Searching the web I've found many potential solutions but 100% of them converted to square sizes. So, I gathered a few and solved the problem myself.
Save the code below as a .jsx
file in your Photoshop \Presets\Scripts
folder. Then, make an ACTION if want to use it with many files.
// get a reference to the current (active) document and store it in a variable named "doc"
doc = app.activeDocument;
// change the color mode to RGB. Important for resizing GIFs with indexed colors, to get better results
doc.changeMode(ChangeMode.RGB);
// these are our values for the END RESULT width and height (in pixels) of our image
var fWidth = 320;
var fHeight = 350;
// do the resizing. if height > width (portrait-mode) resize based on height. otherwise, resize based on width
if (doc.height > doc.width) {
doc.resizeImage(null,UnitValue(fHeight,"px"),null,ResampleMethod.BICUBIC);
}
else {
doc.resizeImage(UnitValue(fWidth,"px"),null,null,ResampleMethod.BICUBIC);
}
// Makes the default background white
var white = new SolidColor();
white.rgb.hexValue = "FFFFFF";
app.backgroundColor = white;
// Convert the canvas size as informed above for the END RESULT
app.activeDocument.resizeCanvas(UnitValue(fWidth,"px"),UnitValue(fHeight,"px"));
// our web export options
var options = new ExportOptionsSaveForWeb();
options.quality = 70;
options.format = SaveDocumentType.JPEG;
options.optimized = true;
var newName = 'web-'+doc.name+'.jpg';
doc.exportDocument(File(doc.path+'/'+newName),ExportType.SAVEFORWEB,options);