We cover the credit risk in the operation over your credit documents as importer (payer). In exchange, the exporter (supplier) assigns the rights for collection over the credit documents to Bancolombia; under such modality, Bancolombia is responsible with the export factor in the event of no payment.
Only Collection Service
We take care of the collection of your company and make the wire transfer at the export factor with which the exporter is making the factoring operation; under such modality Bancolombia only performs the commercial collection management and is not responsible in the event of default by your company.
- Improve the commercial relations with your foreign suppliers.
- Pay your import invoices with no additional cost for using the product.
- Optimize the purchasing process and imports payment process.
- Eliminate the associated costs to other payment or financing instruments.
- Your suppliers enhance your business cycle, strengthening the capacity of compliance in deliveries and quality.
- Maximum amount of disbursement: single payment at maturity, the importer client makes the payment into the account of Bancolombia.
- Maximum term: 180 days.
- Form of payment: single payment at maturity, the importer client makes the payment into the account of Bancolombia.
- Currency: US dollars.
- Prepayment: the importer (payer) may pay the obligation before maturity; Bancolombia will draw such value at the export factor. The importer (payer) should owe always 100% of the value of the credit document unless there is a trade dispute.
- Extensions: not allowed.
- Tax costs: This product does not generate any additional tax burden to the importer.
- Associated costs: no costs are generated for account queries or queries to the statements of the product, issuance of certificates, certificates of good standing.
Bancolombia acts as intermediary between the factoring company of the exporter country and the purchasing company located in Colombia to which the credit documents have been issued.
* Maximum Indebtedness Limit: Bancolombia would be willing to make operations for up to the amount of the MIL, per the conditions agreed in the covenants and provided the agreed requirements and procedures are fulfilled for each one of the operations.
Rates and fees
This product does not generate any cost to the importer (payer); therefore, the payment is made within the commercial term of the invoice.
Under the full service modality, no costs are applicable throughout the effectiveness of the credit document. In the event that Bancolombia, according to the terms provided by Factors Chain International, ought to pay the foreign factor of the credit document for default of the Colombian importer, an interest in arrears rate will be charged at the maximum legal permitted unless there is another payment plan agreed with the importer at a determined term and rate.
How to access this product
How to access the Import Factoring
- Once the legal documents have been signed and the introduction letter has been sent by the exporter (supplier) to the importer (payer), the terms of the invoices must be set clearly.
- For each transaction, Factoring Bancolombia, a Bancolombia brand, will notify you about the assignment of the credit documents or the collection request (as applicable) reported by the export factor.
- Make the payment of your obligation on the date agreed with your exporter (supplier), through deposit in the account provided by Bancolombia.
- Notify your commercial representative in Factoring Bancolombia, a Bancolombia brand, the payment made or any discrepancy on the information reported about the outstanding invoices.
For further information on the rate, please contact your commercial representative in Factoring Bancolombia, a Bancolombia brand.
Only collection service