Factoring

Factoring means that you borrow on/sell your invoices to a factoring company. This means you quickly can receive money for your invoices and don't have to wait (e.g. 30 days or more) before you get paid. There are two types of factoring services: Accounts receivable service and Invoice service.

Accounts receivable service

This means that you send your invoices to the customer with the payment information of the factoring company. Then you send a file with invoice information to the factoring company which will monitor the invoices for you. If a customer is late with the payment the factoring company will take care of reminders etc.

Invoice service

This means that the factoring company will also print the invoices and send to customers, as well as take case of the monitoring of the invoices (accounts receivable service). For this service the file you send to the factoring company usually contains more detailed invoice information.

To export factoring data it is required that you have installed a plugin for factoring in Monitor ERP. At present there is a plugin that supports the formats for "Handelsbanken Finance" (applies to Sweden), "Swedbank Payex", "Nordea Finance" (applies to Norway), "DNB" (applies to Norway), "Sparebank1" (applies to Norway), "Nordea Finance" (applies to Finland), and "Peppol BIS 3.0".