Factor Premium
How will we proceed ?
One simple protocol agreement
After filling our contact form, you will receive a “Protocol Agreement” on which are mentioned all the obligations of the 2 parties and all the planned agreements.
Once agreed by both parties, a “Factoring Contract” will be sent for signature by both of our companies. An official identity form (p. ex. Kbis in France) of the company in charge of your factoring will also be furnished so you know which structure will handle your payments.
Your legal obligations
To take full advantage of our mature factoring solution, it’s important to comply with certain contractual obligations. These obligations guarantee smooth collaboration and efficient management of your invoices.
Unique Invoice Numbers
Each invoice you wish to process must be identified by a unique invoice number. This ensures clear and precise identification of the invoices processed by Factor Premium.
Mention of the Payment Method on the Invoice
It is mandatory to specify the following words on each invoice that will be processed by our services : “Your payment must be made to the order of our Factor, who receives it by subrogation under a factoring contract”. This formalises the transfer of invoice management to Factor Premium.
Country of Collection & Funds reception
You must inform the factor of the country in which you wish the invoices to be collected. You also need to specify in which country will you wish to receive the funds. This information is crucial for organizing the transfer of funds and complying with international regulations.
Sending invoices copies
For each invoice mobilized, a copy must be sent to the factor with the information required for processing. This includes transaction details and any other relevant documentation.
Payment tracking and reminders
You must follow up with your customers to ensure that invoices are paid on time. If payment is not made on time, we can intervene to collect the funds.
Storage of supporting documents
You must keep all the documents used to draw up each invoice (orders, quotations, etc.). In the event of non-payment, these documents must be presented so that our insurer can take charge of recovery and guarantee payment of the amounts due.
Your financial peace of mind
You must keep the documents used to process the invoice sent to the customer (order, quotation, etc.). If the invoice is not paid in full, the factor’s legal department will collect it and the insurer of the financial guarantee taken out by the factor will pay the invoice in full.
Contractual warranty
Our contract stipulates that we are legally obligated to reimburse the client for all invoices assigned to our company (after deducting the contractual management fees).
Deposit check
In order to guarantee this clause, we provide our clients with a « deposit check », equal to the amount of the invoice submitted for collection by us.
This check may be kept for one year, or modified if the new transactions exceed the existing amount.
Coverage rate
If the factoring contract covers the amount of several invoices over a period of several months, the amount of the guarantee check will be calculated as follows:
Total invoices incl. VAT / (divided by) the number of months.
Please know that we have never yet seen a customer use this check to obtain reimbursement, in over 20 years of activity in freelance administration or factoring. This is a reward for our commitment and professionalism.
Test our service with one simple invoice !
This test allows you to experience our service without any risk !
Our trial implies opening an international bank account with its credit card but you can keep it even if you decide not to proceed with our company for invoice processing.
We have factors registered in France to be able to process French VAT if necessary.
An example is if the invoice recipient is also in France. In that case French VAT will be due even if the payment is made in the European Union outside France.
Our company complies with regulations related French VAT.
VAT Processing
Bank account creation
- As soon as the first invoice receipt is received, the factor issues the warranty check and sends it to you.
- The customer information and data file is sent to the partner international bank’s Local Agent, for verification and approval.
- The file is then processed by the Bank, if prior approval is given by the agent.
- Within 4 to 8 working days after application sending, the bank account will be open and available.