Let’s face it - most of the risk and mistakes in factoring come from plain ol’ human error. For example, imagine an operations employee that intends to fund an invoice for $4,000, but accidentally adds an extra zero and sends the carrier $40,000 instead. Scenarios like this have been known to give factoring company leaders sleepless nights.
Rest easy! Since FactorCloud was created by factors, for factors, we built in multiple layers of risk protection based on typical errors that can occur. For example, we added both Maximum Invoice Amounts and Maximum Funding Limits to ensure that accidental overfunding doesn’t happen.
In addition, process automation also reduces human error. When our Firebolt OCR (Optical Character Recognition) automatically captures invoice number, reference number, and dollar amount, they don’t have to be rekeyed by a person who may occasionally transpose numbers.
FactorCloud even helps reduce problems on the back end, with collections. The system confirms email delivery, so if an emailed invoice goes into a black hole, you’re notified immediately rather than 30 days later when someone calls to check on payment.
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.
Find out more or schedule a demo here, or call us at 888-888-0694. We’d love to talk about how we can help protect your company!
Learn more about FactorCloud's participation in the factoring industry.
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