Administrative services

Midt Factoring has many years' experience managing debtors. Our experience covers many different types of businesses over a wide variety of sectors. By entering into a factoring agreement with Midt Factoring, a company is relieved of having to manage debtor accounts. We handle the accounting, send out statements, pursue debtors, deal with any default actions etc. This removes a huge burden from the company's own administration and allows it to concentrate on its own core competence.

Same contact person every time
Your company will be assigned a Customer Adviser, who has comprehensive knowledge of your debtors and will be responsible for the continuing contact to you. This means that in-depth knowledge of the debtor portfolio is quickly established.

Individually constructed procedures for pursuing overdue payments
We use a standard procedure as a basis, but as there are large differences between businesses and sectors, it can be adapted to suit each individual business. We help you to identify the right combination of written and telephone reminders for expediting payments. In addition, we can agree on the timing, frequency, form, content and language of these reminders. These agreements are flexible, and can be altered at any point in time.

Having an external partner to handle these procedures benefits is beneficial to the business in several ways. First and foremost, it enables the business to avoid the negative customer contacts and the complications that can arise in the personal relationship between purchaser and seller when a payment reminder is necessary. Our experiences shows that customers remit payment sooner to a factoring company than they might do to the original seller. One explanation is no doubt, that we are firm and consistent from the beginning.

Export made easier
Administration of overseas clients is made considerably easier. We handle credit rating, collection and reminder procedures, as well as general correspondence with overseas debtors. We make a cash management system available in all major export countries, which also simplifies and makes the payment process more cost effective for the debtors, thus providing a better service.

Debt collection
Default actions represent an unwanted administrative burden to most businesses. By letting Midt Factoring manage default actions, a business can free itself from this administrative burden.

We handle the documentation and any communication between the parties involved, including initial contact and follow-up communications with the attorney. We can help assess whether or not a debt needs to be recovered through the courts.

Worldwide debt collection
We are able to manage default actions all over the world using our international network of contacts.

Limitation of loss
By letting Midt Factoring handle default actions, a business can limit its losses in connection with such actions. We can often secure faster and more efficient collection of the unpaid debts.

Reduction of debt collection costs
Default actions can be costly in terms of working hours, postage, telephone costs etc. Midt Factoring regards debt collection as an extra service we provide to our clients, and subsequently charge only a nominal sum that does not actually cover the actual costs. 

If you would like additional information, one of Midt Factoring’s Senior Account Managers will be happy to contact you.