Interstate Capital reported it purchased over $64 million of receivables during the month of October 2013, a 12% year-over-year increase for the month. Tony Furman, President of the Interstate Capital Group of Companies, explained, “October is an historically strong month for us, but until October 2013, we had never exceeded $60 million of purchases during any October on record. Year to date, Interstate is running approximately 14% ahead of last year.
Separately, Furman announced the promotion of Ernest Eisenberg to President of BidPay, Inc. BidPay is an Interstate subsidiary that provides an “Active Payable Discounting” service for Fortune 500 companies. Through BidPay, any supplier or vendor may obtain prompt payment from BidPay’s clients by submitting discount bids on their approved invoices through the BidPay payable auction site. Furman, who also serves as CEO of BidPay, projects BidPay will auction over $1 billion of trade payables in its first twelve months of operations and $25 billion of payables annually within five years. “I am extremely excited to have Ernest on board for this ambitious project.” Ernest has served as a Vice President of Interstate Capital for over a year and previously was a senior executive with an Austin, Texas based commercial real estate development and management firm.