FactorCloud

FactorCloud is a cloud-based factoring solution designed for factors of all sizes. According to the vendor, it aims to help factors grow revenue, reduce risk, and improve customer trust. This solution caters to various professions and industries, including factoring companies, financial services, freight and logistics, manufacturing, and staffing and recruitment.

Key Features

Automation: According to the vendor, FactorCloud offers powerful add-ons within its ecosystem to save time through automation. Brightbolt manages automated schedule creation and payment application, while TruckerCloud verifies freight location and delivery. The client portal includes a funding status tracker to reduce customer calls.

Terms: The vendor claims that FactorCloud allows users to create standard terms for clients, debtors, or brokers, or unique terms for each entity. Reusable term templates are available, and configurable fee rules, such as discounted rates, advance rates, and additional fees, can be set.

Schedules: FactorCloud offers automated schedule creation from emailed attachments, according to the vendor. Users can work at their own pace with the enhanced schedule lifecycle. Multiple invoices can be included on a single schedule, simplifying payout and record keeping. The system also supports multiple payout methods, including ACH and EFS.

Credit: According to the vendor, FactorCloud integrates with credit reporting partners like Ansonia to pull and assign credit reports. The system automatically assigns client credit limits based on credit report results and provides alerts when a client's credit term is expiring. Users can also track and audit client credit request history.

Track Everything in One Spot - Clients: FactorCloud offers a CRM-style module to track all clients, according to the vendor. Users can assign unique company codes and configure banking and billing information. The system allows users to manage UCC expiration and contract expiration events, configure unique NOA templates, and store client documents.

Track Everything in One Spot - Debtors: According to the vendor, FactorCloud enables users to manage account debtors, their relationships, and credit limits. Users can assign global debtor credit limits to avoid overexposure across clients and track and assign Ansonia credit limits. The system also allows users to configure white-labeled email templates on a per-debtor basis.

Track Everything in One Spot - Vendors: FactorCloud allows users to track and manage vendor relationships as a broker, according to the vendor. Users can assign global vendor credit limits to avoid overexposure across clients, configure bank relationships and payment methods, and store vendor contract documents. The system also supports building and assigning a Vendor-Client list and configuring buy/no buys.

Back-End Functionality - Intuitive Design: The vendor claims that FactorCloud offers a streamlined and intuitive user interface. Users can easily learn and use the system, and existing data can be transferred for a smooth transition. Training and support are provided.

Back-End Functionality - Reports: According to the vendor, FactorCloud provides a wide range of exportable and print-friendly reports. These reports cover various aspects of the book, including client overview, credit report, unapplied receipts, funding report, and chargeback report.

Back-End Functionality - Collections: FactorCloud offers a highly configurable collections pipeline for automating work, according to the vendor. Users can track clients, debtors, sub-debtors, number of invoices, accounts receivable, and fees. The system provides visibility into accounts receivable and helps manage chargebacks.

Back-End Functionality - Payments: According to the vendor, FactorCloud automates payment tracking and allows users to import lockbox files. Users can import lockbox key files and automatically pair them. The system helps determine outstanding payments by ledger-type and facilitates payments to clients.