactorSoft
'Live'
Version
Factor
SQL
1 - Optional; manual uploads required (20% extra cost + $125 setup fee)
2 - Optional; 20% extra cost + $125 set up fee
3 - Optional; extra cost
4 - eFactor required (extra cost)
1
2
3
4
4
For All You Techies Out There…
Some people want to know the technical specifications. Here they are.
1. System Requirements:
> Pentium II recommended with Windows 98 or higher.
> Internet Explorer 6.0 Service Pack 1 or higher browser required.
> High speed internet connection required (cable or DSL).
2. Programming Languages:
> DHTML, HTML, and ASP.Net.
> C#, JavaScript.
3. Database: MySQL Server 5.0.67.
4. Installation: no complicated software installation – be up and running immediately.
5. Server: application is hosted on dedicated dual Xeon servers with Windows 2003 server operating system, IIS 6.0 and MySQL Server 5.0.67 as database server.
6. Security:
> Server is protected with a hardware firewall to block unauthenticated or intruder access.
> Each page and transaction are protected by 128 bit Secure Socket Layer data encryption.
> Application level security:
> No anonymous access.
> User can log on with proper credentials only
> User can access data through the application only; there is no direct user access
to database.
> Users are recognized by Roles and data is displayed based on Authorization.
7. Backup:
> Fully redundant hardware system
> Additional twice daily backup is done offsite from the server location.
8. Uptime: 99.9% uptime.
How Much Do You Think
It Will Cost to Get All This?
How much would you pay to get all these valuable features in the same product?
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It’s completely web-based - you, and anyone to whom you give log in privileges, can access it from
any computer with high speed internet connection.
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It’s simple to learn and use compared to other factoring software - and you’re just one click away
from using it immediately.
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Excellent, free support ensures you know how to use the software, both the first time and as long as
you need it after that.
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Five separate modules are included - Factor, Clients, Consultants, Lenders, Accountants, and soon
Participation (available free to you immediately when ready).
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FactorFox is affordable for even the smallest factoring operations.
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Online schedules and reports can be created by clients and/or you and are available 24/7/365.
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Exporting to QuickBooks is easy, quick, and accurate.
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You can try before you buy.
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My clients like having online, real-time access to their account. The software has allowed me to take my business to the next level with very little monthly expense.
Kim Deveney
American Funding Solutions LLC
FactorFox is provided on an annual subscription basis, and includes subscriber support, regular updates, and maintenance services at no extra cost. The subscription is the full amount you pay -- there are no extra charges for additional features!
The subscription of $1595 per 4 users can be paid annually, or broken into smaller payments that will match any budget. Here is the cost based on payment frequency:
Monthly
Quarterly
Semi-annually
Annually
12 x $150
4 x $435
2 x $850
1 x $1595
Subscriptions are for one year. After your initial payment, your credit card is billed automatically when future payments are due. Thus you will not be invoiced and don’t need to write a check for each payment due.
FactorSoft’Live’ Version
Initial Cost:
1-4 Users: $8,000
Web Server & Data Base
2 Days Intro Class in Alabama:
$900/person
Remote training:
$750, 4 hours max.
Provided; cost not stated
Provided; cost not stated
1-4 users: $8,000
+ web server & data base
+ training
+ annual maintenance
+ support
Cost
Annual Subscription
(+ indicates additional costs for basic services)
Additional required hardware/software not included in price
Setup/Training Fee
Annual Maintenance/Support
Email Support
Total with above features
WinFactor
1 User: $550 +
4 Users: $880 +
None
$350 (required)
3 free hours1st 45 days, then $130/hour in 1 hr. increments
5 free incidents/year
1 user: $ 900
4 users: $1,230
+ support
+ manual web uploads
+ integrated scanning
+ setup fees for upload
& scanning
+ optional MS SQL costs
FactorSQL
Initial Cost:$12,000
None
2 Day Intro Class in California
(Cost not stated)
Onsite training:
additional
$2,000/year
Provided; cost not stated
$12,000+ eFactor for web access
+ training
+ annual maintenance
+ support
Compared to the others, with FactorFox you’re paying only $1595 annually for everything. You’ll be saving at least $250 over the WinFactor with four users, least $8,000 over FactorSoft, and well over $12,000 over FactorSQL with eFactor.
And unlike the competition, you get all these price advantages included:
Sometimes I’m asked why the price is only $1495. I am usually told this is too low, considering all the features, benefits, and support provided at no extra charge. After all, my competitors charge extra for some of the most basic features and services.
Quite simply, I want FactorFox to be affordable for even the smallest, newest factoring operation. Sooner or later, as my costs increase, I’ll probably have to increase the price. So if you’re interested in using FactorFox now is the best time to get on board, while the price remains as low as it is.
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The same price for 1 to 4 users
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No additional hardware or software required
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No Setup or Training fee required or charged
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Free annual maintenance and upgrades included
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Free, unlimited 800# phone and email support
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I Want to Make Sure
This Software Is Right for You
Anyone considering the purchase of factoring software will benefit from reading the free ebook 10 Key Points to Look for in Factoring Software ($9.95 value). If you are viewing this site you can obtain this ebook free! Just complete the simple form on the upper right part of this page, click Submit, and you’ll be directed to a download page immediately. The ebook is yours to keep, no matter what.
Is this ebook just a sales pitch for you to buy my software? Not at all. Believe, me, I don’t want people buying my product if it’s not the right fit for their business. You need to know what to consider when you look at factoring software programs, and this ebook will show you.
If you are...
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just starting out and are not yet using factoring software
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using spreadsheets and feel the need to step up to a more powerful, time-saving data base
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are unsatisfied with the factoring data base software you’re currently using...
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...my free ebook, 10 Key Points to Look for in Factoring Software, provides helpful direction and a simple road map to follow as you make this all-important decision. Making a poor choice can cost you untold hours of wasted time, dissatisfaction from your clients, and thousands of dollars in unnecessary expenditures – not to mention potential business losses due to insufficient A/R tracking.
Before you spend a penny, read this free ebook and learn what to look for. You’ll be glad you did!
Want to See How Easy FactorFox Is to Use?
Take a Free Test Drive!
…Heck, Take
9 Free Test Drives!
A 7 minute Introductory Video is available to introduce you to many of the screens and benefits of FactorFox. That’s your first free test drive! To view the Introductory Video, click the graphic below, and the video will open in a new page in a few moments. After it loads click the large triangular start button:
After viewing this introduction, you’ll likely want to see the 7 free demo videos which show many features and data entry pages of FactorFox Each self-running video demo is between 3 to 8 minutes in length. Here are the demos’ titles:
1. Basics
2. Entering Terms
3. Entering Clients
4. Entering Schedules
5. Entering Payments
6. Entering Receipts
7. Reports
To view these demo videos, complete the short registration form on the Free Demos page. (This link opens in a new window, so click back to this page when you finish.)
Once you have a taste of FactorFox that these demo videos provide, I am confident you’ll want to take advantage of our 30-day free trial offer. Click here to obtain your free trial data base.
I Don’t Want You to Take Any Chances with
This Important Decision, So Here’s My Guarantee…
If you have read my free ebook 10 Key Points to Look for in Factoring Software and determined FactorFox is right for you, I am absolutely confident FactorFox will meet your factoring account tracking needs on both a daily and long-term basis. So I am happy to provide a no-risk guarantee that makes your decision to subscribe even easier and safer for you.
After your 30-day free trial is over and you are a paid subscriber, if you wish to discontinue using FactorFox at any time we will not bill you for any remaining time left on your annual subscription. That means you’re never “locked in” to using FactorFox for a period of time longer than you wish.
While subscriptions are annual, you may choose to pay monthly, quarterly, semiannually, or annually. Thus if you subscribe for a few months and decide not to continue, the balance of your year’s subscription will not be billed. If you pay monthly, for example, next month’s charge and remaining charges for the year are all cancelled.
Thus you can use FactorFox completely risk free not only during the 30-day free trial, but throughout the length of your subscription as well. This 30-day free trial and guarantee are unmatched by all other factoring software companies.
Preferred Vendor of the
International Factoring Association
FactorFox has achieved the distinction of being named a Preferred Vendor of the International Factoring Association for software for smaller factors. This status provides you with two additional benefits.
1. You know that FactorFox has been recommended by a reputable association that represents factors around the world, giving you even more confidence and peace of mind.
2. IFA members receive two additional free months of use at the beginning of their FactorFox subscription. These two months have a cash equivalent value of $270 -- which is more than the IFA’s annual membership dues. Combined with the free 30-day trial, IFA members thus start using FactorFox for 3 months at no cost whatsoever.
Summing Up
I urge you to read the free ebook, 10 Key Points to Look for in Factoring Software, to help you determine if FactorFox is right for you. If it is, when you subscribe to FactorFox, you get…
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An excellent data base for an excellent price:
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Software that’s completely web-based
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Software that’s simple to learn and use compared to other products
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Excellent support and regular updates at no extra cost
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5 separate modules: Factor, Clients, Consultants, Lenders, Accountants, and soon Participation
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An affordable data base, even for the smallest factoring operation
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Schedules and reports that can be created and are available 24/7/365
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Exporting to QuickBooks that’s easy, quick, and accurate
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The ability to try before you buy (9 times!)
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Two additional free months of added to the beginning of your first year’s subscription if you are a
member of the IFA.
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The ebook is yours to keep, even if you decide to cancel your subscription later on.
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Go For It!
I look forward to your taking any or all of the 9 test drives and ordering FactorFox. I have complete confidence that you’ll be glad you did, and that your factoring business will benefit as a result of subscribing this easy to use, cutting edge software.
If you have any questions, please don’t hesitate to call me toll-free at 800 509-6088. The phone is answered 24 hours a day, and I’m available to receive your call weekdays from 8:30 am to 5:30 pm Pacific Time.
Best wishes for the success of your factoring business! Ordering FactorFox is a big step toward that end.
Jeff Callender
President
FactorFox Software, Inc.
P.S. If you’re still considering other factoring software, you’ll be interested in viewing a more complete chart comparing FactorFox to WinFactor. (FactorSoft and FactorSQL are not included in this chart because their prices start at $8,000 and $12,000, with additional features extra.) Click here to open the comparison chart.
If you’re just starting in the business, you have an important decision: you can start tracking accounts with simple spreadsheets, or you can select a data base created especially for factors.
If you’re currently in the business and using spreadsheets (and you have more than a couple clients), you’ve probably realized that you need a better tracking tool for your growing business. Spreadsheets work at first, but the problem with them is this: as your clients increase in number, servicing their accounts takes more and more time. If you don’t move up to a data base, sooner or later your business will be running you, rather than the other way around.
My clients are delighted with the simplicity of use and availability of information. And the ease of doing business from any computer is a major plus!
Rebecca Karp
Jaybec Business Funding
Affordable, Powerful,
and User Friendly
Factoring Software
by a factor, for factors
Preferred Vendor
of the
International Factoring Association
Learn exactly what your
business needs before making a software decision:
10 Key Points to Look for in Factoring Software
($9.95 value)
Free!
© 2006-2010 FactorFox Software, Inc.