We would like to help our clients as much as we can, and that is why we have started to offer all-in-one services and financial support. One of these financial services is called factoring.
Factoring is a modern financial tool which converts your outstanding invoices into money faster. It gives your cash flow a cash injection and will bring you an additional source of financing. The majority of invoices are due between 30 – 120 days. In some case, that can reach up to 180 days.
So, imagine you have a great opportunity to get your money within 2 days and grow your business even more effectively.
A simple explanation of what factoring is: You (our client) regularly deliver goods/products to domestic or foreign customers. You send copies of the invoices to us and we reimburse to you up to 90 % of the invoice value within 2 days. However, our work is not done yet. We ensure that the payment is paid on time, send reminders to customers if necessary as well as organizing collections and legal support. On the due date, the customers pay into our account and we subsequently pay the remaining 10 % to you (our client).
1. The customer applies for factoring (EW Cash) via the Client portal.
2. The financing company runs the customer’s business evaluation and determines financing conditions.
3. The customer and financing company sign a financing contract.
4. The customer issues an invoice to its debtor for services sold.
5. The customer provides an invoice to the financing company.
6. Up to 90 % of the invoice amount is paid within a few days.
7. The customer’s debtor pays the financing company Factris by the invoice due date.
8. The remaining 10 % of the invoice amount is paid minus the financing fee.
