Bibby’s FreightCheck Division achieves 30% YOY growth with a boost from team player HubTran.
HubTran worked hand-in-glove with Bibby’s portfolio management system, FactorSoft, for a massive change. Says Bibby management: “We saw incredible improvement for the back-office staff, but the most significant...was in our relationships with clients.”
Bibby Transportation Finance’s FreightCheck Division Achieves 30% YOY Growth with FactorSoft and HubTran
“In the transportation financing and freight factoring industry, it’s all about how quickly you can get your clients the cash flow they need – and getting it to them at competitive rates,” starts Mary Ann Hudson, Executive Vice President of Bibby Transportation Finance (BTF). “Without it, they can’t keep their trucks on the road.” Small- to medium-sized trucking companies, freight brokers, and owner- operators need access to cash faster than the usual invoicing timeline. Waiting weeks or months for a customer to pay can prevent them from paying creditors and from having the cash flow necessary to run their business. BTF works to provide the reliable cash flow these companies need to haul more loads and keep growing by adding on additional trucks or drivers. For BTF, operational efficiency makes the difference between clients getting sidelined and clients being able to keep goods moving by taking on more customers. “Before we started working with FactorSoft® and HubTran, we spent a lot of time manually matching up paperwork,” says Hudson. “Our process was more labor-intensive – from keying in data to organizing emails, faxes, and scanned paper documents to chasing down signatures and other missing information.”
FactorSoft from ProfitStars® is an innovative and complete portfolio management software system. Ideally suited to transportation factoring, FactorSoft works hand-in-hand with HubTran, which automates data entry and auditing using optical character recognition and artificial intelligence to pull information out of documents and compare it to the client and debtor data.
“FactorSoft and HubTran work together so we can process client fundings much faster than we used to,” explains Hudson. “HubTran processes the paperwork and uploads it to FactorSoft for us. There’s no more rescanning, no more printing. It’s importing at the click of a button, literally. Our staff members appreciate the new streamlined process and that the systems are very user-friendly, intuitive, and easy to learn.”
“It’s importing at the click of a button, literally.”