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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?
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?
You are eligible for factoring:
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?
How is factoring different from borrowing money?
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?
How long will it take to assess my application?
What kind of invoices can I submit?
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?
What does Factris cost?
What kind of invoices can I submit?
How high of an advance can I receive on my invoices?
The bank has rejected my loan application. Can I still get financing from Factris?
What happens if my customer doesn't pay?
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?
How much does it cost to factor with Factris?
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?
How much funding can I access?
How is Factris different from other factoring companies?
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.