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PIRAEUS FACTORING SA


Piraeus Factoring SA, 100% subsidiary of Piraeus Group, was founded in 1998 and is a member of the international organization Factors Chain International (FCI), which collaborates with the most important factoring organisations abroad, and of the Hellenic Factors Association.

The company provides services that cover the entire range of domestic and exports Factoring to businesses , by funding their receivables and ensuring effective management and constant evaluation of the solvency of existing or new partnerships, as well as providing insurance coverage of credit risk.

It is noteworthy that Piraeus Factoring received the first prize at the annual FCI conference – which is attended by 252 Factoring companies from 67 countries- as the company with the Best Service Quality Improvement in exports Factoring.

Piraeus Factoring’s main field of activity is receivables brokerage and facilitates the contractual relationship between the broker and supplier whereby the supplier sells the factor partial or total receivables from their debtors. In this framework, the following products and services are offered:
  • Domestic Business Factoring
  • Piraeus Pre-Collections
  • International Factoring
  • Retail Factoring

Domestic Business Factoring

Domestic factoring concerns domestic transactions where the seller and the debtor can be companies (SA, Limited) or individuals involved in wholesale or retail, and is divided into:

  • Factoring with resource:
Financing, management and cash collection without the factor assuming any of the seller’s credit risk in case of non-payment on the side of the debtor.
  • Factoring without recourse:
Financing, management and cash collection with the factor assuming the seller’s credit risk in the case of non-payment on the side of the debtor.
  • Invoice discounting:
Financing and management of the receivables without the factor assuming any of the seller’s credit risk.

Piraeus Pre-Collections

PIRAEUS PRE-COLLECTIONS is a new product, designed for professionals in the health care industry and concerns immediate receivables collection of their receivables (at the time of their submission) from The Agency Insured Hospital Bills (OPAD) & Self-Employed Workers’ Insurance Organization (OAEE) in cash without lengthy processes; it is not a bank loan and has fixed low cost.

With PIRAEUS PRE-COLLECTIONS, Piraeus Factoring pre-pays OPAD&OAEE partners their receivables at 100% of their value, deducting charges covered by law, instantly available without installments or collateral.

Financing is immediate upon submission of the invoice and liquidity of professionals in the health care industry is unaffected by the payment period set by OPAD&OAEE.

International Factoring

Το International factoring is targeted at companies with an export character and are divided into:

  • Export Factoring:
Concerns export transactions and can only take place if the factor assumes the credit risk (without recourse). It operates on the "Two Factor System" - the cooperation between two factors, Piraeus Factoring on the one side and the corresponding factor which is based in the country of import on the other. The two sides usually are members of F.C.I (Factors Chain International) and are obliged to follow very strict rules. The importer-debtor’s guarantee is undertaken by Piraeus Factoring through the corresponding factor and guarantees the payment to the exporter-seller within 90 days from the maturity of debt (except in case of commercial dispute), even if the importer-debtor is unable to pay his debts.
  • Import Factoring:
Concerns companies from abroad which export to Greece and require factoring from their country's factor. The factor guarantees the cash collection of the importer-seller in Greece.In such cases, the importer-seller must be of high quality credit-standing since the factor undertakes total non-payment risk.