Early pay options such as dynamic discounting, supply chain finance, and working capital platforms all offer a company a way to extinguish a receivable before due date. Pcards are a convenient buying tool for low dollar purchases and virtual cards have become more commonly used for transactions into the six figures and provide business process automation support in accounts payable.

But just how do these different techniques compare in terms of cost of money? And how do they compare to factoring alternative?

All these different techniques carry different rates and in some cases transaction fees. From a supplier’s perspective, they have the option to wait until invoice maturity, elect to opt-in on some form of early payment if offered, or they may already be using these receivables as part of an Asset Based Lending scheme, Factoring solution, or Invoice discounting line with their bank.

What makes this not a fair comparison is that in factoring, the Factor undertakes credit management and collection of its clients’ book debts whereas with invoice discounting, a business collects its’ own book debts. Typically the receivables are assigned to the factor, and notice of assignment is served on the buyers – by way of an introductory letter, assignment clause on all invoices, and statement of accounts from the factor. Factoring offers a few key services to the seller:

  • 金融
  • 与应收账款有关的分类帐管理
  • Collection of receivables
  • 买家违约的信用保险

Factor’s shift risks which they do not assume back to their client via chargebacks and indemnities. For example, in full recourse factoring, language in contracts can state that in the event any purchased account is not paid and collected within 120 days of invoice for any reason, then the Factor shall have the right to chargeback such account to seller.

给早期薪酬计划比传统供应商融资或发票折扣的融资方法的优势是消除了许多运营成本,并且可能不需要信用保险(当然,鉴于高风险性质,如今,在零售业中,请参见Toys R Us破产,基于客户组合)。因此,例如,与买方违约有关应收款,收款人收集和信贷保险有关的分类帐管理是可以避免的费用,从而为融资供应商提供了早期薪酬计划。此外,因素为管理稀释风险而融资75%至90%。

The disadvantage of early pay from the supplier’s perspective is that typically only a small percent of customers and overall receivables are typically covered under various programs. Remaining customers may require credit insurance.



Supplier Technique



Dynamic Discounting – Self-Funded 折扣是根据成熟日的天数取出的。APRS的范围从18%到36%或以上。动态折扣与传统折扣不同,因为折扣是根据付款时间的函数计算的,换句话说,它基于滑动量表。这使买方可以根据内部障碍率,供应商分组和其他因素设定条款。 财政部以一定数量的现金来寻找收益率,这些现金用于资助尾巴供应商。虽然收益是无风险的,但财政部却寻求增加收入。
购买卡 供应商一般支付2.65%或铁道部e of invoice value, making these APRs very expensive based on a 45 day invoice term as a substitute. The most substantial portion of the merchant discount rate is the interchange fee assessment, with rates varying according to such factors as transaction size and level of data included.
Virtual Cards 供应商通常从1.25%或以上的发票值支付任何费用,通常以较大的发票值进行。 费率需要较低,因为这些卡通常针对较大的发票值。
供应链融资or Reverse Factoring 费率基于LIBOR +债务人的信用质量。因此,如果这是雀巢提供的计划,则供应商以LIBOR + 185bps为例。如果这是BBB +公司计划,则供应商支付LIBOR + 400BP 根据协议的结构,风险是纯买方或债务人在到期日付款的风险。定价与基础义务的质量相关。
Working Capital Automation – Self Funded 对于非常大的CPG和零售公司(以及其他),我们已经看到5%至8%的范围。 Buyer provides stated return objectives based on their internal return guidelines. Buyers typically offer a rate range where they will accept invoices.
通过P2P或供应商网络提供的供应商融资 - 第三方资助 看到的速度在12%至18%的范围内,在不交易费用的情况下,在低端的情况下相似。 在这里,基于债务人,资助者的类型以及“批准”发票的风险可能会大不相同。
Cash on Invoicing Indicative rates are 1% per month, or `12% The risk is both dilution risk pre- approval and Buyer risk post approval.
考虑 因素收取两个保理费用(例如,每1,000美元的3%)加上Prime +方法。利息仅对每张发票的高级资金收取(范围在75%至90%之间),而发达国家的GBI的利率在8%至15%之间。因此,对于Advanced 80%的1000美元发票,总成本为$ 800 x 12% +因子费($ 1000 x 3%) 发票总额收取保理费用。第二笔费用是根据提前利率对每张发票的款项的利息收费。



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