If you run a factoring company, you’ve probably had this experience. You need to know something specific about your portfolio. Maybe it’s the dilution rate on a particular client. Maybe it’s which invoices are trending past due. Maybe it’s a simple question like how much have we purchased this month compared to last month.
So you ask your portfolio manager. They say give me a day. They pull data out of the system, drop it into a spreadsheet, massage the numbers, and send you a report. Or worse, they tell you everything is fine because they don’t have a tool that tells them otherwise.
That gap between what you need to know and what your system actually shows you is where factoring companies lose money. It’s where operational mistakes happen. It’s where fraud slips through. And it’s where good deals go bad because nobody spotted the trend early enough.
We lived that frustration for years. That’s why we built NN6.
The Problem With Existing Factoring Software
Most factoring software on the market was built by technology companies. Not by people who wake up every morning and fund invoices, manage portfolios, and make credit decisions. The developers understood databases and user interfaces. They didn’t understand what a factor actually needs to see at 7 AM to decide where to focus the team’s efforts for the day.
The result is software that stores your data but makes you work to get anything useful out of it. You can run reports, but they take time to generate and sometimes produce inconsistent numbers. We experienced this firsthand with one of the leading platforms in the market. You could run a dilution report and get two different numbers depending on how you pulled it. That’s not acceptable when your margin for error is 1 percent.
The industry’s default solution has always been the same. Hire more people. Add another portfolio analyst. Create more spreadsheets. Build workarounds on top of workarounds. And every time, the operational cost goes up while the actual visibility into your portfolio stays the same.
What We Built Instead
NN6 was born out of a simple frustration. As an owner and CEO, I wanted to click a button and know what was happening inside my portfolio. Not wait for a report. Not rely on an intermediary telling me everything was fine. I wanted to see it myself, in real time, and direct my team based on actual data.
The name NN6 stands for our six non-negotiables. These are the operational fundamentals that every factoring professional with more than five minutes in the business already knows. Notification. Verification. Identification. Client relationship management. Auditing your team’s execution. Following your own policies and procedures.
Everyone knows what these things are. The problem was never knowledge. It was execution. Knowing that your team is supposed to send a notice of assignment on every deal is one thing. Knowing that Susie in the back office forgot to send one on Tuesday, and that the customer is now paying your client directly instead of you, is something else entirely. That’s the kind of miss that puts you out of business.
NN6 surfaces those gaps automatically. It alerts you to the places inside thousands of data points where something isn’t happening the way it’s supposed to. Instead of your team spending hours extracting data and building spreadsheets, they click a button and start working.
What Factors Are Seeing When They Switch
One of our clients was a trucking factor whose team used to spend hours every day building collection priority lists manually. They’d extract data, create spreadsheets, figure out who to call, and by the time they started actually collecting, half the morning was gone. With NN6, they click a button and the prioritized list is there. Which invoices are slow. Which ones have dilution. Which ones are trending below normal. The team starts working immediately.
When that trucking factor sold his business to a larger operation, the staff who had been using NN6 told the acquirer they weren’t willing to work without it. The acquiring company adopted the platform. Then they referred another factor to us because it changed how they managed their entire portfolio.
We also use NN6 to power our BRS program. When a partner trusts us with their clients and their assets, they need to know that we’re executing at the highest level. NN6 gives us and our partners full visibility into every client, every invoice, every collection trend, every risk indicator. No black boxes. No guessing. One source of truth.
The Dashboard View
For owners and executives, NN6 provides a high-level dashboard that answers the questions you care about most. How much have we purchased? How does that compare to last month? How much have we collected? Where is our revenue? Are we doing what we said we’d do as an organization?
You don’t need to schedule a meeting with your VP of Operations to find out. You don’t need to wait for a monthly report. You look at the dashboard and you know. And when something is off, you can drill down immediately to find out exactly where and why.
One of our BRS partners, a veteran factor who had been using another system for 25 years, described switching to NN6 as being like getting a new doctor. There’s an adjustment period. But the capabilities made the transition worthwhile. High-level funds reporting for quick portfolio overviews. Seamless integration with BRS operations. Professional client communications that maintain her brand.
Built by Factors, for Factors
The difference between NN6 and everything else on the market comes down to one thing. We built it because we needed it. Not because we thought factoring software was a good business opportunity. We’re a factoring company that happens to have built great technology, not a technology company trying to understand factoring.
Every feature exists because we ran into a real operational problem and solved it. Every alert exists because we lost money or almost lost money and said never again. Every dashboard view exists because an owner or portfolio manager said I need to see this and the old system couldn’t show it.
See NN6 in Action
If you’re running a factoring operation and your current software is creating more work than it eliminates, let’s talk. We’ll show you exactly what NN6 does and how it’s different from what you’re using today. Contact DARE Business Capital to schedule a demo.