'Electronic' factoring?

'Electronic' factoring?

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Has anyone had experience of dealing with UK based factoring companies on a full 'electronic' basis, i.e.sending files of invoice/credit note data and also sending graphical images of hardcopy invoices/credit notes in the same way.

I have a client who needs to optimise the cost-effectiveness of his internal financial control and concentrate on delivering quality customer service and we want to automate the links between the company and the factoring company as much as possible, as well as the client companies.

If any one has been exploring this route, or has successfully cracked I would like to share their trials and tribulations, and successes of course.
Trevor Chenery

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By AnonymousUser
05th Oct 1999 06:45

For factoring visit http://www.dancerace.com
Based in the historic city of Bath, Dancerace plc is a specialist software company that designs cutting-edge, tailored, quality software for the factoring and invoice discounting industry. DanceRace has 24 factoring sites in the UK and one abroad. Factoring in the UK, in volume terms, is dominated by the high street, bank-owned factors who traditionally, have developed and maintained their computer systems in-house, but are now starting to shift their attention to the cutting-edge electronic systems invented by DanceRace.

The company’s first product was an administrative software programme called C3 which is now used by more than half of the UK’s factors to manage approximately £6 billion annual turnover: 11 million invoices account for about 15% of this, and the remainder is invoice discounting. Among C3’s triumphs is the fact that its users have never lost a day’s work in six years and none of its users have required technical staff to maintain it.

DanceRace’s next invention was E3 – the first European real-time Internet access system, providing the factors’ clients with instant access to their accounts and enabling them to send new invoices and information from their accounting systems direct to their factoring companies. An electronic shadowing feature is currently being designed to allow full ledger information to be copied from factored companies which administer their own cash and credit control, to their factor’s computer system in a secure environment.

DanceRace’s clients include Argent, Ashley, Bibby, City Invoice Finance, Euro Sales, Generale Bank, Hampshire Trust, Maddox Bibby Factors, Osborne Best, RDM, Reedham and Regency.

FOR FURTHER INFORMATION CONTACT RANDLE WILLIAMS 01225 409000

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