Frequently Asked Questions
Who can benefit from factoring Services?
Legal entities that produce and sell goods and/or services can benefit from factoring services.
What services does Fiba Faktoring offer me?
There are three types of services for domestic and international receivables: guarantee, collection and receivable management, financing. Financing; payment of a certain percentage of the receivables to the customer as a prepayment, guarantee; guaranteeing the said receivable in case of insolvency of the buyer company, collection; It can be summarized as the management, collection and follow-up of receivables and reporting them to the customer.
Can I benefit from factoring even though I do not need financing?
Of course you can use it. It is possible to benefit only from collection and receivable management and/or guarantee functions without benefiting from the financing function. You decide which services of factoring you want to benefit from.
How is the cost of factoring service calculated?
There are two basic costs in factoring: Factoring commission and factoring fee. The factoring fee is only collected if you benefit from the financing service. Commission, on the other hand, is a cost that is calculated over the receivables assigned and varies according to the transaction volume and the maturity of the receivable.
What is the difference between revocable and irrevocable factoring?
Recourse factoring is a form of factoring in which the factoring company does not undertake the risk of non-payment of the receivables, and in this model, financing and collection services are provided. Irreversible factoring, on the other hand, is the undertaking of the risk of non-payment of the receivable by the factoring company within the framework of the limits and conditions determined at the beginning.
How much prepayment can I receive when receiving financing services?
The rate of the prepayment you will receive is determined depending on the maturity of the receivables you assign, your transaction volume and the credibility of your receivables.
What types of sales does export factoring cover?
In foreign factoring transactions where guarantee service is provided, only receivables arising from exports against goods are in question.
If the goods subject to the invoiced receivable is defective, will the warranty be lifted?
One of the most important reasons for the cancellation of the warranty is that the goods are defective or that a different product from the goods requested by the buyer has been sent. In addition, fulfillment of the limit allocation conditions, compliance with international factoring rules, compliance with the contract or order conditions with the buyer company are mandatory for the validity and continuation of the guarantee.
What is the difference between factoring and bank loans against promissory notes?
In bank loans against promissory notes, promissory notes constitute the guarantee of the loan and continue to be followed in the assets of the balance sheet as receivables with bills. The credit used in return for this is also shown in the financial liabilities in the liabilities. However, in factoring transactions, the promissory note directly represents the receivable in relation to the invoice. The transferred receivable amount is converted into cash by subtracting from the receivables on the balance sheet and is not shown in the financial liabilities.
How will the legal follow-up process be carried out in case of non-payment of my receivable?
This depends on the agreement between the client and the factor. Proceedings can be made by the customer or by Fiba Faktoring at the customer's expense.
Do I need to have an invoice issued in order to benefit from factoring services?
According to the legislation, the receivables to be subject to factoring must be based on an invoice or a similar document.
Fiba Factoring, how long does it take to transfer my receivables to my account after I collect them?
The commission fee and the factoring fee if you have benefited from the financing service are deducted from your receivable and the balance is credited to your account on the same day.