With the introduction of FNLoadBoard FactorsNetwork is helping level the playing field by taking what used to be an exclusive offering of only a few large factors and making it available to every factor.
All the major load boards have either begun factoring themselves or secured expensive long-term contracts with a Factor. This being the case the vast majority of the factoring community was excluded from this valuable product offering. As a result many of the large factors built their own load boards in order to compete.
Why do factors have such interest in load boards? In addition to the fact that it’s a great value add and can help close deals, consider that while your clients are on a load board searching for freight your competition is advertising to them and showing on the load search results which loads they would factor. Often times this can cause a conflict if your client continually sees that you are denying loads that the competition will factor. Obviously, it makes sense to keep the clients out of this environment as much as possible.
FactorsNetwork looked at this situation and saw an enormous opportunity. We see the real value in changing the business model. Rather than creating a load board that we contract to one factor we believe the opportunity lies in offering a service to all the factors that have been excluded by the existing business paradigm.
By creating our load board, FNLoadBoard, and leveraging the power of our FNCreditExchange, FactorsNetwork is able to empower small factors to compete in this increasingly competitive marketplace. No longer do small factors have to accept that their clients will be on one of the major load boards getting exposed to load search results showing credit approvals that the competition is offering in addition to other advertising from competition.
Factors can now keep their clients off competition dominated load boards by offering them a customized load board account through FactorsNetwork. FNLoadBoard enables the Factor to skin their Load Board to look and feel like their own website, they can show their clients which loads they will approve and deny and they can even charge their clients for access to FNLoadBoard. The Factor can determine the fee they want to charge their clients and FactorsNetwork will process payments and rebate 50% of the fees collected back to the Factor.
Contact us for further details.