Way back in 1993 we were hired to write a factoring program for a local factoring company called ‘Bay Area Factors’. They were using a spreadsheet to track the invoices that they factored and their bank, which held their line of credit, was nervous about them using an accounting system with no controls or audit trails.
And so the first version of our software was born. After the software was completed, Bay Area Factors encouraged us to start selling the product to the factoring industy. The ACFA was hosting a factoring convention in Atlanta later that year and we registered to attend. But first, we had to come up with a name. At the time, the fact that our software was windows based was novel, so we called it WinFactor.
The irony is that today, many people feel that a Windows based program is a bit ‘old school’, compared to their web based peers. Note to self: in the future, try not name a product based on its technology. Technology moves fast and most of our techie catch phrases have a short shelf life!