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Describe the types of factoring.
The types of factoring are explained below −
Recourse factoring − In this, client had to buy back unpaid bills receivables from factor.
Non – recourse factoring − In this, client in which there is no absorb for unpaid invoices.
Domestic factoring − When the customer, the client and the factor are in same country.
Export factoring − It involves four parties, the exporter, the export factor, the import factor and the importer. It is also called as cross border factoring.
Disclosed factoring − If factor name is represented on the invoice of the goods or services and asks customer to pay the factor.
Undisclosed factoring − Factor is not mentioned on the invoice of the goods or services by manufacturer.
Advance factoring − In this, advance is paid to the client by factor against uncollected receivables.
Maturity factoring − In this, bank collects money from the customer and pays to firm on due date or before.
Invoice discounting − Clients collects payments from customer directly and pays to the factor.
Bulk factoring − In this, full recourse can be done by client and administration and collection is done by his own ways.
Agency factoring − In this, finance and protection against bad debts is done by factor, administration and collection is done by client.
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