Prime Factoring is a commercial product name of domestic factoring for a Seller. Shinhan Bank will redeem with reservation of recourse the Account Receivables (AR) of the Seller by offering an advanced payment for acquiring lawful rights and interests related to such AR as agreed upon.
For the Seller
- Enhance competitiveness by offering more attractive payment methods to Buyers.
- Access to financially healthy and credit-trustworthy Buyers through the comprehensive credit assessment process of Shinhan Bank.
- Receive immediate advanced payment with amount up to 100% of the assigned AR and advance period up to 180 days from the factoring date.
- Save time and cots on administration and AR collection.
For the Buyers
- Receive and use commodity without making immediate payment terms;
- Have a wide range network of Sellers being factored;
- No prime factoring charges.
- No need to open Letter of Credit or escrow account for each import of goods