Full Factor

Full Factor
The traditional approach to factoring

If you're happy to pay a factoring management fee and prefer to stay with the traditional approach to factoring ("Full Factor") MyFactor can still help you by acting as a central communication point between you and your factor.

As the MyFactor service develops, our aim is to help encourage a new breed of factor - one where communication and transparency is regarded as key to customer service. These new factors will use MyFactor as the basic system for handling all interactions with their customers, as well as for managing their day-to-day tasks.

Until that happens, there is no reason why existing factors cannot use MyFactor for communicating with their customers. For this situation we have created an even lower-cost monthly subscription, focusing solely on providing communication features. Since all day-to-day property management would still be carried out by your factor, you won't need the same set of features that are required for efficient self-factoring. By using MyFactor you'll get more peace of mind and access to the same networking features such as the contractors directory.

The question then becomes - why would my factor agree to do this?  In some respects this will be driven by market demand - as factors adopt the MyFactor system for communication then homeowners will tend to use those factors.

It's worth remembering that it won't cost your factor anything to use MyFactor for communication - so there's no excuse.