As a factoring company, you provide a valuable service to your clients, helping companies improve their cash flow and meet their short-term financing needs. You work hard to meet your clients’ needs, so you need a factoring solution that works just as hard to help your team work more efficiently, increase revenue and scale your business.
With cloud factoring software from FactorFox, your factoring company benefits from a growing list of features that offer your business unique advantages while protecting your important data. As the first factoring cloud software company, FactorFox has spent over 18 years perfecting factoring software with robust, highly efficient and affordable features.
Discover how FactorFox software helps all types of factors worldwide to optimize their operations.
Manually inputting invoice information into your business system is time-consuming, slows your team’s productivity and drives costs. Manual document processing is also vulnerable to human errors, which take additional time and resources to correct.
Many businesses of all types have moved from manual to digital processes, using data capture tools to automate their accounts receivable. The solution to automating invoice input is invoice scanning, a process that uses data capture solutions to digitize data from the invoice.
Invoice scanning with deep learning technology is one of the primary features of FactorFox software. When you scan an invoice in PDF or electronic form, the software captures and correctly stores the data. Our software uses sophisticated optical character recognition (OCR) technology to scan invoices quickly and accurately.
OCR technology turns your invoices into machine-readable text by recognizing characters and putting them into words and sentences to correctly reproduce the document. The invoice is then uploaded to our factoring software for easy searching, editing and storage.
To scan invoices through FactorFox software, use a scanner for physical documents or upload electronic ones and let OCR technology do the rest. The straightforward process reduces the manual labor needed for uploading paper-based invoices and reduces errors, diminishing your margin of error and making your back office more efficient.
Our automated data processing platform reduces data entry by over 80%. Although pricing for OCR technology is highly competitive, FactorFox factoring software lets your company benefit from OCR-driven invoice scanning for one manageable monthly price.
Visibility into your critical business data is vital to gaining insight into your operations and their efficiency. Data can show you which processes are successful and need adjustment, how long a client’s invoice has been outstanding and other information to help you manage your debtor accounts.
The easiest way to capture and view that data so you can use it to inform business decisions is through reporting. Using factoring software with a reporting feature allows you to seamlessly gather and interpret data so you can take action.
Deep reporting is one of the most useful FactorFox software features. FactorFox software allows you to create customized reports based on nearly any information you want.
To use the FactorFox software data and reporting feature, you use a scanner to upload a physical document or input an electronic invoice into the system. Once the system scans and saves the invoice, it becomes part of the data from which you can create instant reports on your business operations.
There are over 200 online reports and graphics included with every account. Examples of reports you can create include:
Our software also provides powerful and seamless integrations through FactorFox Nimbus with other mission-critical apps and services to give you greater insight into every aspect of your operations. Integrate FactorFox with your accounting software, document signer, productivity application and CRM. It’s as easy as working with the FactorFox team to find the integrations that suit your needs.
Depending on your clients’ industries, they may not always have access to a computer. With the FactorFox client app, there’s no need for your clients to have computer access to track their invoices.
Clients can log in to the app and submit documents, manage their accounts and sign invoices from anywhere with a Wi-Fi connection. While the FactorFox web-native software platform includes an intuitive interface, the app provides even greater ease of use and accessibility for your clients, wherever they are.
The FactorFox client app allows clients to begin a process from their office and finish it from the road. Clients can submit invoices, upload supporting documents, track invoices, receive alerts when advances are on the way and more, all from their phones. The app automatically tracks invoices and their statuses in real time so clients can always access their information.
Clients can take pictures of invoices and supporting documents from within the app to easily upload them. The app also integrates with QuickBooks Online for seamless transaction management.
The client app is especially helpful for clients in the trucking and transportation industry who may need to access their invoices from the road. Truckers can scan and upload documents like bills of lading, lumper tickets, rate sheets and more from their phones to manage their documents and transactions in a single place. Providing this level of accessibility to your clients makes you a standout option among your competitors.
Aside from its robust features like transaction tracking, document uploading and data security, the FactorFox client app features a user-friendly interface and intuitive dashboards to give your clients their information at a glance. The app is available for download for Apple devices and Google mobile devices.
Creditworthy customers are one of the essential factoring requirements for your clients. As a factoring company, you have to be sure your clients’ customers aren’t slow-paying, as they could pose more of a risk to your operations. It’s your responsibility to conduct due diligence and determine customers’ creditworthiness before buying ownership of the accounts receivables. You must perform credit checks to check your clients’ customers’ credit scores.
FactorFox factoring software allows free credit check reports through our integrations with credit agencies Ansonia, FactorsNetwork and CreditSafe so you can verify the credit scores of your potential debtors. Our factoring software helps you seamlessly get the information you need.
Efficient and robust factoring software is a must for running your factoring company. To meet modern factoring demands, you need software that supports your clients, streamlines your operations and grows with you. With FactorFox software, you gain robust features like intelligent reporting, invoice scanning and a client-side app that boosts customer satisfaction and trust.
FactorFox provides customizable factoring software to increase efficiency and improve your bottom line. We take data security seriously, distributing our software over a secure private network and utilizing security features like firewalls and data encryption to keep your and your clients’ critical information safe. Our experienced staff also offers ongoing support to ensure you get the most from our solution.
To see our factoring software in action, schedule a free demo.