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Factoring – fast and easy liquidity
More and more companies are realising that they can achieve major competitive advantages with factoring by securing liquidity at any time and without using credit lines from their bank.
The assignment of outgoing claims to GRENKE and their immediate payment eliminate waiting times for invoice settlement as well as followup costs when payments are not made. Default risk is no longer a cause for concern as it is borne by GRENKE Factoring for all purchased receivables.
By focusing on small-ticket factoring, we are also systematically implementing the GRENKE Group’s strategy in this area of business: namely the provision of financial services for small-scale entrepreneurs and SMEs. This market segment is largely neglected by our competitors as they lack the systems required for effective processing. Our core competencies such as the deployment of highly-efficient, self-developed systems, simple processing, and personal customer care, are also applied in factoring on an on-going basis.
As an option, GRENKE offers factoring solutions based on flat-rate contracts where greater transparency and simplified calculations are the key benefits to the customer. We have organised the processes to allow our factoring customers to save significant time while simultaneously keeping a close eye on claims management. Companies can upload and transfer invoices, track the payment history of invoice recipients, enter new debtors, and assess their creditworthiness in advance via our website. Our factoring customers are constantly kept up-to-date on all actions concerning their debtors, for example, pending reminder notices in the event of overdue payments, and they have the opportunity to intervene at any time. We attach great importance to adopting a coordinated approach to invoice recipients. This is the cornerstone of long-term, trust-based cooperation.
There are good reasons for SMEs to choose factoring, particularly during periods of growth when funds are required for new projects and investment. While it is often difficult for these companies to access lines of credit, factoring can give instant liquidity, protection against insolvency, and provide the security needed in order to focus on new tasks and challenges.
Factoring is increasingly establishing itself as the third pillar of external financing. At the same time, the number of factoring customers among small and medium-sized enterprises is also increasing. They are primarily served by the activities of GRENKE Factoring in Germany, and since 2010 also in Switzerland.