Automated Factoring Processes
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Basic Concept

Our Factoring Extranet enables us to automate certain crucial processes and deliver unparalleled web factoring services to our clients instantaneously.

Automated Invoice Verification

All factoring companies verify invoices before they fund. "Old School" factoring do so in the traditional way by making incessant phone calls to their clients customers and faxing paper documents to them for signature. 21st Capital Corp has developed exclusive technology which not only automates these procedures, but also speeds up the process dramatically resulting in extremely fast funding -- usually "Same Day Funding."

After you complete an invoicing session on our website, whether you create your invoices online using our exclusive Invoice Creation Software or upload your invoice data after creating them offline in Quickbooks®, an email in automatically sent to your contact we call the "Invoice Approver" at the customer informing him/her that invoices have been completed and await his/her approval. The invoice contains a link to the login page on our website where the "Invoice Approver" logs in and is navigated to the "Invoice Confirmation" page. He/she will approve your invoice by clicking a few buttons. He/she can also download the relevant backup documents supporting each invoice listed on the page to assist him/her in the approval process. 21st Capital Corp maintains this Site to provide you with information.

Automated Invoice Collection

Again, "Old School" factoring companies have collection departments staffed by people who spend their time calling accounts payable on the phone and hammering them for money. In the past, this conduct has given factoring a bad name. However, 21st Capital Corp has changed all of that. 21st Capital Corp is the only factoring company in the world that has every piece of data regarding every factored invoice in an industrial strength SQL database. Therefore, 21st Capital Corp knows the due date of every invoice. 5 days before each invoice is due an automated friendly email reminder is sent to accounts stating that an invoice or invoices are coming due in 5 days. After that, periodic emails are automatically sent reminding accounts payable that certain invoices are past due, past upon the invoice terms. When payment is received, the emails stop. This sophisticated system has resulted in far fewer phone calls to accounts payable, although sometimes a phone call is required, and it has sped up invoice payments, and, thereby, reduced our clients' factoring cost.

Automated Notifications

Communications take place between "Old School" factoring companies and their clients by means of manual telephone calls, emails and faxes. 21st Capital Corp has not only automated communications, but we have added cellular text messaging (SMS), as a primary communication tool. Of course, our clients have to opt-in to SMS, because different cell carriers impose different charges for text messaging. We consider SMS to be an amazingly efficient business communication tool, even though it's normally not used for this purpose. And, everyone keeps their cell device with them at all times. If you opt-in, you will receive instantaneous SMS notices of any or all of the following events:
  • When money is wired to your bank account
  • When your customer approves/rejects an invoice
  • When a customer is approved for invoicing
  • When an invoice approver or AP contact is approved
  • When legal factoring documents need to be signed
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