If you are considering the benefits of using a third-party financial institution to factor your invoices then the PlanMill Factoring add-on is now available. This service automatically prepares the factored customer invoice while transferring an invoice copy to the factoring party (e.g. a bank or other).
Factoring is a financial arrangement in which a factoring company takes responsibility for collecting money relating to a business’s invoices. It immediately pays that business part of the total amount owed on the invoices. With the help of factoring, company does not need to chase the debtors for collecting outstanding amount and consequently the management may concentrate on other important issues.
In factoring there are three parties: The seller (your company as the supplier), the debtor (the customer) and the factor (usually a bank or financial company). PlandMill provides the integration solution between these parties.
For Finnish companies we currently have out-of-box settings for Danske Finance and Nordea Rahoitus: simply enter your agreement number.
More information is available in our Help.
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