Business Factoring

National Bank of Greece offers integrated factoring solutions through its subsidiary NBG Factors.

Our Services

Financing

You can turn credit sales into working capital by immediately discounting the pre-agreed percentage of the value of your receivables.

Managing receivables

Enjoy integrated management of your receivables portfolio as well as effective collection and credit line control processes.

Credit control

NBG Factors assesses the credit standing of debtors, with a view to mitigating credit risk against debtors.

Domestic Factoring

NBG Factors undertakes to instantly discount part of the value of your business’s receivables, manage and collect the assigned receivables, and assess the credit standing of your debtors while mitigating bad debt risk.

Export Factoring

NBG Factors undertakes to discount and manage receivables, collect assigned receivables, cover customers’ insolvency risk by 100%, and relieve customers from having to deal with time-consuming language, and other issues.

Reverse Factoring

Reverse Factoring is a state-of-the-art tool that enables your business to free up working capital while benefiting from more favorable credit terms offered by your suppliers.
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NBG's digital transformation always takes mature and stable steps. This way it becomes a catalyst for us, aiding our operations.
Gianna Ioannidou
Managing Director at All Web Solution SA

E-factoring

The e-Factoring platform provided via NBG's online services offers instant updates on your account activity in real time, access to a host of reports/ notifications, as well as new functionalities.

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Do you want more information?

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:

  • Advance payments (financing) for the purchase of trade receivables.
  • Accounting management of the debtors’ accounts.
  • Collection of trade receivables.
  • Cover of credit risk.

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:

  • The handling fee, which is charged on the value of assigned receivables and includes the administration, collection and insurance cost of the services provided.
  • The discount fee, which is calculated on the basis of the daily balance of the current account, and corresponds to the lending rate applying to the outstanding discounted receivables at any given time.

With respect to Domestic Factoring that pertains to business receivables created by commercial transactions between companies headquartered in Greece, NBG Factors undertakes to:

  • Instantly pay in advance part of the receivables of the business against their debtors.
  • Manage the assigned receivables, with the purpose to better monitor, correctly update, as well as to minimize the administrative costs for the business.
  • Collect the receivables, upon relevant written notification to the debtors by the supplier (notice of assignment), with consistency, as well as with discrete application of the relevant credit terms and timely notification regarding any discrepancies.
  • Assess the debtors’ credit rating, thus minimizing doubtful debt risk.

You can enjoy a range of benefits through Export Factoring, such as:

  • Advance payment and management of receivables (similar to Domestic Factoring).
  • Collection of assigned receivables by foreign correspondent agents we partner with.
  • 100% coverage of customer insolvency risk.
  • Constant customer evaluation and activity monitoring.
  • Elimination of time-consuming language, geographic and legal issues that arise during the negotiations with debtors.

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