Meet the New IFA Advisory Board Members: New Perspectives from Factoring’s Leaders – Part Two
Following the recent announcement of the IFA’s newest Advisory Board members, we want to continue highlighting the accomplishments of Amanda Bowman, Amity Mercado, Clayton Richardson, Ben Rutkevitz, Hailey Thomas, and Andrea Knoblauch-Wright in part two of our interview series. Each new board member brings unique expertise in areas such as transportation, medical receivables, fintech innovation, and portfolio management.
We interviewed each of them for a candid conversation about the most pressing challenges facing the factoring industry today and how their firms are innovating in response. From rising MCA competition and tightening credit conditions to regulatory shifts and technology-driven disruption, their insights reflect the resilience, creativity, and forward thinking that will shape the future of our industry.
In part two, we spotlight three of our newest members: Ben, Hailey, and Andrea.
Ben Rutkevitz - Senior Vice President, Alleon Capital Partners LLC
What are the most significant headwinds or disruptions you're seeing in the factoring space right now and how are you adapting your business model in response?
One of the most significant headwinds in the factoring space today is the aggressive expansion of merchant cash advance (MCA) lenders, which are saturating the small business credit market with fast but high-cost capital. Many businesses—particularly in industries like healthcare, construction, and retail—are turning to MCAs as a quick fix, often stacking multiple advances and severely straining their cash flow. By the time they seek factoring, they may already be in financial distress, with repayment obligations that complicate underwriting and elevate credit risk. Another major disruption is macroeconomic uncertainty, including persistent inflationary pressures, rising interest rates, and tariff ambiguity. These factors are compressing margins for many small and mid-sized enterprises, lengthening payment cycles, and increasing the risk of delinquency.
In response, we’re adapting our model in a few key ways:
Stricter diligence on MCA exposure: We’re conducting deeper reviews of borrower cash flow and debt service coverage ratios, particularly looking for stacked MCA liabilities that could impair repayment capacity.
Educational outreach: We're investing more time in educating borrowers on the long-term implications of MCA financing, positioning factoring as a more sustainable and transparent alternative.
Overall, while the current environment presents challenges, it also reinforces the value of factoring as a disciplined, relationship-driven form of working capital—especially when paired with the right underwriting and client support.
What do you believe will separate successful factoring companies from the rest over the next 3–5 years?
Over the next 3–5 years, the most successful factoring companies will be the ones that embrace technology, especially AI, to drive smarter underwriting, streamline operations, and deliver a better client experience.
AI and machine learning will play a pivotal role in automating credit analysis, detecting early warning signs of portfolio risk, and identifying patterns in payment behavior that human analysts might miss. This will allow funders to underwrite faster and more accurately—without sacrificing prudence.
Operationally, AI-driven tools will reduce friction in onboarding, compliance, and portfolio monitoring. Factoring firms that leverage AI to automate document intake, verify payor information, and manage real-time receivables data will not only gain efficiency but also improve decision-making and responsiveness.
Beyond technology, successful firms will also differentiate themselves by:
Offering education and consultative value to clients, especially those overwhelmed by confusing financing options like merchant cash advances.
Balancing speed with transparency, as borrowers increasingly seek capital partners who are both responsive and trustworthy.
In short, success will hinge on combining relationship-based finance with the scalability and insight of next-generation tools. Firms that resist this evolution will struggle to compete on speed, risk management, and service quality.
What are the biggest operational or underwriting challenges in medical receivables, and how do you navigate the complexity of payor systems and reimbursement cycles?
The biggest challenges in underwriting medical receivables stem from the fragmented nature of the payor landscape, variability in claims adjudication timelines, and the risk of denials or clawbacks. Each payor—whether it's Medicare, Medicaid, or a private insurer—has its own rules, timelines, and audit triggers, which makes evaluating collectability highly nuanced.
To navigate this, we conduct a detailed audit of historical claims performance by payor class, scrutinize aged AR reports, and focus on verifying remittance consistency. Operationally, we prioritize working with providers who have clean billing practices, have strong management teams, and can provide transparency into their denial and appeals processes. Strong eligibility verification and coding protocols on the provider’s side are also critical factors in our underwriting approach.
Hailey Thomas - President, Bison Payments
What are the most significant headwinds or disruptions you're seeing in the factoring space right now and how are you adapting your business model in response?
One of the most significant headwinds in the factoring space right now is the tightening credit environment coupled with increasing pressure on the liquidity of our clients' end-customers. The industry is seeing more delayed payments, more disputes, and in some sectors, a noticeable increase in default risk. At the same time, there's downward pressure on pricing cross the industry, which is forcing many firms to reassess how they deliver value without compromising credit quality.
Another key disruption is the accelerated pace of technological expectation—clients now demand real-time visibility, fast funding, and seamless integrations with their systems. The factoring firms that aren’t investing in smarter infrastructure will fall behind.
At Bison Payments, we’ve adapted by doubling down on both technology and client relationship depth. We’re leveraging better data to inform credit decisions and proactively identify risks before they become problems. At the same time, we’re staying disciplined and flexible—tailoring solutions that fit our clients' evolving needs, rather than taking a one-size-fits-all approach. That balance between responsiveness and risk discipline has been essential to navigating this environment.
What was the turning point in your career that made you fully commit to the factoring industry—and how has that shaped your approach to growth or risk?
The turning point in my career came during my time at my first factoring company. I initially signed on to be HR Director and Corporate Counsel but quickly wanted to get more involved. It was there that I truly saw the impact factoring could have on an entrepreneur’s ability to succeed. We are, in many cases, helping small businesses thrive that would otherwise cease to exist. Witnessing firsthand how access to working capital could change the trajectory of a business instilled in me the belief that what we do is both an honor and a privilege.
At that same company, for many years I had the opportunity to work directly with a single owner, which allowed for a level of agility and common-sense decision-making that always put the client first. That experience shaped my foundational view of the industry. Today at Bison Payments, that same flexibility and commitment to doing what’s right remains a core value. It’s helped guide our approach to both growth and risk—always prioritizing thoughtful, client-centered decisions over rigid frameworks.
What do you believe will separate successful factoring companies from the rest over the next 3–5 years?
Over the next 3–5 years, the factoring companies that succeed will be those that can blend three key capabilities: disciplined credit risk management, operational agility, and a strong client-centric culture.
First, in an increasingly volatile economic environment, credit discipline will be non-negotiable. The ability to underwrite risk intelligently—using both traditional diligence and enhanced data tools—will separate firms that grow sustainably from those that overextend.
Second, operational agility will be critical. Successful firms will adapt quickly to industry shifts, whether that’s changing customer payment behavior, new regulatory expectations, or sector-specific headwinds. That means investing in technology, yes—but also in talent, training, and processes that support fast, informed decision-making.
Finally, and perhaps most importantly, factoring companies that prioritize deep, transparent relationships with their clients will stand out. Entrepreneurs today expect more than funding—they’re looking for partners who understand their business and can evolve with them. The firms that stay close to their clients and remain solutions-oriented, even in uncertain times, will build the kind of trust that drives long-term success.
The oil and gas sector is known for its boom-and-bust cycles. How do you manage risk in such a volatile market when factoring receivables?
The volatility of the oil and gas sector requires a highly disciplined and dynamic approach to risk management. We start by recognizing that not all risk is created equal; understanding where the true exposure lies is critical. That means going beyond surface-level financials and digging into the underlying commercial relationships, contract structures, and payment behaviors of the account debtors.
We closely monitor macroeconomic indicators: commodity price trends, activity and acquisition announcements from the majors that will impact an entire basin, and regulatory developments that could affect the creditworthiness of our clients' customers. But just as important is staying active in the field, we do this by maintaining strong communication with our clients and their counterparties to detect early signs of trouble or shifting conditions.
Finally, we rely on flexibility and experience. We don’t apply rigid formulas, we use informed judgment, backed by data, to structure facilities that protect our position while still giving our clients the room they need to operate and grow. That ability to adapt quickly and think ahead is what allows us to thrive in a boom-and-bust environment.
Andrea Knoblauch-Wright – Vice President, Chief Experience Officer, Phoenix Capital Group
What was the turning point in your career that made you fully commit to the factoring industry and how has that shaped your approach to growth or risk?
I stumbled upon the factoring industry completely by accident. After working as a Controller for private companies and in the banking industry as an Internal Auditor, Compliance Officer, Lender and Portfolio Manager, I started looking for an opportunity to shorten my commute. I began putting out feelers for any type of work that was closer to my home. A friend recommended that I interview for a job at her company.
I was hired as an underwriter for Pavestone Capital and began learning the business of factoring. I immediately discovered that I loved factoring for a couple of reasons. First, the ability to make decisions quickly to facilitate cash flow for small businesses was satisfying, especially after coming from the banking industry where policy and regulations impaired quick decision making. Secondly, the factoring industry had an organization to help educate, provide resources to, and connect factors and partners in a community called the International Factoring Association. In addition, there was the American Factoring Association, an organization to lobby in Washington, DC and advocate for our industry.
The ability to make quick, informed decisions and manage risk well has led to successful growth for companies I have been associated with. The IFA, AFA, and relationships built through these organizations have provided the foundational tools for this success as well.
What outside economic, regulatory, or technological trend is having the biggest impact on your factoring portfolio right now?
Currently, in transportation factoring, we are greatly impacted by economic trends that affect our factoring portfolios. We have been weathering an extended downturn in the price of transportation of goods for the last 24 months, but we are looking forward to an upward trend soon. Spot market rates have remained low and the cost for carriers to operate has remained high due to the cost of insurance and fuel. Fortunately, supply and demand are getting closer to equilibrium, which may move the average cost of invoices up.
Technology also has a significant impact on transportation portfolios. It is necessary for the factor to utilize AI to mitigate risk and loss in areas of underwriting, data recognition, purchase and credit decisions, collections and treasury functions. Embracing technologies that are used to minimize the labor intensity that transportation factoring has required in the past, is of absolute importance to remain competitive in today’s environment.
What’s a common misconception about transportation factoring that you often have to correct with clients or within the broader financial community?
Currently, we are seeing mid- to large-size carriers that have been operating with a bank line of credit, being asked by their banks to pay off their operating loans. Some banks are no longer willing to extend credit to transportation organizations which has led some carriers to explore factoring. There is a large learning curve for a carrier who has utilized a bank line of credit in the past for operating cash needs. Traditional lenders do not require the granular level of details for accounts receivables that factors do. Clients do not anticipate the invoice detail and debtor information that the factor requires, so it is imperative that the factor educate the carrier prior to, and after the factoring contract is executed. Even with the education provided by the factor to the carrier, there is an adjustment period for the client until they become accustomed to the factor’s involvement in each transaction.