EnglishMillennium Bank entered the factoring market, offering customers with an annual turnover of over 500,000 Euros the possibility to outsource their receivables collection, according to a press release by the bank.
The service will be provided in lei and will cover up to 80% of the amount of eligible receivables, the press release says.
"Under the current economic context, companies are often faced with a liquidity deficit, because their partners don"t always pay the invoices on time. Factoring is an advantageous solution through its defining parts - financing, collection, monitoring - which provides companies with funding based on their sales volume", Dana Feher, Corporate Product Development Manager at Millennium Bank. He explained: "Through the factoring process, companies basically
Factoring is flexible, as the bank places no restrictions on the funds received. What"s more, once the factoring limit is approved, this product requires very simple paperwork for obtaining funding from the bank.
Millennium Bank, a subsidiary of Millennium BCP, leader of the Portuguese banking market, began its operations in Romania on October 11 2007, by opening 39 branches simultaneously, in Bucharest and in eight cities all across Romania.
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