Factoring has been experiencing very intensive growth in recent years, especially in Central and Eastern Europe. It results from the instant growth of interest in this form of financing and from raising public awareness of factoring among entrepreneurs.
Factoring companies willing to develop themselves in an environment of fierce competition should endeavor to streamline their procedures and processes and develop competitive product offers in response to new market expectations and trends. Modern invoice factoring software is one of the most important elements that help achieve these goals and as a result affect the development of the factoring company.
Growth in an environment of fierce competition requires action on many levels, attractive pricing models and a rich offer - although this is not the only key to success. The holistic approach can be considered the best way to significantly develop factoring business. There are many factors taken into consideration by prospects looking for the best factoring company to liaise with.
Nowadays, computerization and the Internet are affecting almost every aspect of our daily lives. It becomes crucial for every factoring company to make available attractive and functional web-based invoice factoring software for their clients. At present, clients are expecting not only immediate access to their factoring transactions or the ability to submit invoices and requests online. First of all, they require appropriate IT tools that can facilitate their day-to-day work. Your factoring software cannot limit itself to providing the most fundamental features if you are planning to extend the scope of your business activity.
Among additional tools that clients find useful are e.g. cost simulators indicating the total amount of costs they incur when deciding to use a given factoring product and configurable reporting mechanisms allowing your clients to define individual report structures. Additional connectors to your clients’ internal accounting systems, allowing them to transfer invoices directly, are desired as well. The functional scope of owned invoice factoring software often constitutes the measurement of a factor’s prestige and its position on the market.
One of the key factors affecting the quality of the offer is also the ability to react quickly to changes and new market trends. How much time does it take for a factoring company to launch a new product? Depending on the product’s innovation, the time frame may exceed even half of the year. It results from the need of introducing it into the existing factoring software. Waiting so long in an environment of fierce competition is a waste of time and money. Having invoice factoring software that permits flexible configuration of many different factoring products can help a factoring company to sharpen its competitive edge on the market. Moreover, it grants the ability to react very quickly to new market expectations in advance of everyone else.
Comarch Factoring software has been accompanied by a tool allowing users to create many novel factoring products with the help of a very broad set of parameters. Launching new products becomes very easy and effects of the changes are visible immediately.