Factoring Technology
In today’s time, people cannot imagine running a business without the aid of technology. And the evolution of technology has changed the way we do business on a daily basis. Computers, software, apps, video, etc. have allowed companies to expand their businesses well beyond the borders of their home base. For factoring, it has created endless possibilities on how and where business can be done.
The Evolution of Factoring Technology
In the 70’s and early 80’s as factoring was just coming to light as one of the newest options to assist businesses with cash flow, everything was done by hand. Limiting the amount of business that a factoring company could take on. Because computers were relatively new to the business world and incredibly expensive, many companies used what they knew best, pencil and paper! It took hours to process schedules, write checks, post payments and create and sign contracts. Face to face time was not lacking and allowed companies to build relationships with their clients, but it limited the number of clients a factoring company could take on.
As technology advanced, the factoring industry also advanced. Software programs began to take the place of pencil and paper, allowing for more information to be processed faster, giving factors the ability to take on more clients. The use of email was a game changer for all industries. Faster communication with their clients created an avenue for growth. While face-to-face time is often lost, factoring companies can now expand their factoring efforts across the US and beyond. Online banking provides for clients to be immediately funded, no more running a check to the bank. Social media has given factors the ability to target their advertising to companies that will most benefit from a faster cash flow.
Technology is an ever-advancing force that will continue to allow companies and industries to push beyond what they ever thought was possible. Factoring has grown exponentially and will only continue to reap the benefits that technology has to offer benefiting small businesses across the world. While technology has its positives and negatives, in the world of business, it’s a gain for everyone.
For almost 40 years American Receivable Corporation has reaped the rewards of advancing technology. Come by our office to see our typewriters and fax machines. We apologize, the landlord put out the fire for smoke signals!
Call or email us to learn how factoring can benefit your business.
Celebrating 39 Years
American Receivable Corporation
972-404-4726
