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Factoring

The Factoring Division is a member of  Factors Chain International (FCI) , the largest network of Factoring organizations worldwide, covering more than 60 countries with 200 members across the world. This is the only Factoring Division in Cyprus with an internationally recognised certification, ISO 9001, for its service quality and Quality Management system.

1. Services
2. Products
3. The Cost of Factoring
4. Consistent Service Quality
5. Internet Factoring
6. Contact

1. Services

At the Bank of Cyprus Factors we offer a comprehensive and flexible combination of services that include finance, administration and security of your accounts receivable for the immediate satisfaction of your needs.

  •  Liquidity
  •  Administration and Collection
  •  Insurance

Liquidity

We offer an immediate and permanent solution to your liquidity problems converting your debtors’ debts into cash.

Administration and Collection

We take full responsibility for managing the sales ledger of your business, freeing you from the lengthy and costly procedures of managing your debtors’ accounts receivable, so that your staff can concentrate on promoting company business.

Insurance

We provide insurance cover in respect of your debtors, allowing you to expand and organise your future activities more securely and confidently. You can insure your debtors both as a whole and selectively, at the same time removing the insured balances of your debtors from your balance sheet.

 

2. Products

Our products are specially designed to combine our three services and offer immediate cover for the needs of your business at every time.

Domestic Recourse Factoring
Liquidity – Administration – Collection
The Domestic Recourse Factoring is a product through which we are able to offer a combination of two services. It is especially designed to offer both professional administration and collection and at the same time discounting of receivables arising from trade transactions between companies located in Cyprus. 

Domestic Non-Recourse Factoring
Liquidity – Administration – Collection – Insurance (85%)

This product combines all our services. It includes administration, collection and discounting of claims (the services that are offered with Domestic Recourse Factoring) and also provides insurance cover for your debtors of up to 85% of the value of the invoices against the risk of default or prolonged delay in the payment of debts.

In the event of default or financial difficulty on the part of a debtor, the Factoring Division is obliged to pay to the customer 85% of the value of the invoice within a period of approximately 6 months after the due date of the invoice, provided that the debt is not disputed by the debtor.

Confidential Invoice Discounting With Recourse
Liquidity

We finance up to 75 % of your approved sales ledger, while you continue to manage your debtor administration and collection of trade receivables.

We discount your credit invoices assigned to us on the basis of a monthly debtor analysis. Once you collect from your debtors, you send us the collected amounts immediately and at the same time we put at your disposal the balance that was not discounted from the invoices paid.

This product is ideal for rapidly expanding businesses with increasing working capital requirements, without dealing with collection problems.

Confidential Invoice Discounting without Recourse
Liquidity - Insurance (85%)

This product is an insurance scheme, ideal for businesses that wish to selectively insure their debtors confidentially and it can be combined with discounting of up to 75% of your claims on debtors.

The business continues to manage the sales ledger of its debtors and to collect from them.

The insurance cover of your debtors extends to 85% of the invoiced value against the risk of default or prolonged delay in payment of the debt.

In the event of default or financial difficulty on the part of a debtor, the Factoring Division will have a duty to pay to the client 85% of the invoiced value within a period of approximately 6 months after the due date of the invoice, provided that the debt is not disputed by the debtor.

Discounting of Post-dated Cheques
Liquidity - Administration

The discounting of post-dated cheques is designed for businesses which accept post-dated cheques from their debtors. It is purely a financing scheme based on the pledging and discounting of the post-dated cheques of the customers of the business.

Keeping the post-dated cheques until the date you deposit them, will put pressure on the working capital of your business and cause liquidity problems for you. With the use of this product we can enhance the working capital of your business by financing up to 75% of such cheques. In addition, we take charge of the administration and management of these cheques in co-operation with you.

Export Factoring with Recourse
Liquidity - Administration - Collection

Export Factoring with Recourse is a product through which we can offer you a combination of two services. Professional sales ledger administration, collection and discounting of trade receivables of your debtors located abroad are all offered collectively.

Export Factoring without Recourse
Liquidity – Administration – Collection – Insurance (100%)

With this product we can offer you a combination of all our services, namely discounting of your claims towards debtors located abroad, professional administration and collection of claims abroad, ongoing evaluation and full protection (100% insurance) against the possible default of debtors abroad. The product operates through our co-operation with the FCI network, which uses the “Two Factor” system. In this way, you can benefit from the specialized skills of our foreign correspondents and at the same time be confident that your debtors are dealing with a Factoring company in their own country and language.

 

In the event of default or financial difficulty on the part of a debtor, the Factoring Division will have a duty to pay to the client 100% of the invoiced value within a period of approximately 90 days of the due date of the invoice, provided that the debt is not disputed by the debtor.

Confidential Export Invoice Discounting with Recourse & without Recourse
Liquidity – Administration – Collection – Insurance (85%)

These products work in the same way as the corresponding products that are offered in the local market, with the only difference being the fact that they are intended for Cypriot exporters whose clients are located abroad.

Import Factoring

This product is intended for Cypriot businesses importing products from abroad. Through our cooperation with the FCI group, we make it possible for Cypriot importers to secure for their foreign suppliers discounting, administration, collection and insurance cover services for their trade receivables.

The exporter, who in this case is abroad, must conclude an Export Factoring agreement with a Factoring company in his country which is a member of the FCI group.

By using this product the importer is in a position to secure more favourable payment terms from suppliers abroad, has the ability to pay on open terms and to avoid expenses and delays that are connected with opening letters of credit.

 

3. The cost of factoring

The total cost of our services depends on the type of product you choose and consists of two independent commissions:

  •  The discount commission: this relates to the amount that you borrow and is equal to the current basic interest rate of the Bank of Cyprus, plus an interest rate margin.
  •  The administration commission: this relates to the cost of services provided and is calculated as a percentage applied to the value of invoices/cheques issued to our service. It usually varies between 0.5% and 1.5%.

 

4. Consistent Service Quality

ISO 9001
Since 1998, the Factoring Division of the Bank of Cyprus Public Company Ltd was and remains the ONLY Factoring Division in Cyprus with certification ISO 9001 for its quality standards.

Customer Satisfaction Questionnaire
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Suggestions /Comments
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5. Internet Factoring

Easy, fast and secure access to the statements of your account kept with our Division (balance and account availability, payments by your debtors and balances).

 

6. Contact us

Postal Address:
BANK OF CYPRUS FACTORING DIVISION
Leoforos Strovolou 47,
Kyros Tower
Τ.Κ 265551640 Nicosia,
Cyprus

Telephone:
(+357) 22127000

Fax:
(+357) 22511712

E-mail:
info@factors.bankofcyprus.com

CONTACT US 800 00 800 / (+357) 2212 8000 EMAIL US