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Two-Factor Import Factoring


 

Bank of China (Canada) may act an as import factor on request of a corresponding export factor. Under this arrangement, Bank of China (Canada) approves a credit limit for a specific buyer or importer and the Bank provides services such as collection of the accounts receivables, updated status reports and protection against bad debt to the seller.

Features

• This product offers clients the ability to avail themselves of more favourable terms of payment to increase sales turnover. Bank of China (Canada) assumes the credit risk of the buyer, which makes it easier for the seller to accept credit terms. In turn, the buyer can enjoy credit terms which would not have been possible otherwise.

• Factoring is more cost effective than issuing an L/C and allows for a more streamlined process. Usually the factoring costs are borne by the seller. The factor provides account management and accounts receivable collection services, thereby relieving the burden on both the buyer and seller.

• Since the buyer only makes payment following inspection of the goods, performance risk on the part of the seller is minimized.

Who can benefit from this product?

This product is ideally suited to buyers who are unwilling to provide instruments such as L/Cs to sellers but wish to purchase goods on credit.

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