FactorCloud Article Hub.

Thought provoking write-ups for the Factoring industry.

  • All
  • Blog

How have factors been handling the unique obstacles of 2020? In partnership with some of our friends at factoring companies, we have created an Industry Feature. This piece dives into the problems…as well as the solutions and creative thinking that many factoring companies have brought to bear on the situation.

Come on, admit it – you’ve always wanted to harness the power of machine learning, haven’t you? You’ve lain awake at night fantasizing about something that’s faster. Smarter. Better. Powerful technology that can end paperwork drudgery and create efficiencies for your biggest bottlenecks. No? Is it just us?

Change can be hard. Here’s how we make switching factoring software easy. We have moved many factors over to FactorCloud, so we’ve got a system down. We’ll do all the heavy lifting for you. Here are the steps:

We get it – accounting is a critical part of your factoring business. That’s why we designed FactorCloud to work seamlessly with your accounting team and software. Here’s our plan.

We have heard all the complaints about customer service (or the lack thereof) with most factoring software vendors. Phones that go unanswered. Emails that are ignored. Technical support tickets that go into a black hole, perhaps getting a response two or three weeks later.

Audits can take a ton of time and paperwork. Key team members are pulled away from their day-to-day responsibilities to pull hundreds of documents and answer endless questions. It doesn’t have to be this way. With FactorCloud, you can give the auditor a secure login and they can pull data directly.

Offering factoring services to transportation brokers has been a challenge until now. FactorCloud makes it easy to factor brokers and make payments to carriers. It’s fast and seamless. No more workarounds, no more hassles, no more wasted time.

FactorCloud is the factoring software that’s flexible, designed to custom fit your business. Our goal is to match – or even enhance – your current workflow. After all, your software should work for you, not the other way around.

Time is money, and collecting payments faster can have a huge impact on your factoring company’s stability as well as your profits. FactorCloud’s Collections Tool helps you collect more money, faster, by answering these questions.

Unfortunately, in the factoring business, even small errors can add up to large risks, including fraud and loss. FactorCloud can help protect you from liability. Since it was created by factors, for factors, we built in multiple layers of risk protection based on typical errors that can occur.

Factoring is a labor-intensive business. There are a lot of documents that need to be matched to transactions. There is data entry. There are credit approvals. There are collections. Now you can end the tedium of repetitive tasks and leverage artificial intelligence (AI) instead.

Are you tired of multiple logins? Of going back and forth between software programs? Of paying for several systems? Of downloading data from one and uploading it into another? It doesn’t have to be this way.

Is it really possible for your team to manage nearly 80% more Net Funds Employed? On average, factoring account executives can manage somewhere between $1.5 and $2.3 million in NFE apiece. After switching to FactorCloud, we saw that number jump to $4.2 million per person instead – nearly an 80% increase!

In this first post on our secured lending blog, we’d like to explain what we mean by “raining profit.” Now, our goal with this blog is to talk mostly about you – the factors, ABLs and banks that we serve – rather than us. But since we’re new to the market, we thought it would be appropriate to introduce ourselves and give a little backstory.

  • 1
  • 2

Are you considering switching factoring companies? FactorCloud is an existing factoring company that grows with your business. Our powerful automations and integrations enable you to save time, reduce costs, and optimize your business.

+1-888-337-6542

Get in touch with us!