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As many of us know, factoring has
been around for 4,000 years now. It
has been traced back to the Mesopotamian’s period with the first records
of written invoices. The first record
of factoring here in the United States
was before the American Revolution
to accommodate the shipping of
goods from England to the Colony.
However, it did not become popular here in the United States until
around the late 1920’s for the textile
and garment industries. Then after
the war years, factoring expanded to
other type of businesses.
for the future
Technology is changing at a rapid
pace. In the last twenty-five years,
we watched our software revolution-
ized from a Main Frame system to a
DOS based product to a SQL based
product. FACTOR/SQL still continues
to integrate the latest technological
advancements and stays ahead of
the demands of an evolving Factoring
market. For 25 years we have worked
closely with Factors to understand
the software needs of a diverse
industry. Every Factor has his or her
own unique way of doing business
and structuring fees, but everyone
has the same goal – maximize income
while minimizing risks. Factor/SQL’s
add on solutions allow the Factor to
subdivide your corporation into indi-
vidual companies in order to monitor
and manage the diverse portfolio.
◗ Transportation Module gives you
the flexibility to factor invoices
for the transportation broker by
directly advancing to the client,
carriers and other third party
◗ Vendor Payment Module is another
add on solutions which provide
you the opportunity to track third
party vendor disbursement such as
employment taxes, payroll deposit
and insurance payment.
◗ Investors Module allows you to efficiently manage capital provided
by the Investors and/or the Participants. It also provides quick
access to the information such as
cash in use, invoices and concentration.
◗ Merchant Cash Advance Module
is a solution designed to help you
structure and monitor against
future credit/debit card sales
funding, track receipts, and manage portfolio performance.
◗ Asset Based Lending Module allows you to provide alternative
financing in addition to Factoring.
Financial companies can now manage both factoring and asset based
lending clients in one consolidated software program.
In addition to the add on
solutions, 3i Infotech has also
partnered with Ansonia Credit Data
to provide real time credit reporting information through Factor/SQL.
This tool eliminated the needs of
the user having to open up another
application to access the information
needed to determine the debtor’s
3i Infotech Financial Software Inc