Frequently asked questions
In this section you can find answers to frequently asked questions concerning factoring and other services of our company.
For specific inquiries, please, use the Ask us box.
Is factoring suitable for our company? How much money can we get and how much does it cost?
————Question: I have no previous experience with factoring. How can I find out if factoring is suitable for our company?
————Answer:
In this case the best thing is to contact a person responsible for your region (see Where can you find us in the CR). He can answer all your questions if you give him basic information about your company.
————How long does it take to start the co-operation?
————Question: When are you able to provide me some money?
————Answer:
We will announce you the result of our approval process within one week since we received all documents. In case the credit committee gives approval we can immediately sign the factoring contract and you can start to assign receivables. At the same time you have the right to draw the advances.
————Isnۥt factoring too laborious and complicated?
————Question: We are a trading company issuing more than 1000 invoices per month. Wonۥt factoring be too laborious and complicated for us?
————Answer:
Since we use a highly sophisticated system we have no problem to process any number of invoices per day. In case of higher number of invoices per day it is useful to make the process automatic and assign the invoices in electronic way in agreed format. Thus we can decrease the laboriousness and eliminate errors on both sides.
————What will change for our customers?
————Question: What does factoring mean for our customers?
————Answer:
Actually only one thing will change concerning your customers: the number of bank account where they are to send payments for assigned claims. The payments have to be exclusively directed at CSOB Factoring account.
————What happens if a customer does not pay on time?
————Question: What happens if a customer is delayed in payment?
————Answer:
In case of with-recourse factoring CSOB Factoring does not take over the risk of non-payment, but still takes care for collection and dunning. In frame of approved limits receivables are financed up to 90 days after maturity date. After this term receivables are not financed any more. Independently of this term collection and dunning steps are taken based on the agreement with you.
In case of without-recourse factoring CSOB Factoring takes over the risk of non-payment, client's participation is 10 – 15 %. It means that in an agreed period the client receives 85 – 90 % of nominal value of the claim regardless of the fact that the customer does not pay the claim.
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