|
|
|
| |
» Products »
International Factoring |
|
| |
|
International Factoring |
 |
Factoring Overview
The origin of factoring goes back to ancient Rome where rich manufacturers and merchants used a mercantile Agent or Factor to administer the sales of their merchandise. The use of the Factor/Agent grew throughout the Middle Ages. During the period of colonization by European countries from the sixteenth century onwards, exporters of consumer goods from Europe sought the help of these mercantile Agents or Factors to promote their trade.
The concept spread across the Atlantic and grew rapidly in the United States, as there was a significant demand for European merchandise. The services of the Factors during that period usually included the following:
- Taking physical possession of the goods on consignment
- Storing them
- Finding buyers and delivering the goods to them
- Collecting payment from the buyers
From its humble origin, factoring has come a long way today. It has gained lot of prominence and acceptance and is being offered as a valuable financial product among major financial institutions and banks. |
|
|
|
|
