Factor Case Study
And 90%+ error-free.
In the factor world, speed and accuracy are the name of the game. A buy/no buy decision is their production line, and inefficiency is a factor’s downfall. Back offices are chaotic at best, and hunting down missing documents is frustrating and time-consuming.
And that’s exactly how HubTran can help.
Factors who use HubTran tell us 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: “We receive docs every which way—via email, fax, and mail—often within the same load. Before HubTran, we were drowning. With HubTran, everything is done for us. When something’s missing, nothing is needed from the account manager because resolution is automatic.”
Nicole Lafollette of Foley Services also experienced a dramatic transformation. Same-day funding cut-offs that typically got missed now come in early, they no longer needed to hire to keep up with the growth, and automation made lives easier. She says, “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.”
Because HubTran uses optical character recognition and advanced machine learning to extract and organize information, mistakes rarely happen. The results speak for themselves: Foley saw at least a 90% decrease in errors.
Since HubTran, there has been an uptick in employee morale for Van Zee. “We’ve noticed things are quieter—a good sign. Fewer complaints. 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.”
Lafollette says, “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%.”
Factoring companies can’t afford to conform to rigid systems or waste time transitioning to new software. Chris Harrison, Director of Factoring at TBS, says, “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.”
“HubTran is really responsive”, says Lafollette. “They created a workflow allowing us to have multiple debtor locations centralized in a single billing address. The machine learning really works.” Harrison concludes, “HubTran is a prompt, professional and loyal partner.”
To learn more about how HubTran can speed up your back-office processes and increase accuracy, schedule a demo today.
The machine learning really works. HubTran is a prompt, professional and loyal partner
Nicole Lafollette | Foley Services
Current Factor System
CADENCE / FactorSoft
- “Drowning” in paperwork
- Constantly hiring new employees to keep up with demand
- A constant stream of errors to resolve
- Paperwork is 90%+ error-free
- 40% reduction in staff required to do same amount of work
- Documents get processed 4x faster