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Business Factoring in Singapore, Fin Prestige

Fin Prestige offers Business Factoring services in Singapore, providing swift and flexible financing solutions. Streamline cash flow by converting outstanding receivables into immediate working capital, empowering businesses to thrive with financial ease and prestige.

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Business Factoring in Singapore, Fin Prestige

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  1. BUSINESS FACTORING IN SINGAPORE www.finprestige.com.sg

  2. What is Business Factoring Business factoring is a financial arrangement where a company sells its accounts receivable to a third-party financial institution, known as a factor, at a discount. The factor then assumes the responsibility of collecting the receivables from the company's customers. This provides the company with immediate cash flow by converting its outstanding invoices into cash.

  3. The process of business factoring typically involves the following steps: • The company sells its invoices to the factor at a discounted rate. • The factor advances a percentage of the invoice value to the company, usually around 80%. • The factor takes over the responsibility of collecting the payment from the company's customers. • Once the payment is received, the factor deducts its fees and advances the remaining amount to the company.

  4. Business Factoring Process Application The business applies for factoring by submitting an application to a factoring company. The application includes information about the business, its customers, and the invoices to be factored.

  5. Approval Funding • The factoring company reviews the application and assesses the creditworthiness of the business and its customers. • If approved, the factoring company sets the terms and conditions for the factoring agreement. • Once the factoring agreement is in place, the business can start submitting invoices to the factoring company for funding. • The factoring company advances a percentage of the invoice value, typically around 80-90%.

  6. Contact Us enquiry@finprestige.com.sg 8837 6078 www.finprestige.com.sg

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