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Coface UK, the provider of credit solutions for business, has added to its range of credit management products with the launch of a new financing facility. The new service will give businesses access to an injection of working capital while meeting their credit insurance, collections and credit reporting needs.

The receivables finance – factoring – service has been designed to meet the requirements of all businesses and particularly exporters, as these firms more often encounter slow payment from overseas customers and as a result may require specialist help.

The risk of trading abroad is minimised due to built-in bad debt protection, giving businesses the security to expand into new markets, safe in the knowledge that cashflow is protected.

Other benefits of the service include:

  •  Immediate access to up to 90% of the value of invoices, domestic and export, with the remainder paid when the debt is settled.
  •  Access to Coface’s worldwide network of collection agencies in over 90 countries, ensuring the debt is pursued by collectors that understand the local market.
  •  Built-in bad debt provision through Coface UK’s credit insurance, to provide protection in the event of non payment.
  •  Off balance sheet financing.

  • John Shulman, who heads up Coface UK’s receivables finance team, comments: “We are keen to hear from any businesses that are looking to trade abroad with confidence. Our experience in collecting debts abroad can help these firms free up the time they spend chasing debts, and allow them to concentrate on growing their businesses.”

    The UK is the third country – after France and Germany – to join Coface Group’s pan-European expansion into factoring.