Introduction to Credit Factoring
Credit factoring means that the factorer purchases all or part of the applicant's accounts receivable with cash, securities and other assets, obtains the ownership of the accounts receivable and bears bad debt losses.
Credit factoring is a traditional credit service. In September 2008, in order to standardize the credit factoring business, innovate credit factoring tools, and reduce transaction costs, according to internationally accepted legal principles and international practices, the World Credit Organization [WCO] formulated the "ICE8000 International Credit Standard System Credit Factoring Standards" . Credit factoring institutions and institutions can follow or refer to this standard to prevent the risk of dishonesty and reduce subjective disputes while improving work efficiency.
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