Factors: The Need For Speed

Factors who use HubTran will tell you they’ve traded back-office pain for pace, productivity, and savings. It’s the inexpensive, accurate, automated way to process invoices, bill debtors, and manage documents 4x faster.

 

Auditing and verifying client invoices in order to make a buy/no-buy decision is a factor’s production line. That’s why speed and accuracy drive top and bottom line results. Fast turnaround is everything. But back offices are chaotic, paperwork-intensive operations. Keeping track of client and debtor requirements and hunting down missing documents is frustrating and time-consuming. Volume surges are unpredictable and add stress.  

Meeting expectations (or not).

While managing back-office challenges, factors also have to deal with employee turnover, client expectations, and traditional as well as new fintech competitors. The bottom line—clients demand fast payment, responsive service, and modern tools. If they don’t get them, they don’t stick around.

Eliminate speed bumps.

Factors who use HubTran will tell you they’ve traded back-office pain for pace, productivity, and savings. It’s the inexpensive, accurate, automated way to process invoices, bill debtors, and manage documents 4x faster.

Ben Van Zee of Commonwealth Capital shares their HubTran success story: “Truckers are unbelievably disorganized, so we wanted to be more organized. That’s tough because we receive docs every which way—via email, fax, and mail—often within the same load. Difficult to sort. Before HubTran, we were drowning. We were tagging paperwork like data entry clerks, but needed to streamline. With HubTran, everything is done for us. When something’s missing, nothing is needed from the account manager because resolution is automatic. Rejections are easier to manage.”

Nicole Lafollette of Foley Services describes her before and after with HubTran. “Cut-off is at noon to get same-day funding, but was taking until 2 or 3 pm. Most submissions come between 7 and 11am. We were growing and kept hiring to keep up. We no longer have to do that. HubTran is made for keeping up.  We work so much faster with automation instead of tagging, sorting docs and dealing with exceptions by hand. So funding happens much faster. We’re also better at customer service and that’s our end game.”

Be more perfect.

Extracting information quickly from a stream of client paperwork is vital to making the decision to buy invoices. It’s also important to flag and resolve exceptions and missing data. But, the risk of mistakes is magnified by manual data entry and unstructured exception processes. 

Because HubTran uses optical character recognition and advanced machine learning to extract and organize information, mistakes rarely happen. The results for Nicole and Foley were substantial. “We saw a big decrease in errors, at least 90%.”

Auditing and processing is repetitive, routine work that has to be performed quickly without sacrificing accuracy. But competitive pressures mean factors can’t overpay in filling these crucial back-office positions. And even if you hire, train, and retain the best of the best, mistakes and stress take their toll. 

Since HubTran, there has been an uptick in employee morale for Ben. “We’ve noticed things are quieter—a good sign. Fewer complaints and questions like, ‘where’s the BOL and POD?’ That’s because HubTran automatically kicks back invoices to the client when they’re missing something. So when we’re short-staffed, work is much more manageable.” 

Nicole likes how HubTran makes team performance more quantifiable. “We’re now able to track things like the number of batches and invoices processed each day, so we can be more efficient. And though we are growing, we’ve reduced our headcount by 40%.”

Easy customization, lots of support.

Change isn’t always easy. But with HubTran’s flexible, configurable system, it actually is easy. No factoring company wants to give up unique strengths that don’t conform to a rigid system or waste time transitioning to new software. They just want it to work. Chris Harrison, Director of Factoring at TBS, describes one of their requirements. “We were spending a lot of time manually adding our NOA stamp to client rate confirmations. We talked to HubTran about this, and now our NOA automatically stamps exactly where we want it on all the rate confirmations.” 

Ben notes, “It’s easy to add debtors. We tell the system what to do once, and then the machine learning goes and finds the information every time.”

“HubTran is really responsive”, says Nicole. “They created a workflow allowing us to have multiple debtor locations centralized in a single billing address. The machine learning really works.”

Chris concludes, “Our HubTran rollout was great. They really understand our goals. HubTran is a prompt, professional and loyal partner.”
 

“HubTran is made for keeping up.  We work so much faster with automation instead of tagging, sorting docs and dealing with exceptions by hand."