A step during the due diligence process in which a factor confirms the validity of an invoice with the customer.
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A commercial debt due for repayment usually in 30 – 90 days. In the factoring industry the accounts receivable is what a company sells to a factor.
The amount of money provided immediately to the company factoring its accounts receivable expressed as a percentage of the total invoice amount. Advance rates usually range from 75% to 95%.
An individual who pairs clients in need of cash with appropriate financial entities including factors.
Advancing money (based on the advance rate) to a client.
A legal debt instrument which indicates the amount due from a customer to pay for delivered goods or services.
The amount of money that is not immediately provided to the company factoring its accounts receivables, expressed as a percentage of the total invoice amount (Advance Rate + Reserve = 100% or Total Invoice Amount). This money is transferred to the client once payment is received by the factor.
Schedule of Accounts
Report given by the client to the factor. The report lists information about the account of each of the client’s customers.
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