What is Factoring?
Factoring provides basically three separate services to the seller firm by assigning the term receivables arising or to arise from these sales of companies that have invoiced and check goods or service sales; It is a financing method in which guarantees, receivables management and finance are offered. Factoring is carried out between commercial debtors, factoring companies, and commercial enterprises that sell goods or services. With factoring, you can transform your sales into cash and achieve a healthier growth of your business.
Who can benefit from factoring services?
All businesses engaged in domestic and international trade can benefit from our services. There is no balance sheet size or turnover criteria. Moreover, you do not have to be a Qnb Finansbank customer to reach cash with Qnb Finansfaktoring.
What services does factoring offer?
Myriad company and SMEs gain advantage by reaching cash quickly and reliably with factoring service.
Basically the factoring transaction,
There are three parties in a factoring transaction: debtor, seller and factoring company. Transferring the invoiced receivables to the factoring company, follow-up of transferred receivables by the factoring company, Collection of transferred receivables by the factoring company, The risk of non-payment of receivables based on service is undertaken by the factoring company, keeping records of receivables, it is based on a certain amount of advance payment in return for the transferred receivables.
How is factoring done?
You can apply through our mobile or WEB application with invoice and check images for your check transactions. Your application result will be notified via SMS, our customer representative will contact you, the documents requested will be delivered to the nearest QNB Finans Faktoring or QNB Finansbank branch, and the financing amount will be transferred to your account. Your cash needs will be met within the same day. For your other factoring requests, you can reach our nearest branches here.
What is the cost of factoring?
The cost of factoring is factoring commission and factoring fees. Factoring fee is incurred in case of benefiting from the financing service. Factoring commission, on the other hand, is a cost calculated over the assigned receivables and varies according to the transaction volume and the maturity of the receivable.
What are the Advantages of Factoring?
With factoring services, companies that convert their invoiced check receivables into cash will save time and resources as the follow-up, collection and management of the companies will be undertaken by the factoring company. In this way, they find more resource opportunities and more time for business activities. Medium-sized companies that benefit from factoring services can obtain funds by converting their term receivables into cash without turning to external resources. In this way, they increase their competitive power and market share and at the same time ensure that their cash flows are regular and efficient. Especially medium-sized companies can easily convert their sales made to large companies as open accounts into cash with factoring services. By making cash purchases from supplier companies, they obtain discounts.
Is factoring transaction done in return for promissory notes?
Factoring can be done in return for promissory notes. We receive applications for these transactions through our branches.
Can I make factoring transactions without a check?
Transactions can only be made with an invoice. We receive applications for these transactions through our branches.
Can I do factoring if the invoice has not been issued yet?
According to the legal legislation, the receivables to be subject to the factoring transaction must be based on the invoice.
What are the documents required for the factoring process?
You can find the necessary documents for the factoring process here.
What is export Factoring and how can I apply?
Export factoring is the financing service offered in line with the needs of the exporting company, guaranteeing the receivables arising from the sales made abroad, tracking the collections. Guarantee, collection and financial services can be provided separately or as a whole, if requested, to export companies working with open account deferred credits. For detailed information and application about export factoring, you can get support from our line 0212 371 38 00.
What is the difference between factoring and bank loan?
In the factoring transaction, the firm converts its receivables into cash by using its own resources and meets its need for cash. The factoring process does not increase the debt burden on the balance sheet, it is concluded within the same day. In the bank loan, the companies use outsourcing and a debit is recorded in the balance sheet. Collateral may be requested in bank loan requests, while in factoring transactions, the receivable itself replaces collateral. Factoring transactions are concluded in a much shorter time than bank loan requests.
Where can I reach QNB Finans Factoring branches?
You can reach our branches here.
Where can I find the QNB Finans Faktoring call center number?
You can contact us on our support line at 0212 371 38 00 or on our Whatsapp line at 0537 974 02 80.