Export factoring is a comprehensive funding and collections service designed specifically to service the demands of businesses involved in exporting, who want to release the cash tied up in outstanding domestic and overseas invoices.
We have access to funders who not only fund against debt located in foreign jurisdictions but provide funding against those invoices and have the capabilities to chase and collect in local languages and in accordance with local law.
How does export factoring work?
All you need to do is…
• Raise an invoice as usual
• Send a copy of the invoice to the finance company
• The factoring company will then verify the invoice in the local language at local times
• You will be paid up to 90% of the money tied up in the invoice within 24 hours
• Once your customer pays, you receive the remaining amount minus some fees
How will export factoring benefit your business?
• You’ll get instant funding – up to 90% of your outstanding invoices within 24 hours, taking away the worry of late payments
• Guaranteed working capital means you’ll be able to plan and negotiate better terms with your suppliers, e.g. early discounts because funding will allow you to pay for goods earlier
• You can offer extended payment terms to certain customers if needed because you have guaranteed cash flow
• Multi-lingual credit controllers will chase your customers for payment of outstanding invoices in the local language at local times
• All communications with your customers, whether statements, emails, letters or most importantly phone calls are all in the relevant language, helping overcome language and cultural barriers
• Customers’ payments are collected via international currency accounts in whatever currency you have agreed to operate in
• You’ll receive your funds faster rather than if your customer had to raise a payment in sterling
• The funder will manage the currency exchanges so you don’t lose out from exchange rate fluctuations
• You can add Bad Debt Protection to your finance package and have peace of mind that you’ll get paid should customers become insolvent or are unable to pay
• You’ll be allocated your very own individual point of contact who can supplement all aspects of your facility
• You’ll stay in control of your finances via live online account information which is always accessible