In this first post on our secured lending blog, we’d like to explain what we mean by “make profit rain.” 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.
We used to be a factoring company, BAM Capital (part of BAMFi). Factoring is a hard business. It’s risky – you’ve got to make sure you’re only making loans that will be repaid. It’s labor-intensive and full of paperwork – your team has to process a lot of documents, quickly and without errors. Customers are demanding, and there’s no excuse for missing a funding deadline. Margins are razor-thin, which makes investing in growth difficult.
We knew that technology could help reduce the amount of paper and staff time required, as well as reducing mistakes and risk. We looked at all the factoring software platforms on the market and couldn’t find one that we liked. They were either too complex and klunky, or not robust enough to keep up. So we decided to build our own, which became FactorCloud.
Before FactorCloud, our operations employees were managing an average of $2.3 million in NFE apiece. After they started using FactorCloud, this number increased to $4.2 million per person, nearly an 80% increase! That’s when we knew we wanted to get out of the factoring business and share FactorCloud with other factoring companies, ABLs and banks. (Read more about our history here.)
If your existing operations team could manage more transactions, what impact would that have on your business? You could redeploy some team members to focus on business development or customer service. Or you could grow without adding labor costs. Being more efficient has the potential to drop directly to your bottom line, essentially “Making Profit Rain.”
We’re excited to share FactorCloud with the industry! Come see us at the 2020 IFA Association Conference, April 22-25 in Nashville. Or, if you can’t wait until then, learn how FactorCloud can help you make profit rain by scheduling a demo now.
Learn more about FactorCloud involvement with the 2021 Factoring Conference by reading our press release ->