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Factoring is the conclusion of an agreement between the factor and the supplier, by which:
(a) the supplier can assign his/her claims against customers (debtors)
(b) the factor should provide at least two of the following services:
Usually the financing is carried out on the next business day following notification of receivables.
1. The supplier signs a Factoring agreement with NBG Factors and notifies the debtors (customers) in writing of the assignment of the debtor receivables to NBG Factors
2. Following delivery of goods or the provision of services, the supplier notifies the factor of his/her assigned debtor (customer) receivables
3. The factor provides financing to the supplier on the basis of the value of the receivables assigned.
4. The debtor pays to the factor the value of the receivables that the latter has undertaken to manage and collect.
The overall cost of Factoring involves two cost components:
With respect to Domestic Factoring that pertains to business receivables created by commercial transactions between companies headquartered in Greece, NBG Factors undertakes to:
You can enjoy a range of benefits through Export Factoring, such as:
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