Is it really possible for your team to manage more transactions than they do now, without stress or overwork?
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!
How is this possible? FactorCloud’s automation offers incredible efficiencies over what have traditionally been manual processes. For example:
- Rather than manual data entry of purchase schedules, our Firebolt OCR (optical character recognition) can read schedules and automatically enter the data into the system.
Similarly, supporting documents (invoices, bills of lading, rate confirmations, etc.) can also be read by Firebolt and automatically assigned to the proper transaction.
Instead of matching payments to invoices by hand, your team can import lockbox files and the system will automatch by cross referencing remittance detail. This provides instant application for perfect matches, allowing more time to manage exceptions and unapplied cash.
FactorCloud’s integration with Ansonia means you can configure your credit approval criteria, allowing the system to automatically approve credit up to a certain level.
The Collections Tool not only automatically prioritizes invoices for collection based on your rules, but it also combines all invoices for that debtor regardless of client. So one collections agent can check on everything outstanding at one time.
The Client Portal is designed to reduce the number of inbound calls from clients, inquiring about items such as the status of their funding, reserve balance, or general reports. They can log in and view their data directly instead.
Audits go more quickly and smoothly with our built-in reports. Give your auditors a login and they can download what they need without tying up your staff’s time.
Instantly see if an invoice you’ve emailed to a debtor has bounced back, rather than having to contact them in 30 days only to find out they never received it.
Automatically generate Notices of Assignment and Article 9s. Click one button to send these documents to hundreds of debtors.
It really is possible for factoring companies’ operations employees to manage more transactions with FactorCloud. Rather than focusing on boring, repetitive tasks, your team can now turn their attention to customer care, managing exceptions, being more proactive about potential fraud, and even bringing in new business.
Click here to find out more and schedule a demo, or call us at 888-888-0694. We’d love to help!
Learn more about FactorCloud's participation in the factoring industry.