With trillions of dollars in freight spend and highly sensitive documentation being processed every year, factoring companies rely greatly on technology, automation, and security to protect their clients.
As the adoption of digital transformation continues to increase within the supply chain, more and more factoring professionals seek digital solutions that aren’t just efficient, but secure. More and more carriers are utilizing factor companies. In fact, today, most brokers are paying factors versus directly to carriers on 45-65% of all loads. Solutions like intelligent automation (IA), data mining, and data extraction technology are of major interest due to the time and cost savings they bring by automating back-office manual processes. But with multiple service provider options available in the marketplace for factoring organizations, it’s important to verify the security and data privacy controls of new software before signing a contract.
Factoring companies should be strategic and deliberate when choosing technology providers. They should research and confirm that prospective software solutions are non-competitive, neutral, and secure.
Neutral providers become trusted partners
A neutral provider is one who offers solutions that help their customers grow without the threat of competing with them or compromising their client’s data. Transflo has been in the freight technology space for over thirty years. Transflo has no competitive offerings to factors and serves as a trusted partner to protect your data and your relationships. With more than $115 billion in freight spend and one billion documents processed annually, we are the leader in providing seamless and neutral access to automation, data extraction, and overall data protection.
“Our customers benefit from Transflo’s unique validation process,” said Chief Product Officer Justin King. “Unlike other solutions that require invoices to be filtered and verified by a separate processor, we do everything in-house. To maintain the highest level of document capture accuracy, we have dedicated experts to manually validate in rare cases where a document is unrecognized – this really sets us apart from other providers.”
Verify security processes and customer experience
Factoring companies should explore the security strength of a potential new technology provider. Ideal technology partners will have endpoint protection tools and web application firewalls (WAF) in place to protect servers and secure company devices against malicious inbound traffic attempts.
“At Transflo, we’re proactive in our use of intrusion detection tools to scan both external and internal components,” said Salem Elnahwy, Chief Technology Officer at Transflo. “We also use tools with the intelligence to auto-isolate and quarantine any potential compromised areas preventing the spread of malware.”
Human error is the enemy of security
One of the biggest risks to factoring technology is human error. Phishing and hacking attempts become more prevalent each day. It’s more vital than ever to regularly test, score, and train employees in security best practices.
Transflo continues to partner with factoring companies, assisting them in reaping the benefits of automation and building lasting and lucrative partnerships. Factors who experience rapid growth are dedicating time to verify that a prospective software provider:
If you’re looking to discuss tech options available to grow your factoring business, we’d love to work with you.