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Domestic Factoring - For sales within India
Steps in Domestic Factoring:
Customer ( Buyer) places the order with Client (Seller)
Client (Seller) obtains a prepayment limit from Foremost Factors.
Client (Seller) delivers goods/services to the customer (Buyer). 
Copies of Invoices, along with a Notice to Pay, are submitted to Foremost Factors. 
Foremost Factors makes a prepayment advance to the Client (Seller).
Foremost Factors follows up on payment with the Customer (Buyer)
Customer (Buyer) makes payment to Foremost Factors.
Foremost Factors makes the balance payment to the Client (Seller).

 

Multi Service Package

At Foremost Factors, the Domestic Factoring facility comprises of the following:

Instant Prepayments:
Advances are made to the client based on agreed prepayment percentages on submission of invoices. Balance payment is made on the receipt of payment from the buyer.

Sales Ledger Administration:
Under a domestic factoring agreement, Foremost Factors operates the Sales Ledger for the Clients, monitoring the invoices issued and payments received. Foremost Factors also provides you with valuable MIS to enable you to take better informed credit and pricing decisions.

Collection of Payments:
Foremost Factors follows up on payment through correspondent factor, with the Customer (Buyer) and makes the balance payment to its Client (Seller).

Advisory Services:
Foremost Factors also offers advisory services to its clients such as credit assessment for domestic buyers. 

 

 

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