What is Bai Al-Dayn?
Bai Al-Dayn is an Islamic banking concept that refers to debt financing, i.e. the provision of financial resources required for production, commerce and services by way of sale and purchase of trade documents and papers. It is a short term facility with a maturity of not more than 1 year. Only documents evidencing real debts from bona fide commercial transactions can be traded.
What is factoring?
Factoring is the purchase of your accounts receivable (invoices) in order to provide you with the cash flow you need when you need it. Factoring is a widely accepted business practice used by large, mid-sized, and small companies.
In most cases, we can have you the cash you need in 48 hours. Once you've established your account, the process takes just as fast as 24 hours.
Why should I use express Bai Al Dayn factoring?
The main benefit of this product is the instant increase in your working capital and cash flow. This can be used for, among other things, expansion, paying up bills or subcontractors and growth. As invoice factoring is mainly dependent upon your customer’s credit worthiness, the emphasis on your company’s financial position and track record is at a bare minimum.
Who should register with SME Factors?
All companies that deal with Federal and State governments.
How do I become eligible to utilize SME Factors products?
The first step is application. Visit our application page for a step by step application process.
Why do I need to apply? Can early application benefit me?
Application is required to be eligible for SME Factors products. Early registration helps customers to be able to utilize SME Factors products with fast response. We at SME Factors understand that companies need to be able to react fast when opportunity arises. Therefore, by establishing an account with SME Factors, companies can have another option for financial assistance.
Do I need to provide collateral?
SME Factors does not require collateral.
How much advance payment do I get?
A typical initial payment is up to 80% of the invoice amount. This payment will be made by cheque or wired to your bank account. When your client pays your invoice, you will receive the remaining balance less all the necessary fees.
How fast do I get the advance payment?
Upon fulfilling all requirements, you can get your advance as fast as 24 hours.
Why are you asking so much information?
All information we receive from you will be treated with the strictest of confidence. The information we receive is crucial as it will determine how fast we can provide our services. The more information we receive, the faster our service. Furthermore, the information requested are pretty much the standard practice for all financial institutions.
How do I know when my client has paid and when do I receive my balance payment?
Once your client has paid an invoice, we will notify you and make payment directly to your account.
What receivables can I factor with SME Factors?
Our customer base encompasses all federal and state government. All registered SME Factors clients can contact us to get immediate confirmation.