“As a leader in technological innovation in the Factoring and the Banking Industry for Asset Based lending, 1ST PM Factors Bancorp has leveraged its success on cutting edge technology with the main objectives of simplicity, practicality and usefulness for our factoring clients’ nationwide,” states Stephen Perl, Vice President of Marketing and Sales. In 1996, PMfactors.com also introduced the first complete Internet Accounting Interface so that its factoring client’s would be able to take better control of their finances and depend less on traditional means of acquiring information through the US mail and even by fax.

“On June 2, 2000, President Clinton made it possible for PMfactors.com to go to the next step in making it even easier for us to provide working capital to our new clients throughout the U.S. by signing the Electronic Signatures in Global and National Commerce Act which gives electronic signatures and documents the same force in law as those done in ink,” states Mr. Perl.

“Digital signatures will definitely facilitate business commerce in our industry because time to funding is critical for businesses that require immediate working capital,” states Perl. PMfactors.com’s Digital Contracts for new factoring clients are signed through a DIGITAL AUTHENTICATION process through PMfactors.com’s web site.

In order to digitally sign a contract, each new PMfactors.com client goes through an authentication process via a secured and non-affiliated third party where they acquire an authentication certificate that is equivalent to a unique digital “KEY”. The Authentication Process is based on questions from an individual’s unique credit history data stored at Experian, a business division of TRW (NYSE: TRW). Once the individual’s authentication process is over, and their “KEY” is granted, they may sign digital documents from only their computer and based only on their personal data. And the only software that a signer must have is a free version of Adobe Reader 4.0 (NASDAQ: ADBE). “Although there is not a single platform (yet), Digital signatures are now here and legally binding, and a definite tool for sales,” asserts Mr. Perl.