Here's why: Approval for invoice factoring doesn't hinge on your company's credit history. Instead, it depends on the creditworthiness of your customers. Companies that purchase invoices will evaluate your customers based on their stability and payment track record. The invoice factoring company's main concern is determining how likely your customers will pay and how quickly. Apart from your customers meeting qualifications, your invoices must also pass certain criteria. There can't be any existing primary liens on your invoices, meaning no other company should have a claim on the payments once they arrive. This ensures that the company purchasing your invoices has a clear right to collect the funds in your place.
Let Them Know How to Pay You _ must be easy Do you want a cheque mailed to you, a money transfer, flowers? Be explicitly clear about what you expect and in what form. It is usually best to discuss with the client beforehand their preferred method or to come to an agreement about a method you both like. If you want a money transfer, provide all the necessary information. Foreign transfers need more than your account number: in some countries, you need your International Bank Account Number (IBAN) or a Bank Identifier Code (BIC). International transfers also double_charge you: the client's bank might charge you ฤ, and your own bank might charge you another ฟ to accept the payment. Make it clear which of you will absorb these charges, and talk it out with them. PayPal is another option, but you still get charged a percentage of the transaction.
How the AP department has been automated _ Paper invoices entering the AP department are now scanned into the IMS (Invoice Management Solution) system. Using Automated Data Capture technologies, the header information, such as invoice total, supplier name, etc, is automatically read from the invoice. The integration between IMS and the ERP then enables this data to be populated directly to register the invoice in the financial system, with minimal manual data entry required. If IMS does not recognise the vendor, workflow automatically sends this as a query to the business user, who can then select whether this is a new vendor to be set up in the ERP or is just a one_off vendor. The integration between IMS and the ERP triggers the creation of the appropriate vendor. This ensures that delays are not created with unknown vendors and speeds up the process of adding new vendors to the finance system. Automatic pre matching: Invoices that are associated with a Purchase Order (PO) are now matched in the ERP within a tolerance. Any invoices that fail to successfully match the PO are automatically routed to the procurer using workflow, for resolution using IMS.