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How to Annotate Factoring Agreement

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Patty Hirsch, a senior editor at Marketplace, discusses factoring as a financing method for small businesses, especially in light of concerns about the lender CIT potentially going out of business. This situation raises fears for businesses reliant on such financing. Hirsch explains factoring by illustrating a scenario involving a shoemaker named Sam, who produces trendy shoes and sells 20 pairs each month to a single client, Nordstrom. At the month's end, Sam ships the 20 pairs of shoes to Nordstrom. The explanation serves as a foundation for understanding how factoring works in the context of small business finance.

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What is factoring in simple words?

Definition: Factoring is a type of finance in which a business would sell its accounts receivable (invoices) to a third party to meet its short-term liquidity needs. Under the transaction between both parties, the factor would pay the amount due on the invoices minus its commission or fees.

Who are the parties in a factoring agreement?

The three parties involved in a factoring arrangement are the seller, the debtor, and the factor. The debtor owes the seller money, usually from the purchase of goods or services.

What does factoring mean in business?

Factoring allows a business to obtain immediate capital or money based on the future income attributed to a particular amount due on an account receivable or a business invoice. Accounts receivables represent money owed to the company from its customers for sales made on credit.

Who is the client in factoring?

In a typical factoring arrangement, the client (you) makes a sale, delivers the product or service and generates an invoice. The factor (the funding source) buys the right to collect on that invoice by agreeing to pay you the invoices face value less a discount--typically 2 to 6 percent.

How long is an RTS factoring contract?

The industry standard for most factoring agreements is a one-year contract. With most factors, that contract will automatically renew unless you give the company a 60- or 90-day notice.

Who are the players of factoring in financial services?

Generally, there are three parties involved in factoring transaction: a) the factor who purchases the receivables, b) the seller who sells the receivables, and c) the debtor who has the obligation to make payment to the seller.

How do you record factoring?

How to Record Invoice Factoring Transactions Without Recourse Record the amount sold as a credit in accounts receivable. Record the cash received as a debit in the cash account. Record the paid factoring fee as a debit loss. Record the amount the factoring company retained in the debit-due account.

What do I need for invoice factoring?

The Most Common Invoice Factoring Requirements A factoring application. An accounts receivable aging report. A copy of your Articles of Incorporation. Invoices to factor. Credit-worthy clients. A business bank account. A tax ID number. A form of personal identification.

Do factoring companies do credit checks?

Invoice factoring providers have a vetting process designed to assess the creditworthiness of your customers. This process includes a credit check. Looking into the credit history of your customers tells the invoice factoring company whether they are managing their credit lines responsibly and paying invoices on time.

How do I get out of my factoring contract?

All factoring companies require written notice to terminate the contract. The expectation is usually 30 60 days prior to the renewal date. You will need to verify whether your notice to terminate needs to be delivered via mail or if electronic notice is acceptable.

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Annotate Factoring Agreement