Banks, financial organizations, client, debtor. This chain encompasses an important practice called factoring. Today, the number of entrepreneurs using it is increasing. In particular, the adoption of the Decree of the President of our country "On measures for accelerated development of the factoring services market" dated August 12, 2024, has defined the prospects for the development of this system.
The decree assigns a number of tasks to commercial banks for developing factoring services in our country. Based on international experience, the expansion of this financial service offers numerous conveniences for entrepreneurs.
The Factoring Services Department has also been re-established within the Microcreditbank system and is staffed by experienced specialists. To expand factoring services, the bank has signed contracts for the use of the electronic platforms "OZPLANET" and "Didox faktoring".
In a short period, the bank has disbursed over 32.2 billion soums to 10 clients through these platforms. Moving forward, efforts will continue to expand the number of entrepreneurs utilizing factoring services.
In this regard, let's briefly discuss how payment terms are determined when using factoring services.
When using factoring services, payment deadlines are set based on the agreement between the client and the factoring company, as well as the duration of the client's receivables. During this period, the bank expects repayment against the invoice.
In simple terms, the term is the period during which the client expects payment.
Therefore, if the factoring agreement stipulates that the client must make a payment within 90 days, the term is considered to be 90 days. During this period, the bank or credit institution receives the payment from the client and completes the full settlement.
It should be noted that the bank offers factoring services to corporate, small and medium-sized businesses, manufacturers, and trading companies for up to 180 days (pre-sale or service agreements based on the payment term), with discounting of up to 8%.
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