At Fast A/R Funding we pride ourselves on the innovative nature of our online factoring system.  We work everyday with our team of software developers to refine and revise our system.  

Believe me, there are times when I would rather not be staying up to 1 AM to speak with our overseas team.  

Part 1 of this series of articles will focus on the technology behind the application processes for one of our online invoice factoring facilities.  I will have to keep some of the technology references very general so I don't give away any of our "secret sauce".

Phase 1 of the application - Phase 1 is completed online when a potential client finds us either through SEO, SEM, a snail mail campaign, email campaign, a direct referring website, or from good old fashioned word of mouth.  

Our potential client is asked to complete a very short (like 2 minute) online application that allows us to quickly gather information on the company to see if they may fit our critiria.  We then approve the potential client for phase 2 of the application process and the potential client receives a unique username and password to log back into our system and complete phase 2 of the application.  

During phase 2, our potential client is asked to input more detailed information on himself/herself and the company.  By gathering the information electronically we are able to analyze and verify the information submitted.  This protects both parties from fraud and makes the process much faster.  

Our next post will discuss how we sign factoring agreements electronically with our clients.