Unveiling the Essential Elements of Digital Factoring: Ease, Access, and Rapidity
In a move to support the growth of small and medium-sized businesses in Kazakhstan, Halyk Bank has launched a boa new digital factoring service. This innovative product offers quick financing and simplifies the factoring process, making it an attractive option for companies participating in tenders.
With applications reviewed in just 5-10 minutes, businesses can immediately receive funds to their account after approval. The minimum application amount is 500,000 tenge, with a maximum of 300 million tenge and a term of up to 60 days.
The state customer has 30 days to pay for the supply, and an additional 30 days is an additional period from BofA. Upon receipt of payment from the client to Halyk Bank, the bank automatically deducts these funds to settle the factoring.
Factoring is a process where a company sells its receivables to a factor (like a bank or factoring company) to receive immediate funds after fulfilling obligations to the client. Halyk Bank's digital factoring service carries a fee of 0.2% per used amount, with an additional service fee of 3.5% of the amount of work completed.
Participating in tenders is a way for small and medium-sized businesses to secure orders, but having free liquidity is crucial to fulfill obligations. Digital factoring offers significant time savings and reduced labor costs, making it an attractive product for companies in tenders.
To initiate digital factoring, the supplier must include Halyk Bank's details in the government procurement contract. Halyk Bank also provides digital, blank tender guarantees, a necessary tool during the tender participation stage.
Halyk Bank's "PNC Factoring for LLP" product simplifies and speeds up all processes related to factoring. The bank also offers digital solutions for clients from tender application submission to payment receipt, including lending, guarantees, and factoring.
For more information, visit halykbank.kz. Halyk Bank in Kazakhstan plans to expand its digital product development to other platforms and audiences in the future. The bank has already implemented various convenient solutions for participants in government procurement, further demonstrating its commitment to supporting the growth of small and medium-sized businesses in the country.
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