Factoring
Factoring is a form of cash flow relief solutions offered by MFI Money to vendors and contractors that performing contracts for either the Federal or State Government, its Agencies or even the Government-Link Companies (GLCs), by converting their receivables into ready cash through sales of debt.
Our Services
PRE-FINANCING
- To purchase goods pertaining to the contract, Lo, Po & Indent.
- Pay directly to supplier, manufactures or distributor.
SALARY ADVANCE
- Payment for staff wages, Salaries or overhead expenses.
INVOICE FACTORING
- Purchase of invoice
- Access funds immediately
- Margin up to 80% from invoice value
LETTER OF SUPPORT
- To demonstrate your credibility in performing the contract
- To surpass the requirement of the tender
LETTER OF UNDERTAKING
- Form of guarantee letter to supplier, manufactures on distributors to release of goods ordered prior to payment
BANK GUARANTEE
- To provide performance bond, insurance, or any other financial guarantee for government contract.
LETTER OF CREDIT
- To assist in purchasing goods
- Applicable local and overseas supplier
RECEIVABLES MANAGEMENT SOLUTIONS
- To manage your receivables, keeping track on collection to our system receivables report.
Step of Factoring
SERVE YOUR CUSTOMER
Perform the contract accordingly to your customer requirement
SUBMIT YOUR INVOICE
Submit the invoice you wish to factor and MFI will verify with your customer on the performance of the contract and the invoice.
RECEIVE CASH ADVANCE
Receive cash advance (80%) upon confirmation of the assignment of payment to MFI.
INVOICE DUE
Once your customer remit full payment to MFI, the balance of Retention Sum will be return to you after deduction of our fees and charges.
