"Circuit" connected Metalloinvest to service of online factoring

2020: Implementation Circuit. Factoring

The circuit announced on July 8, 2020 connection of Metalloinvest to service of online factoring.

To pass from paper factoring to electronic, the enterprises of Metalloinvest holding needed five weeks instead of expected six months. Now transactions on factoring are carried out using the factoring platform Circuit. Factoring within one day.

Electronic factoring works the same as normal, but online. The customer, the supplier and a factor meet on electronic factoring platform. Here they agree about the transaction, sign agreements, confirm deliveries and transfer money. Routine transactions online take less time: it is possible to confirm deliveries and to send the signed register to a factor in 10 minutes. Helped rapid implementation that all enterprises already used electronic document management with external partners and in group. Experienced heads understood why it is necessary to refuse paper factoring.

With operational transition factors — the organizations which are rendering financing and already working in an electronic format helped. Agreements were signed with them, templates of registers are configured, and employees knew what they need to do.

The standard term of start of the client of the level similar to Metalloinvest on average takes from 6 to 9 months, at the same time transition was performed by the enterprises of the company in time — five weeks. The scheme of work on factoring for the enterprises of Metalloinvest changed. The buyer accepts goods, the parties sign documents in electronic form, and service automatically loads them on the platform. Further the supplier decides to what bank he will concede the right of a monetary claim, creates the electronic register and the notification on a concession on deliveries. The created documents leave on signing to a factor and the buyer for several seconds, it is possible to sign in a couple of minutes. As a result the company receives financing in day of signing of the register