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VÚB has provided factoring services since 1993 and has engaged in factoring the longest of any company in Slovakia. These services were originally provided through a subsidiary, VÚB Factoring, a.s., but since January 1, 2018 factoring products have been offered to clients directly through VÚB, a.s. Over the long term, VÚB will be focusing on the provision of non-recourse factoring, which brings clients the greatest added value. VÚB is the only member of the International Factoring Association (FCI) based in Slovakia. FCI is the largest factoring company network in the world with more than 400 members in 90 countries. This organization has awarded VÚB’s factoring as the most improved in import factoring.

What is local factoring?

This is a specialized financial service aimed at accelerating cash flow slowed down by sales with deferred payment.

VÚB provides you:

  • Smooth pre-financing of your billed receivables for your approved buyers
  • Prepayment of up to 90% of your assigned receivables within three days
  • Assuming default risk among your debtors
  • Managing sales statistics and collecting on invoices.

How does local factoring work?

  1. You bill your goods or services to customers as usual, but with the condition that the invoiced amount has to be paid by the maturity date to an account managed by VÚB.
  2. The invoice and completed documentation will be submitted to VÚB by you in an assigned claim form.
  3. Once the receivable has been correctly and completely assigned, VÚB will transfer to you up to 90% of the invoice value.
  4. After the invoice is remitted by the customer, VÚB will pay the remaining amount up to 100%.
  5. In order for you to be informed about your factoring transactions, VÚB will send you a monthly account statement together with an invoice for rendered services.

What advantages does local factoring have?

  • Cash right away
  • Protection against defaulted payment - if a buyer defaults on payment, VÚB will pay you the outstanding liability in full.
  • Recovery of receivables – VÚB takes over responsibility for recovery.
  • Complete statistics - at your request VÚB will provide weekly and monthly sales analysis, including paid invoices and a report on buyer payments.
  • Flexible financing - availability of resources is directly proportional to sales, so any sales growth increases your financial resources.
  • No additional guarantees – advance payments by VÚB are guaranteed only by the receivables (and related goods) themselves.
  • Lower financial costs – financing has the nature of an overdraft facility

Would you like to use recourse or non-recourse factoring?

The following factoring agreements may be concluded between VÚB, a.s. and sellers:

  • Non-recourse factoring (i.e. no recourse by the seller) = VÚB absorbs up to 100% of invoices where the buyer defaults on payment to the seller.
  • Recourse factoring (i.e. recourse by the seller) = invoices where a buyer defaults on payment are guaranteed by the seller and will be returned by VÚB.

What are the costs of local factoring?

Costs consist of the following:

  • Factoring fees
  • Interest rate

Factoring fees include only the costs of administering your sales and any payment default, where the amount to be charged is directly proportional to:

  • Degree of default risk
  • Total volume of your factored sales
  • Number of assigned invoices and their average value
  • Volume of complaints

The interest rate - charged is roughly consistent with the rate applied by commercial banks providing short-term loans to finance receivables until maturity, calculating only the amount of funds used in the accounting period.

Is your company the right one to use factoring services?

“Do you have regular long-term sales?”
“Are you selling with a maturity greater than 14 days?"
“How do you clean payment in your payment terms?"
“Is your sales turnover greater than €350,000 a year?”
“Are you a direct seller?”

If you answered “yes” to most of these questions, factoring would be suitable for your company. If you are exporting, take a look at export factoring.

What is export factoring?

This is a service aimed at improving your cash flow slowed down by sales with deferred payment.

VÚB offers you with export factoring:

  • 100% protection against default of payment among your buyers and banking information about your foreign buyers
  • Smooth pre-financing of your billed receivables for your approved buyers with an advance payment of up to 90% of the value of your invoices
  • Payments of your choice either your local currency or freely convertible currencies to your foreign currency accounts
  • Full computer processing of general ledger accounts in multiple currencies and recovery service

How does export factoring work?

  1. You bill your goods or services to customers as usual, but with the condition that the invoiced amount has to be paid by the maturity date to an account managed by VÚB.
  2. The invoice and completed documentation will be submitted to VÚB by you in an assigned claim form.
  3. Once the receivable has been correctly and completely assigned, VÚB will transfer to you up to 90% of the invoice value.
  4. After the invoice is remitted by the customer, VÚB will pay the remaining amount up to 100%.
  5. 5. In order for you to be informed about your factoring transactions, VÚB will send you a monthly account statement together with an invoice for rendered services.

What advantages does export factoring have?

  • Cash immediately – up to 90% of the value of the assigned receivable available within three days of your company assigning it.
  • Protection against defaulted payment - if a buyer defaults on payment, VÚB will pay you the receivable in full.
  • Complete statistics - at your request VÚB will provide weekly and monthly sales analysis, an analysis of paid invoices and a report on buyer payments.
  • Flexible financing - availability of resources is directly proportional to sales, so any sales growth increases your financial resources.
  • No additional guarantees – nothing else is needed for financing from VÚB.
  • Lower financial costs – financing has the nature of a revolving loan.

Export factoring costs

Costs consist of the following:

  • Factoring fees
  • Interest rate

Factoring fees include only the costs of administering your sales and any payment default, where the amount to be charged is directly proportional to:

  • Degree of default risk
  • Total volume of your factored sales
  • Number of assigned invoices and their average value
  • Volume of complaints

The interest rate - charged is roughly consistent with the rate applied by commercial banks providing short-term loans to finance receivables until maturity, calculating only the amount of funds used in the accounting period.

In some cases, the interest rate may be based on the interest rates for the currencies in which the export is invoiced.

What is import factoring?

Import factoring is a specialized financial service that lets you buy goods from foreign suppliers with deferred maturity without issuing a letter of credit, bank guarantee or bill of exchange.

In import factoring, you order the goods in the usual way except that on the maturity date of the import invoices you pay VÚB instead of your foreign supplier.

How does import factoring work?

  1. Your foreign supplier invoices you for goods or services
  2. Invoices along with supports are assigned by your supplier to an export factor
  3. The export factor assigns the receivable to VÚB
  4. The export factor will pay your supplier an agreed advance for the assigned invoices
  5. VÚB takes over collection and the guarantee of payment
  6. On the maturity date, you pay VÚB, not the foreign supplier

What advantages does import factoring have?

  • Your imports are not bounded by credit limits
  • No guarantees
  • No letter of credit fees
  • No interest charged

Nákupný faktoring

Nákupný faktoring je finančná služba, v rámci ktorej uhrádzame záväzky voči Vaším dodávateľom, čím Vám umožníme predĺžiť lehotu splatnosti Vašich záväzkov, vyplývajúcich z dodávateľských vzťahov. Faktúry Vašich dodávateľov uhrádzame v deň splatnosti a Vy ich uhrádzate na náš účet v dohodnutý deň po splatnosti.

Výhody nákupného faktoringu

  1. Predĺženie lehoty splatnosti záväzkov voči dodávateľom,
  2. rieši nesúlad medzi lehotou splatnosti dodávateľských a odberateľských faktúr,
  3. 100% platobná disciplína voči dodávateľom.

Je finančná služba, ktorá vás odbremení od evidencie a inkás pohľadávok a zabezpečí vám pravidelné prehľadné analýzy predaja a platobnej disciplíny Vašich odberateľov, ktorých frekvencia záleží na aktuálnej potrebe.