factris invoice financing factoring

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What is Factoring?

Factoring is the advancement of money based on a business transaction. When you factor with Factris, you submit an invoice to us, which we purchase from you in whole or in part within 24 hours. We purchase the invoice for a small discount on the face value of the invoice (from 0.5 percent). Factris then becomes the owner of the invoice, taking care of its collection and insurance.

How does the process work?

If you’ve been approved to have an invoice purchased with Factris, place our statement text on your invoice. When you send your invoice to the debtor, you include Factris in the email’s CC so that we can see the invoice has been sent to your debtor. You can then upload the invoice and the underlying document in our online environment. Within 24 hours, you’ll receive payment of 90%-95% of the invoice value. You will then receive the remaining 5-10% when your debtor has paid minus the factoring fee.

How does the application process work?

We’ve worked hard to make our application procedure simple and fast while at the same time personal. You start by providing basic information about your company’s annual turnover, the amount of funding needed, the average time it takes for your invoices to be paid, and your company details. This is all done online.

After that, within five minutes, we send you a quote with an overview of the fees. If you agree with this overview, you will get a personal account manager who will work with you to see your business needs and provide you with further explanation about debtor and credit management. Your account manager will assist you through the application process, including the processing of additional information about your business and beneficial owners.

When am I eligible for factoring with Factris?

Our criteria are very flexible. We work for companies at all stages of their growth, companies of different sizes, and different business models.

You are eligible for factoring:

1. If your company has existed for at least 6 months
2. If you achieve the minimum turnover of 50,000 EUR on an annual basis
3. If your company is located in Benelux.
4. If your debtors are located in the OECD countries.

Do I have to finance all my invoices?

No. Our flexible financing lets you sell all or part of your invoices to us, as agreed with your account manager.

How is factoring different from borrowing money?

Factoring directly deals with the common source of a lack of working capital: unpaid invoices. Factoring gets your invoices paid fast and easily to receive a cash flow to continue to grow your business. Factoring’s flexibility allows for the right amount of working capital exactly when you need it, supporting almost unlimited growth. It’s beneficial for short-term liquidity, allowing you to quickly acquire the amount you need right now.

A loan, however, means you often have to take out a maximum amount and pay interest, even if you don’t need the full amount at the time. You also have an obligation to the lender, unlike factoring, which is off the balance sheet and is the factoring company’s responsibility.

Do I have to sign an agreement for factoring services?

In order to be able to offer the lowest possible rates for debtor and credit management services, we require an agreement. You discuss the conditions thereof with your personal account manager, who will adapt them to your specific needs.

How long will it take to assess my application?

After we have received your completed application form and process your documents, your application will usually be assessed within just one working day.

What kind of invoices can I submit?

You can submit invoices for goods and services that have had a confirmed delivery.
Have your invoices purchased for each completed business service, including completed shifts that have been shown to be completed via an underlying item (for example, a timesheet for a temporary employee or a CMR receipt for a delivered transport).

How long does it take before I receive a payout on my bank account?

The payout is the same day if submitted before 13:00 PM.

What does Factris cost?

Our lowest fee rate is 0.5 percent of the invoice value.

What kind of invoices can I submit?

You can submit invoices for goods and services rendered and acknowledge as having been delivered.

How high of an advance can I receive on my invoices?

We provide a maximum of 100 percent of the invoice, minus our fee for the service.

The bank has rejected my loan application. Can I still get financing from Factris?

Yes. We love financing companies when banks can’t.

What happens if my customer doesn't pay?

If your customer doesn’t pay and there is no dispute, we’ll first work with you to collect the payment. If we fail to do so, you’re protected since the amount is insured — the cost of which is included in the fee.

If your customer does not pay and there is a dispute, we’ll contact you to see where the problem lies. Some entrepreneurs find it important to maintain the customer relationship and want to contact the customer themselves. Our debtor management is tailor-made — according to what works best for you.

How long does it take to receive a payment in my bank account?

Payment is made on the same business day of purchase.

How much does it cost to factor with Factris?

Our lowest fee rate is 0.5 percent of the invoice value.

We base our factoring costs on volume and risk. Our costs vary from 0.5% to 2.5% per 30 days. The costs are made up of an initial and an additional amount. The initial amount applies to the first agreed period (30 days). The additional amount applies for each day after the initial period.

Can I also agree on a shorter term for the initial period?

Yes, you can. If your customers always pay within 14 days, we can deliver custom work.

How much funding can I access?

Depending on your needs, we can provide up to 5 MM EUR in funding, with a maximum amount of 12 MM EUR on an annual basis. The maximum facility (funding line) is 1 MM. Factris has no minimum invoice amount.

How is Factris different from other factoring companies?

No one is more customer-focused than Factris. We know what matters to businesses like yours: low costs and personal service. Many companies try to replace people from the process through automation — but not Factris. Instead, we harness automation to enhance our personal account manager’s abilities. Thanks to our cutting-edge tech tools, our team can quickly assess your factoring cases, answer all of your questions, and solve any problem you might encounter.

Other companies are also known for taking a uniform, one-size-fits-all approach to factoring. But again — not Factris. Everything about our way of financing was created with flexibility and customisation in mind, allowing you to find the perfect funding solution to keep growing your business. For example, you can decide which invoice you may or may not have purchased and which debtor you may or may not accommodate. You can also determine on which day you have an invoice purchased in order to reduce costs.

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Trade your invoices for working capital by factoring

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