Credit insurance and management solutions provider Coface has launched a receivables finance facility in Ireland. The new service aims to help companies maintain their cash flow when trading both domestically and internationally.
Based in Dublin, Coface will provide credit management products aimed at helping companies look after their sales ledger. The receivables finance solutions will include invoice discounting and off-balance sheet financing, providing cash against issued invoices.
The new service is particularly relevant for companies with a high concentration of export business, who often have to deal with slow payment from overseas customers and may need specialist help.
Coface is among the top eight largest invoice discounters in the UK, providing an average of €190mn of funds to businesses.
Xavier Denecker, managing director of Coface in the UK and Ireland, says: "Receivables finance is economic cycle proof and thrives during any period of change.
“With traditional financiers becoming increasingly risk averse in the current economic climate, businesses can use receivables finance to free up cash flow and seize the business opportunities available.”
According to Coface, the key benefits of using this receivables finance solution are immediate access to up to 90% of the value of invoices, domestic and export, with the remainder paid when the debt is settled. The funding is backed by Coface's parent company Natixis. Coface also has access to a worldwide network of collection agencies in over 97 countries, ensuring debt in chased up by collectors that understand the local market.
Denecker adds: “In the current economic climate, trade credit is even more valuable - businesses should grab the opportunity to use it to win business. Companies should review their credit management controls and look for ways of protecting and enhancing their cash flow.”








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