The Non-Negotiable Six
What if we had less systems to log into and more efficiencies? We put together a list of what we call the Non-Negotiable Six and it includes everything a factoring organization needs to manage risk and run optimally. The Non-Negotiable Six—an embodiment of our collective experience, meticulously curated to address every facet of risk management and operational optimization. Within this list lie—the foundation upon which factoring organizations can build their empires.
01
Notify
Notification ensures that the account debtors of the client are aware that payment should be directed to the factoring company. This is critical in avoiding misunderstandings or fraudulent activities. Notification is essential for the smooth functioning of factoring operations, ensuring clarity, compliance, and effective communication between the parties involved.
02
Verify
Verification is essential in a factoring company to ensure the authenticity, accuracy, and compliance of invoices, manage risks, protect assets, foster client relationships, and optimize operational efficiency. By implementing real time verification processes, factoring companies can mitigate risk by understanding the nuances of the verifications in its portfolio at the touch of a button.
03
Identify
We all know the Red Flags of Factoring, the key is to identify them BEFORE you fund into a problem. We give you the information you need to know, when you need to know it, with our proprietary Heat Map and Risk scoring model, you will know about issues in real time. No special reports, just what you need when you need it.
04
Audit
Notification ensures that the account debtors of the client are aware that payment should be directed to the factoring company. This is critical in avoiding misunderstandings or fraudulent activities. Notification is essential for the smooth functioning of factoring operations, ensuring clarity, compliance, and effective communication between the parties involved.
05
Communicate
Seamlessly get your Team on the same page, in one system related to your collateral and relationships you have worked so hard building. Clear communication regarding your next actions to manage risk, build client relationships, and training your team requires a level of transparency that email and unnecessary communication systems can’t give you. Everyone knows who, what, when and why with NN6, it is all in one place.
06
Relationship
Relationships are vital as they contribute to client retention, trust, effective communication, understanding of client needs, problem resolution, referrals, and long-term growth opportunities. Building and nurturing strong relationships with clients and your team is essential for the success and sustainability of a factoring company. And with NN6, your time will be spent building those critical relationships, instead of wasting time building reports.