AR Factoring - Q and A with Matt Begley of Fast A/R Funding

Posted by Jonah Schnel on Thu, Nov 17, 2011

ar factoring, ar factor, ar financing, ar factoring company, ar financeAR Factoring - Q and A with Matt Begley of Fast A/R Funding

I thought a great blog article would be a summary of a recent conversation I had with Matt about the development of our program and how our online AR factoring system can help today's small businesses.

Q - Jonah:  I know you have been in the AR factoring business a long time.  When you had the idea of starting Fast A/R Funding did you have a specific idea or concept for the business?

A - Matt:  Yes.  When we first discussed starting a new AR factoring company I felt the most important thing was that the company had to stay at the forefront of technology. 

Q - Jonah:  When most people think of technology, AR factoring isn't the first thing that comes to mind.  Can you expand on that?

A - Matt:  Sure.  Factoring is a great business.  It really helps a lot of companies that would otherwise have no access to outside capital.  The downside of the business historically is that it is very paper intensive.  Therefore, in the past, companies have had to rely on snail mail, fax's, and photocopies in order to sell invoices and receiving funding from an invoice factoring company.  My idea was to build our own software using the latest technology with the goal of eliminating all the paperwork in factoring.  The idea wasn't to invent new technology but to take advantage of continually evolving and advanced technology tools and apply them to the AR factoring business. 

Q - Jonah:  How has it turned out?

A - Matt:  It has been great.  We have been able to bring the vision to reality even faster than I imagined.  We are on version 9 of our software already in a matter of months.  The most recent addition to our software has been our new Quick Books integration tool.  All of our clients that our using Quick Books can upload invoices to us automatically just by clicking a few buttons.  It has been a big time saver for our clients and removes unwanted double entry that would often otherwise be necessary.

Q - Jonah:  So what are the real world benefits to your clients by the elimination of all the paper?

A - Matt:  Its all about speeding up the process.  The benefits to our clients are three-fold.  First, our clients don't have to spend a ton of time preparing paper documents that they then would have to mail to their factoring company.  Second, because we have all the information in digital form we are able to be more responsive to our clients.  Finally, we store all the documents within our system so all the information is readily accessible to us and our clients 24 hours a day.

Q - Jonah:  So, if you were to summarize some of the key other differences with our AR factoring firm in addition to technology advantages, what would they be?

A - Matt:   We are different because we usually don't have things like long term contracts or monthly minimum fees.  With us, you only pay for what you use.  I would invite anyone reading this and looking for more information about our firm to check our FAQ or click the link below and learn more about AR Factoring with Fast A/R Funding.

 

 

Tags: Accounts Receivable Factoring