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- Introduction to Factoring
One major competitive advantage for YOUR business is to offer credit terms to YOUR customers; however this brings about a number of issues which can divert your attention away form your business core competence such as:
- trouble collecting your debts at maturity
- stretched cash flow situation
- bad debts
- foreign customers with different cultures and speaking other languages
- different jurisdictions
Our specially designed package of factoring services provides you with the comfort and security to deal on credit terms for both domestic and international trade. At the same time you have the option of a factoring package that will help you satisfy your individual commercial needs.
Our package allows you to unlock the cash from your credit sales immediately after the invoices are assigned to FIMBank or at any future time according to your business needs, so as to save on your interest costs. You may cash up to 90% of the approved invoices.
You may enjoy risk-free credit terms by using our option of credit risk protection, which means that once you have performed your obligations under the purchase contract, you are secured from any bad debts arising from the non payment by your customer. Our package is designed to be a "ONE-STOP-SHOP" for all your trade finance needs.
You may be released from the stressful and time consuming process of debt collection by outsourcing these activities to our professional staff. We will ensure that effective and efficient collection process is put in place ensuring no harm comes to your trading relationship with your customers.
This service becomes more effective in case you are trading with foreign customers by overcoming the time zones and language problems, as we will provide you a debt collection option in the country of your customer through our correspondents.
FIMBank is a member of Factors Chain International (FCI) and International Factors Group (IFG), the existing two international chains of factoring companies, with more than 400 members spread by 80 countries worldwide."
