Real-time freight visibility data allows factoring companies to automatically verify truck locations prior to purchasing invoices
Atlanta, GA (March 30, 2021) - FactorCloud factoring software today announced that it has integrated TruckerCloud’s freight visibility data into its platform. ELD-based data pinpointing trucks’ exact location is now available within FactorCloud. This allows factoring companies to view accurate location data, either in real time or retroactively. Prior to purchasing an invoice from a transportation client, FactorCloud customers can now verify that a load was picked up and delivered at the correct locations and specified timeframes.
“Today, factors spend a great deal of time on the phone, doing verifications manually. It takes so much time that they typically are not able to verify as many deals as they’d like, leaving them open to fraud or loss. Integrating TruckerCloud’s data into FactorCloud means that our customers can quickly and easily verify every load for carriers within the TruckerCloud network,” states Johnny Bond, CEO for FactorCloud. “This new functionality will save factoring companies time and money, as well as reducing risk.”
“We’re excited to be partnering with FactorCloud,” says Spencer Mitchell, CEO of TruckerCloud. “Since our truck location data is ELD-based, it’s extremely accurate and reliable. Factors can now confidently verify loads without conducting endless phone calls to trucking companies. And debtors will appreciate not being interrupted by multiple verification calls.”
Factoring companies have flexibility to decide which loads they want to track, since the system is “pay as you go.” Some freight factoring companies choose to automatically verify all loads, while others only check on higher value transactions or those from newer customers. This integration helps automate tedious manual processes and save time. In the same way, the adoption of AI and Machine Learning is revolutionizing the Factoring industry.
Learn more about FactorCloud involvement with the 2021 Factoring Conference by reading our press release ->
FactorCloud is a complete invoice factoring platform allowing growing factoring companies to increase efficiencies, scale operations, and lower risk. Highly configurable and permissions-based, FactorCloud allows every factoring company to meet the changing needs of the market while improving the performance of their portfolio. And now transportation factors can easily verify loads with the touch of a button. Grow revenue. Reduce risk. For more information, visit www.factorcloud.com
TruckerCloud allows factors to eliminate verification calls, saving time and money. The company is a pioneer in trucking solutions and supply chain management. A technology innovator, TruckerCloud’s cloud-based platform provides unprecedented, real-time freight visibility to factors, shippers, carriers, brokers, and others in the trucking and transportation industries using a flexible ELD- and API-based visibility gateway. The patent-pending digital, permission-based carrier onboarding capability makes it simple to add new carriers and brokers. The system is already integrated with the most popular ELDs in the market. For more information, visit www.truckercloud.com.