Jack Henry Launches FactorSoft, a Web-Based Accounts Receivable Factoring Tool

During the International Factoring Association’s 27th Annual Factoring Conference, Jack Henry Lending introduced the FactorSoft web portal, a digital solution that provides lenders with the ability to grow and scale with a digital footprint.

Currently, FactorSoft is used by more than 175 lenders in the U.S. The new web portal features app-like, 24/7 mobile access to give borrowers and their customers personalized, near-real-time account information. The scalable, white-labeled solution features improved authentication and active monitoring of security threats. It is also available with multilingual functionality.

“Carriers are accustomed to using app-like experiences for communication and managing their freight while on the road,” Lindsey Morehouse, an IT specialist at Assist Financial Services, said. “It only makes sense that they have a similar experience for factoring. The FactorSoft web portal will be easy to customize so the most-used functions are at their fingertips. I’m also excited about the new security features available for business owners as well as dispatchers and drivers.”

FactorSoft supports the need of lenders that want to grow their factoring market share and need monitoring tools and controls to scale. It helps in handling administrative tasks and portfolio management. Additionally, FactorSoft is a Jack Henry-hosted network solution maintained in the Jack Henry private cloud. The required software and hardware, as well as disaster recovery services, are provided by dedicated, professional IT resources, including hardware, firewalls, virtual servers, virtual desktops, licensing and maintenance.

“The FactorSoft web portal brings digital, touchless technology to an important area of lending,” Terry Renoux, head of Jack Henry Lending, said. “Factoring can help businesses take the next step they need to expand and build our economy. The many lenders providing these services now have a modern, convenient and always accessible way to manage their client relationships and portfolios, enabling them to grow with ease. Strengthening the flow of data and communications with this web portal results in both a better user experience and improved portfolio management capabilities.”