Factoring is an ancient, paper-based business model that has hardly changed since its inception. The small business client sends paper invoices
to the factor by snail-mail, overnight mail, fax, etc. The factoring company stamps or stickers the invoices with factoring notices
and re-mails them, usually by snail-mail, to the clients' customers for payment. The factoring company also has a collection department. Its personnel
spend their time on the phone hammering accounts payable personnel for payment.
Our Extranet Factoring System
Our Exclusive Factoring Extranet is a secure, password protected website where all parties, including your organization, your customers and our personnel,
collaborate virtually, in real-time, in the factoring process. Think of it as all 3 parties working in the same virtual office. The
result? The fastest invoice funding in the factoring industry.
The Benefits of Extranet Factoring
Same-Day Funding
With few exceptions, most of our clients are funded on the same day they invoice their customers, an
impossibility for other factoring companies. The reason: no time or distance separation. All 3 parties to the factoring process, including our factoring clients, their
customers, and our own personnel, work in the same virtual office - our Factoring Extranet. "Old School" factoring companies, which rely upon the
receipt of paper documents, simply cannot fund as quickly. We know this, because we used to operate with the same "Old School" paper-based
factoring model before we developed our Paperless Extranet Factoring System. Learn more
Create your invoice offline in Quickbooks® and upload the invoice data to our server.
Adjusting Journal Entries
If you use any accounting software to create invoices which you factor, your books will be out-of-balance, because
factoring involves the sale of the account receivable, the receipt of cash, etc. Your accounting system must be adjusted to account for these events
by recording appropriate adjusting journal entries. Normally, this task is performed by the company accountant, at a cost.
However, we provide our clients with the correct entries, free of charge .
Automated Adjustments for Quickbooks® usersLearn more
Just click a link on the Transfers page in the History section of our website and our server will connect to
your Quickbooks and write post the correct adjustments to your Quickbooks® as journal entries,
automagically.
Published Manual Adjustments for Non-Quickbooks® usersLearn more
We publish the correct journal entries on the same History page so you can easily post the adjusting journal
entries to Quickbooks® yourself, manually. You can even copy and paste them into your adjusting journal entry dialog box.
Email and Cellular Text Message Funding Alerts
Document Management System (our "Virtual Filing Cabinet")Learn more
Our Exclusive Automated Invoice Collection System, which uses email and web pages, has virtually eliminated "Old School" phone calls
to accounts payable. However, sometimes personal phone calls to accounts payable can be beneficial. Therefore, we encourage our
clients to contact accounts payable to assist in collections, if necessary, and we provide a real-time, online aging to make it easy.
Check out our other web pages which are accessible from the Menu, at the top, and the Sidebar, at the right, or watch our Flash Tutorials for
detailed information & instructions.
Your Customers' Role - Approving your Invoices Online
Our server automatically sends an email to the "Invoice Approver" when you have finished creating your invoices online or
uploading your Quickbooks® invoice data to our server. This is the contact person at your customer who approves your invoices
so that accounts payable knows which invoices are ready for payment. The email contains a link to the Invoice Approver's login page
on our website, where he/she will log in securely and approve the invoices by clicking a few buttons. barring any unforeseeable issues,
you will be funded the same day by our wire transfer deadline. Nothing could be faster or simpler.
