Q: How does Factoring help improve my business?
A: Factoring helps you to bridge cash-flow gaps and take advantage of purchase discounts by paying suppliers early. Planworth provides proper receivables management advice to guide you in making sound decisions.
Q: Do I need to provide a tangible security?
A: No. Only guarantees from directors and/or shareholders are normally required.
Q: Does Planworth notify my customer?
A: Yes, Planworth will send an official and friendly notice of the assignment of payment to your customer informing them of the factoring arrangement and to make payment to Planworth.
Q: What is the average cost for my company?
A: There are many factors that come into consideration which will influence the rates. However, they are generally between 2% – 3% monthly.
Q: What are Planworth’s charges for this Factoring Facility?
A: You will be levied a discount charge and monthly service charge based on the invoice amount factored.
Q: Why do I have to pay Service Charge?
A: For our professional account receivables management services which frees up time for you to focus on your business.
Q: How much of my Invoice will be advanced?
A: Advancements are usually between 60% – 80% of the face value of your invoice, again, it all depends on various factors like industry, relationship pattern, terms of sale etc.