The International Factoring Association (IFA) announced that FactorsNetwork and Clarus Merchant Services have joined its Preferred Vendor Program. The vendors will now offer exclusive discounts to IFA members.

The IFA’s Preferred Vendor Program enhances its member’s investment by helping to control their firm's costs. Companies admitted as preferred vendors undergo a rigorous screening process and must satisfy IFA’s stringent qualifications, which include demonstrated industry knowledge, expertise and commitment. IFA monitors the preferred vendors to ensure that their members receive the highest quality products and services.

FactorsNetwork provides an online platform where factors work together to increase their profitability and competitiveness. Members can pull Credit Reports free of charge as well as monitor and analyze their portfolio. CarrierMonitoring and the ChameleonCatcher programs have been well-received by transportation factors, as well as the Sales Tool to help find new clients. They are offering IFA members 33% savings on their annual membership fee, from $3 per day to $2 per day.

Clarus Merchant Services offers a custom program developed specifically for how the factoring industry processes their credit card transactions. Their program provides detailed reporting that allows tracking of each invoice and fee transaction for easy account reconciliation with customers and clients. Their professionals work with each member to ensure all processing costs are covered and that they remain in compliance with the guidelines of MasterCard / Visa. IFA members will have direct access to a dedic