Also referred to as “customer” – a business to which you supply goods or provide services.
Money owed to your business by your customers in exchange for the goods and/or services that your company delivered.
The percentage amount of your invoices that may be available as soon as the day following receipt by BFS of your eligible invoices.
An abbreviation for Accounts Receivable, also known as your invoicing.
A record of all debts owed to you by your customers.
When an invoice is created and sent to BFS on an assignment schedule, it is effectively sold to us, otherwise known as assigned to us.
A listing of all the invoices that are sent to BFS at any one time showing the debtor name, amount and date of invoice. Schedules must be signed, dated and numbered by an authorized signatory before they are sent to BFS.
Officer or representative vested (explicitly, implicitly, or through conduct) with the powers to commit the authorizing organization to a binding agreement.
The amount of funding/money that you have available to use at any point in time.
The payments we receive from your customers/account debtors.
The level to which we will fund any single customer of your total approved invoices. This number is often expressed as a percentage.
This occurs when two companies are both suppliers and customers of each other. To settle their accounts, the companies subtract what they have bought from the other company from what they owe and then pay the remaining balance. Contra accounts are not eligible for funding and must be noted on the submitted assignment schedule.
The funding limit that BFS places on each of your customers/account debtors (ie: $10,000). Invoices sent to us for that customer are eligible for funding up to the established credit limit. Credit limits are determined by and reflect the quality of credit information available to BFS during our due diligence. Credit limits are established for your benefit to assist you in avoiding bad debt.
Also referred to as “account debtor” – a business to which you supply goods or provide services.
A minimum credit limit that BFS will apply to all your customers, subject to no adverse credit information being received. The default credit limit is eligible for increase upon the review of credit information.
When a customer refuses to pay an invoice, that invoice is classed as a dispute and the amount is deducted from your availability. Disputes may occur for various reasons – the goods delivered or the services provided did not meet the customer’s expectations.
All invoices submitted on an assignment schedule minus invoices that are ineligible or disputed, for account debtors that will exceed the Credit Limit, or invoices otherwise not available for an Advance.
The amount of money owed to you from a foreign customer.
The total amount of advances you may have outstanding at any one time. This amount is agreed in your contract with BFS. The facility limit can be increased following a review of your account.
The total amount of money paid to you, plus any charges, at any given time.
The money that is advanced to you.