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
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SERVE YOUR CUSTOMER
Perform the contract accordingly to your customer requirement
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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.
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RECEIVE CASH ADVANCE
Receive cash advance (80%) upon confirmation of the assignment of payment to MFI.
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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.