Factoring functionality enables to automate sales invoice transmissions to a factor and process factor payments.
BCS Itera Factoring functionality enables to automate sales invoice transmissions to a factor and subsequently process factor payments incl. commissions and interests.
Invoice factoring is a way for businesses to fund cash flow by selling their invoices to a third party (a factor, or factoring company) at a discount. Invoice factoring can be provided by independent finance providers, or by banks.
Highly configurable setup of factoring agreements
- Generating a list of sales invoices according to Swebank file format*
*If necessary, we can easily expand the solution for additional financial institutions
- Overview of transmitted/untransmitted receivables and payment status
- Recourse and non-recourse factoring agreements are supported
- Assignment note on sales invoice in customers’ language
- Factor XML-fail import and automated generation of journal lines according to contract type, incl
- application of advance and payments under reserve
- application of commission fees, VAT and interests
- Customer or contract-based factoring limits