Import and Export Factoring
Import and export factoring is essentially the same as factoring of domestic UK debts.
Importers Factoring
You can use import factoring to raise cash advances against sales of goods you have imported and sold.
Import factoring includes full UK multi-currency sales ledger management and administration and a collections service – you can also make use of the internal legal department.
Credit insurance of all approved customers is provided if required providing trade on open account terms. This removes the need for Letters of Credit.
Exporters Factoring
Exporters can use an Export Factoring facility to obtain advances against overseas sales.
Barclays Sales Finance takes responsibility for collecting the non-UK payments, through partners within Factors Chain International (FCI). These partners collect the payments in the country your customer resides and forward on the funds to your account.
Sample industries where this service maybe of value are:
- Chemicals and plastics
- Clothing and textiles
- Computer wholesaling
- Electronics and electrical goods
- Fancy goods
- Footwear
- Furniture
- Light engineering
- Paper and printing
- Rubber
- Soft drinks and food
- Wholesale steel stockholding
- Timber wholesaling
- Toys and games.
This service is provided by Barclays Sales Finance to companies generating over £500,000 is sales per year.
Related links:
- Credit insurance
- Small business invoice finance
- Cattles Invoice Discounting
- Invoice Discounting Guide
