General Questions
New around here ? Start With the Basics
What is Trade Finance?
What is Invoice Discounting?
How and why you don’t take personal guarantees?
Must my business be profitable?
What type of businesses are eligible for financing?
What is the list of high-risk sectors?
- Weapon manufacturers;
- Art and antique dealers;
- Unregulated charities;
- Unregulated “non-for-profit” organisations;
- Electronic gambling /gaming through the internet;
- Dealers in high value or precious goods;
- Remittance houses;
- Exchange houses;
- Betting;
- Gambling related;
- Bank note traders;
- Cash intensive business;
- Adult industry
What is the minimum annual turnover to become a client?
Is there a geographical restriction on location of clients?
What about the location of Debtors?
Is there a minimum Debtor diversification rule?
Application
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How does a Company register to become a trade finance client?
Are there any setup fees?
How does a Company secure funding limit?
- Company Certificate of Incorporation;
- Register of Directors;
- Register of shareholders;
- Tax Identification Number (TIN) of the Company;
- VAT number of the Company;
- Articles and Memorandum of Association of the Company
- Good Standing Certificate
- Passport copies of all directors and major shareholders
- Proof of address of all directors and major shareholders not longer than 3 months
- Where the Director or Shareholder of the Company is another Legal Entity, the same procedures need to be followed and the above documents and information submitted.
- Latest audited financial statements
- Management accounts
- Debtor ageing analysis
Why do you need so much information?
Furthermore, the same information is shared with our parent company, Eurivex Ltd, which is regulated by Cyprus Securities & Exchange Commission (CySEC) and operates in line with the EU’s Anti-Money Laundering and MiFID II guidelines and for this reason we need to have complete information on the clients with whom we transact business.
Such information is also necessary when we shall be transferring money to your bank account after the invoices or Letters of Credit are discounted and when your Debtors settle their outstanding balances directly to us.
How long does it take to process my application?
Invoice Discounting
New around here ? Start With the Basics
How do I secure the funding limit?
What kind of information do you require?
How do I sell the invoice?
How do I provide the information?
- Key in the information using our online assignment form.
- Upload all your invoice information directly into our online system. This is by far the fastest way and most preferred way both for us and our clients.
Do I have to sell all my invoices?
Is there a limit on the maturity of invoices?
s there a maximum amount on the facility limit?
My invoice has been disapproved for funding. What does that mean?
Who is the buyer of my invoices?
Where will you settle my money?
Who will know that I’m discounting my invoices?
Do the Eurivex Agora platform investors see my invoices?
Confidential Invoice Discounting
New around here ? Start With the Basics
What is Confidential Invoice Discounting?
How does it work?
When the business raises an invoice to a debtor, it uploads invoices to the invoice finance provider, who will forward the cash advance to the business, usually within 24 hours. As the facility is confidential, the business conducts its own credit management and collects payment from the debtors.
The debtor deposits the payment into a bank account in the name of the company but allowing the finance provider with access rights. Once the debtor has paid up, the invoice finance provider releases the outstanding funds from the invoice to the business.
Do you control my entire Sales Ledger?
What is the application process for Confidential invoice discounting?
What kind of due diligence will you perform?
Do I need to inform my Debtors?
Why do I need to set up new Bank account?
How do I withdraw funds?
Credit Insurance
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Can you insure my debtors against risk of default?
What do you mean selectively?
What is the maximum percentage of credit insurance?
Is the cost for credit insurance merged with other costs?
Why do you apply a debtor evaluation fee in addition to the credit insurance cost?
Are all debtors evaluated at the same fee?
I have debtors in overseas markets, can they be credit insured?
Letter of Credit Discounting
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What is a Letter of Credit?
What is a deferred L/C?
What are the Advantages of L/C Discounting?
Do you discount any type of L/C?
Does the L/C need to be confirmed?
The L/C is not in euros but in another currency, is this acceptable?
My bank is not comfortable to receive L/Cs from some countries, can you help?
Debtor Management
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Who will approve a Debtor?
What is assignment of debt?
My Debtor objects to the sale of its invoice, can I still discount it with you?
How is my Debtor’s credit rating calculated?
Do I assign all the invoices for a debtor?
When does a Debtor amount become disapproved for funding?
If an adverse event affects the creditworthiness of the Debtor, its funding limit may be reduced.
If the Client total balance exceeds the agreed funding facility, then new invoices received will be disapproved for funding.
My bank is not comfortable to receive L/Cs from some countries, can you help?
Do you request any collateral?
What is the minimum time to commit or terminate this agreement?
How do I follow the status of my account, invoices?
Who informs my Debtors that they need to pay you?
Fees and Charges
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What is the Administration charge?
Do you still apply the Administration charge for disapproved debtors?
When do you take the Administration charge?
What is the Discount charge?
Do you apply VAT?
How do I pay for the fees?
Who pays for the bank transfer fees?
Request a Call Back or Free Quote
Call us or email us to arrange a free quote to kickstart your business.