Seylan Bank has unveiled a new addition to its financial services suite with the launch of Seylan Factoring, designed to help businesses access funds by leveraging outstanding trade receivables. Unlike traditional loans that consider a broad range of factors, factoring focuses primarily on the quality and collection of receivables to establish the facility.
Seylan Factoring offers businesses swift access to cash, enhances cash flow, and allows for early payment discounts from suppliers. The service provides up to 80% of a business’s invoice value within hours, with the remaining balance paid out once the invoice is settled. This service helps release cash tied up in receivables, enabling businesses to reinvest working capital, outsource collection functions, and streamline sales ledger management. Notably, tangible securities are not required for Seylan Factoring.
The bank has allocated specialized staff to assist businesses in managing their sales ledgers and ensuring professional follow-up on collections.
Seylan Factoring is available to all types of businesses, from startups and SMEs to large corporations. It offers a more flexible and efficient alternative to traditional overdrafts and loans, helping businesses enhance cash flow, operate smoothly, and plan for growth and expansion.
Eligible businesses include those with quality receivables, companies that sell products on credit, and enterprises needing faster cash flow for expansion. It also serves businesses experiencing rapid growth beyond their current credit limits or those unable to secure conventional financing due to less favorable fiscal statements.
Seylan Bank’s expansion into factoring services reflects its commitment to offering a diverse range of working capital finance options, enhancing accessibility, user experience, and customer satisfaction.