About factoring

Factoring is an administrative and financial service for businesses that involves outsourcing of the administration of receivables and increased liquidity due to high borrowing against accounts receivable.

  • Up to 90% of the outstanding receivables can be paid in advance.
  • For companies with equity of over 50%, up to 50% of book value of inventory will be considered.
  • It is possible to finance the organisation's outstanding receivables in foreign currency.
  • Follow-up of outstanding receivables.
  • Managing the sales ledger.
  • Payment service.
  • Automatic access to disposable amounts in the factoring system via our partner bank. You do not need to contact us to ask for an advance payment.
    • The bank's telebanking solution can be used to pay the company's suppliers' accounts.
    • Credit drawn on the current account is transferred to the finance account in the factoring system.
    • All calculation of interest occurs in the factoring system.
    • Lower liabilities (you only borrow the capital you need).

Contact me about factoring

Are you interested in getting more information about factoring or want to become a customer? Leave your contact data here and we will contact you.

Block factoring

This product is recommended for companies and organisations that have a financing need in excess of NOK 10 million.

  • Up to 80% of the outstanding receivables can be paid in advance.
  • The company itself manages the sales ledger and performs all collection functions towards customers.

Export factoring

Export factoring works in the same way as normal factoring and is offered in most countries that is relevant to trading.

  • Complete follow-up and financing of outstanding receivables outside of Scandinavia.
  • Follow-up and financing accounts receivable in foreign currencies.
  • Customers outside of Scandinavia are credit insured that permit sales in an open account and limits risk of loss.

How to become a customer

To enter into a factoring agreement with SG Finans is a transparent process. Below you will find a case example on how to enter into a factoring agreement from initialized contact to a running agreement.

Request
Contact us directly or via one of our partners or cooperating banks.
Our local sales representative sets up a meeting with you to review your financing needs, relevant products and services. Based on that we will find the positive effect a factoring agreement will have on both the profitability and the liquidity of your company.
Personal meeting
Credit rating and offer
As soon as the credit rating is approved, we present our offer that the customer can accept either trough manual or digital signature (BankID).
Your IT-partner will customize your ERP system to factoring. This will make it possible for us to get the customer and invoice information from your system. The most common ERP systems are already customized to SG Finans' factoring solution.
IT adaption
Start-up
As soon as the claims mortgage are registered with 1st priority, and your company has invoiced the customers and sent us the invoice information, up to 90 % of the face value is at your disposal. When the customer settles the invoice, the remaining 10 % will be credited to your account.
On a regular basis, your company sends us invoice information and dispose desired financing as needed. Your SG Finans client manager will follow-up so that the customer pays upon expiration. We provide you with a real time overview of your customers and account receivables via our client web (webFactoring - desktop or mobile device).
Running cooperation

Benefits factoring

Increased liquidity reduced credit time by means of professional follow-up of receivables and customers.

Financial

  • Increased liquidity
  • Reduced credit time by means of professional follow-up of receivables and customers
  • Flexible operating credit that is adapted to growth and/or fluctuations in sales
  • Reduced interest costs and increased interest income
  • Reduced losses on claims

Export factoring

  • Permits sales in an open account
  • Very limited risk of loss
  • Credit insurance in cooperation with leading providers
    • Covers the risk that always exists, whether selling on the domestic market or abroad
    • Offered in most countries you are likely to trade with

Administrational

  • Access to top competence and capacity at SG Finans
  • Reduced losses on claims
  • Reduced invoice administration costs
  • Credit monitoring/credit assessment
  • Payment service as an integral part of the factoring system

  

  • Releases internal resources to better serve the organisation's main objectives
  • Reduced credit times
  • Increased interest on overdue payment
  • Better control over payment flows
  • Access to the online webFactoring service

webFactoring

webFactoring is a websolution for you as a factoring client of SG Finans. The service gives you access to all information regarding your factoring collaboration.

  • Credit rating Our partnership with credit rating company Solvency gives you a credit rating and a complete overview of all Norwegian companies.
  • Customer reports Export customer reports in different formats.
  • Financial status Complete control and overview of your financial status in different currencies, as well as the real-time status of your customers.
  • Refining and consolidation Refining and consolidation of your accounts receivable, external credit information and our own customer history.

webFactoringMobile

  • Same login information as on the full desktop-versjon
  • Overview of your customers with the biggest balance (outstanding receivables)
  • Do a customer search within your customer base
  • Overview of your factoring engagement
  • Check customer status
  • Overview of your disposable assets with the possibility of ordering an advanced payment

 

Go to webFactoringMobile
(assuming you are on mobile phone or tablet)