AUSTIN, Texas, Oct. 12, 2017 /PRNewswire/ -- If you are an active distributor / fulfillment center for Amazon and are going through countless hours creating invoices for your factoring company that requires invoices to get funded, MyBizPad® Amazon Software package is now available for businesses. It is a proprietary online software system developed to process high volume Amazon Invoices for factoring companies.
My Biz Pad® is an invoicing software package for businesses billing on credit terms that has an invoice factoring module. It was specifically designed for businesses that need tracking of accounts receivable due to credit sales and process batches of invoices to factoring companies for funding in a seamless method.
Due to the nature of Amazon's portal and order fulfillment process, Seller Merchants with high volume sales can generate up to 10,000 invoices a day. If you can imagine the work load for the Seller and the factoring company trying to manually post that many invoices per day every day is a very high administrative task.
Even if the Seller Merchant achieves that manually compiling the data whereas there is a definable invoice ID and a total amount due, the factoring company cannot take a spreadsheet with assigned order ID's from Amazon as collateral because it is just a reference for the Merchant. The spreadsheet and the internal assigned invoice ID's from amazon do not mention the Merchant's name on the spreadsheet or internal assigned invoices. This is a problem for a factoring company as the collateral is not clearly identified of what has been assigned.
Most buyer/seller factoring agreements specify that the invoices that are purchased shall have terms that may include date of invoice, billable terms within the guidelines of the factoring agreement of net 30, 60 or 90 days, and the notice of assignment language. The invoices must have the business name as the billing party and the Sold to party shall have the account debtor information. This completes a legal Invoice for collecting and the Merchant can assign its proper collateral to its factoring company.
MyBizPad® can generate up to 2000 invoices along with the Schedule of Accounts and XLSX file for Cadence® uploading in just 6 minutes.
In the event the Seller merchant is not factoring its invoices, the system can take the CSV file that is downloadable from the Amazon portal and create invoices based on the order Id in the spreadsheet.
1st Commercial Credit, LLC has developed MyBizPad® for its current factoring clients and is now offered to businesses in need of online invoicing software in smaller packages.
1st Commercial Credit, LLC
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SOURCE 1st Commerical Credit, LLC