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    Home » Factoring: how to get the most advantage for your business
    Business

    Factoring: how to get the most advantage for your business

    adminBy adminFebruary 23, 2022No Comments2 Mins Read
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    In the midst of the state of emergency and the need to obtain liquidity to face the economic crisis, companies were sold the idea of ​​instruments such as factoring that allow them quick financing, but do you know what you should evaluate to obtain the best benefit?

    “There are key aspects that must be considered, such as the interest rate, but also others that must be taken into account, such as the strength of the invoices, the response times and the requirements to be covered. The important thing is to have different options to compare and choose the one that best suits our expectations”, said Kenneth Bengtsson, CEO of Efact.

    Although factoring is an easy-to-use tool that provides fast financing to companies, the specialist commented that there are four key aspects that must be known and analyzed:

    1. An attractive rate: The interest is fundamental and we must look for an attractive negotiation that corresponds to our financial needs. “We also need to look at whether factoring companies charge commissions and whether credit coverage is for 100% of the invoice or if they provide partial financing,” Bengtsson warned.
    2. Diversity of alternatives: In Peru there are various possibilities to negotiate invoices that provide various financing alternatives. “On the Efact electronic receipt issuance platform, you can access the offer of several factoring companies and investment funds specialized in serving different segments, not only by the amount of the invoice or the size of the company, but even by the sector or the region where the activities are carried out”, commented the specialist.
    3. The strength of the invoice: It is important to consider that a factoring company does not evaluate the company requesting the capital, but rather the one that will pay the invoice. This means that if my invoice is addressed to a large company, there is less risk of non-compliance and greater
    4. Other requirements: Although factoring implies a simple procedure, which consists of having the RUC, a simple copy of the DNI, the validity of the power of attorney and the bank account where the deposit will be received, it is important to know the response times, additional procedures and, depending on the case, if a guarantee is required. “If it becomes available, it could be a useful weapon to reduce the rate and access more attractive conditions,” concluded the Efact executive.
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