Seylan Bank has expanded their comprehensive suite of financial services with Seylan Factoring, a means for clients to raise funds by trading outstanding trade receivables. Unlike traditional lending, which may consider a broader range of factors and sources for repayment, factoring is primarily dependent on the receivables’ quality and collection for setting up the facility.
With Seylan Factoring, clients are afforded fast access to cash, increased cash flow and may take advantage of early payment discounts from suppliers. The service funds up to 80% of a business’ credit invoice value within a few hours. The remaining balance is received at the end of the credit period after payment is made. Additionally, clients may release cash locked in receivables, reinvest increased working capital in their business or outsource collection functions and sales ledger administration. In addition, with Seylan Factoring, tangible securities are not mandatory.
To better maintain a business’ sales ledger, the bank also allocates specialised staff to assist in the process and professionally follow up on collections.
Available to any form of business ranging from startups and SMEs to corporate businesses, Seylan Factoring stands to ease the lives of businesses by offering an efficient and hassle-free means of growing into their potential, beyond traditional overdrafts and loans. With Seylan Factoring, businesses will improve their cash flows, which are then freed run operations smoothly and plan for continued growth and expansion.
Several businesses qualify for Seylan Factoring. Businesses with quality receivables, regardless of the volume, may apply. Additionally, businesses selling their products to other businesses on credit are eligible. Also included are enterprises in need of a faster cash flow to expand. Similarly, if a business finds itself in a position where its growth outpaces its current credit line, Seylan Factoring becomes an option for them to safeguard their continuity. Furthermore, Seylan Factoring is an avenue for establishments that do not qualify for conventional financing or find themselves with fiscal statements that do not reflect their potential.
Seylan Bank’s decision to expand its portfolio of products with the addition of Seylan Factoring, is a testament to the bank’s dedication to provide customers with a wide selection of working capital finance options. A frontrunner in providing convenient customer products, Seylan Bank remains committed to improving accessibility, user-friendliness, and satisfaction.