A growing financial software organization seeks proper protection for its customers and their critical financial information.
Iron Mountain® SaaSProtect Continuity™ Services
- Protection for FactorFox customers and their information assets
- Reduced risk of operational downtime for clients in the event of unexpected complications
- Increased interest that forwards business growth
- Estimated $50,000 in new revenue through client contracts with an Iron Mountain protection agreement
Harnessing SAAS Protection to Improve Business and Returns in the Financial Industry
Founded in 2004 and designed to meet an increased need for the tracking and
maintenance of factor accounts, FactorFox develops software to help companies
keep factoring information at their fingertips. Factoring allows a business to sell its
accounts receivable (or its invoices) to a third-party commercial financial company,
also known as a “factor.” Using a SaaS model application before such business
tools became popularly accepted, founders Robert Vasquez, a programmer with
financial expertise, and Jeff Callender, a factor with extensive business experience,
cornered a unique market by becoming the first organization to allow small factor
businesses and factor firms access to account information via the web. FactorFox’s
software therefore allows factors to streamline their business operations in new
and efficient ways.
At first, interest in FactorFox was limited due to a general mistrust of the cloud
and of accompanying cloud software. However, as SaaS applications became more
common and businesses became more confident in cloud services, FactorFox
garnered more attention. Yet as FactorFox witnessed an influx of potential clients,
a problem arose for the company. Their initial, standard offsite backup plans did
very little to protect their customers, and clients were harder to secure as a result.
When one prospective customer with the ability to drive significant revenue posed
the question, “What happens if and when FactorFox isn’t in business anymore?”,
FactorFox was at a crossroads.
“Although we were protecting our assets, we weren’t protecting our customers. Should anything happen to FactorFox… that could be devastating…”
-Robert Vasquez, FactorFox Co-Founder
FactorFox realized that, in the event of its unforeseen disappearance from the market,
customers could experience a disruption of operations. A new solution was needed to
keep specialized software applications running for clients in the face of catastrophe.
“Without their software, customers can’t run their histories and… their financial
transactions. When you’re keeping track of these invoices, it’s important to have your
software available to you. With that in mind, we realized we had to do something
different,” Vasquez observed. “For us, the most important thing was to be able to escrow
the source code,” he added.
Employing Escrow Services with a Name that People Trust
In order to leverage what Vasquez called a “competitive advantage,” FactorFox set
out to partner with a company that could offer safe, reliable escrow solutions for
its customers. “We needed to find someone that we could work with, team up with
and that people trust… a name that people know,” he said. When Iron Mountain
SaaSProtect Continuity services were suggested as a possibility, FactorFox’s search
for a trusted escrow vendor was over. Now, FactorFox can protect their intellectual
property while safeguarding their customers’ access to that intellectual property in
the SaaS application.
An agreement was reached, and FactorFox can now offer its clients the added
assurance that, should the unthinkable happen, their software source code will
remain in good hands. In addition, as new customers sign on with FactorFox, they
can choose from a range of protection options for their SaaS application and data,
depending on their risk and recovery time requirements. FactorFox is likewise
offering Iron Mountain’s verification testing services to verify the technology escrow
deposit. What’s more, SaaSProtect Continuity services enable FactorFox to comply
with industry legal requirements governing information redundancies.
“For us, it was a nobrainer. It was easier and made sense to go with your company just because of reputation and because of how easy it was to work with the staff and the team.”
-Robert Vasquez, FactorFox Co-Founder
Maximizing Business Potential with a Reliable Protection Program
Since engaging with Iron Mountain, FactorFox has seen a marked increase in
business and is able to attract larger factor firms based in part, Vasquez believes,
on the strength of Iron Mountain’s name. In a short time, FactorFox has seen an
approximate $50,000 increase in revenue thanks to a newfound confidence due
to escrow protection. “Since we signed with Iron Mountain several months ago,
we‘ve already begun to get new large factors on board,” Vasquez noted. “I’m pretty
sure the escrow agreement is a big part of it. They know that they’re going to be