Prime
factoring group

FACTORING FOR NETWORK SUPPLIERS

Federal networks suppliers can receive funding within one working week starting from the day of turning to the Prime factoring company.

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We specialize in working with networks with federal and regional coverage:

  • We have bilateral partner agreements/contracts with most of the federal and major regional networks
  • Funding is carried out with the help of assigned receivables’ registers whose scanned copies are being sent via e-mail or the client-bank system without invoices/acts being presented
  • 100% direct verification of accounts receivable of the Bank -Factor with the debtor without supplier’s participation
  • Electronic verification and assignment with a number of debtors
  • No transaction decision is required – limits are pre-confirmed for most networks

Owing to our long-term partner relationships with debtors our suppliers who we factor enjoy additional bonuses:

  • Timely settlements of networks with the accredited Bank-Factor
  • Fast cooperation on operational issues with debtor representatives
  • Restrictions on offset of debtor’s counter claims to the supplier towards accounts receivable assigned to the Bank-Factor
  • Weekly reports on the status of settlements with the debtor and reconciliation of payments

The list of debtors for who funding limits are pre-confirmed can be found on our web-site in the “We cooperate” section.

If you wish to settle funding limits with regard to other debtors, please contact our account managers on the Tel: +7 (495) 134-00-01 or e-mail: factoring@pervbank.ru

FACTORING FOR SUPPLIERS OF INTERNET-RETAILERS

The Prime factoring group works with major internet-retailers under trilateral agreements for factoring services.

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We signify acceptance of our work with major internet-retailers:

  • LaModa: recourse and non-recourse factoring under trilateral agreements (Bank -Factor – Debtor − Supplier)
  • Wildberries: recourse and non-recourse factoring under trilateral agreements (Bank -Factor – Debtor − Supplier)
  • Ulmart.ru: recourse and non-recourse factoring under trilateral agreements (Bank-Factor – Debtor – Supplier)
  • Tehnosila: recourse factoring under bilateral agreements (Bank-Factor – Supplier) and non-recourse factoring under trilateral agreements (Bank-Factor – Debtor – Supplier)
  • Other internet-retailers: recourse factoring where funding limits are established individually within 5 days

Internet-retailers’ accounts receivable are insured in one of the TOP-10 Russian insurance companies, this substantially decrease risks of non-payment or late payment of debts by debtors under product supply agreements.

Factoring funding is not provided under commission agreements, sale agreements or other agreements which envisage that the debtor returns to the supplier quality but not sold goods or that discounts are set for not sold goods.

EXPORT FACTORING

The Prime factoring group offers a program of export factoring services together with the insurance of risks of non-fulfillment of obligations under export transactions by a foreign contractor to exporters of Russia-produced goods.

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PROGRAM TERMS AND CONDITIONS
  • The program is developed for manufacturers and trading companies which supply goods outside of Russia (supply of goods to CIS countries, including countries of the Customs Union, are considered export supplies for the purposes of this program)
  • Obligations under supply agreements with non-residents may be insured in one of the TOP-10 Russian insurance companies or in the Russian Agency for Export Credit and Investment Insurance (EXIAR)
  • The cost of export factoring financing depends on the export transaction risks assessment, the payment grace period stated in the contract, export contract currency and the limit of financing
  • There are no restrictions with regard to currency of contracts accepted for factoring and insurance
DOCUMENTS REQUIRED FOR PROJECT CONSIDERATION
  • Export contract or its draft
  • Information about a foreign purchaser, including financial statements (balance, income statement), owners’ structure, information about the group of companies whose member is the non-resident purchaser, and its consolidated managements reports (if applicable)
INSURANCE
  • EXIAR’s insurance does not cover raw material export
  • EXIAR’ insurance can be granted only for goods manufactured in Russia. At the same time there are no fixed requirements to minimum share of Russian content in the manufactured goods
  • Obligations under feed stock supply agreement or foreign product supply agreement may be insured in one of the Russia’s TOP-10 insurance companies

ELECTRONIC FACTORING

The Prime factoring group uses systems of remote dispatch verification and reconciliation of payments in its work with major debtors.

The Bank-Factor ensures that accounts receivable assignment is registered with the use of EDS is all cases where the debtor provides for this possibility.

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Systems of remote verification of accounts receivable and reconciliation of payments used by the Bank-Factor:

Electronic factoring services are provided by the Bank -Factor free of charge. Tariffs on servicing the “PERVOURALSKBANK” Client-Bank system are in compliance with market prices on online banking services.

To get more information about the supplier’s access to electronic document management systems you can contact our account managers on Tel: +7 (495) 134-00-01 or via e-mail: factoring@pervbank.ru

SME BANK SUPPORT PROGRAME FOR SMALL AND MEDIUM-SIZED BUSINESSES

Prime Factoring is part of the SME Bank state support program for small and medium-sized businesses.

The SME bank is carrying out the state grogram of financial support of small and medium businesses – “Development factor: company” − on the whole territory of Russian Federation.

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Clients of the Bank-Factor can take part in the program and get access to preferential terms of factoring funding, if:

  • They are registered in the RF
  • They belong to small or medium business (in accordance with the requirements of Federal Law No. 209-FZ dated 24 July 2007 “On the development of small and medium-sized businesses in the Russian Federation”)
  • They have a sound financial status, do not have back taxes and levies
  • They have (according to the Bank-Factor opinion) positive business reputation and credit history

All legal entities or individual entrepreneurs can take part in the program if they comply with the listed requirements and the Bank-Factor has available program allocations from the SME Bank.

Clients of the Bank-Factor can receive additional preferences with regard to the participation in the program and receiving factoring servicing, if they meet one of the following requirements:

  • They are registered in the Crimean Federal District, Far Eastern Federal District, North Caucasian Federal District, or in one of the single-industry municipality of the RF (single-industry town)
  • They are residents of industrial parks/technology parks
  • They fulfill orders of companies partially owned by the government (participation share in the charter capital – over 25%)
  • They are exporters with total revenue not less than 20% of export activities and operating export contracts

The SME Bank does not provide financing to clients of the Bank-Factor in the following cases:

  • They are financial organizations, factoring companies, or participants of product-sharing agreements
  • They perform entrepreneurial activities in the gambling industry
  • They produce and/or sell excise goods, and extract and/or sell mineral resources with the exception of commonly occurring useful minerals
  • They are RF non-residents according to the RF currency regulation and currency control legislation, with the exception of cases envisaged in the RF international treaties

Need more information?

To get more detailed information about our services and terms of factoring servicing, please contact our account managers:
Tel: +7 (495) 134-00-01
E-mail: factoring@pervbank.ru

Need more information?

To get more detailed information about our services and terms of factoring servicing, please contact our account managers:
Tel: +7 (495) 134-00-01
E-mail: factoring@pervbank.ru