Our products
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Full Factoring (Non-recourse) = Credit insurance, handling and collection of debts.
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Non-Notification (Non-recourse) = Only credit insurance.
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Collection Only (Recourse) = Handling and collection.
Geographic field
We can give credit guarantees on companies located in mainland France.
Companies located in French Oversea Departments and Territories (DOM TOM), Monaco and Andorra may be covered under special conditions. The credit requests on those companies have to include some additional information and delay for the answer could be longer.
Also under special conditions, we may study the possibility to take in charge all your export business to OECD countries.
Seller Information Form
Must always be forwarded giving as many details as possible. Fax messages or Word/Excel attachments to E-mail messages may be used by non-edifactoring.com users.
In the event the actual turnover, number of buyers, number of invoices or credit notes differ substantially from the original information given by the EF, GE Capital Factofrance reserves the right to reconsider the initial commission rate conveyed to the EF.
Instructions concerning charge-back of the rest amount, discount grace period as well as name, address and authority of seller's agent, should be mentioned.
Credit
The preliminary credit line usually can be considered as confirmed, except in the event that adverse information is received between the granting of this preliminary line and the confirmation of the firm line.
For all credit line requests, including on importers located in the French Oversea Departments and Territories, the siren Number* - or French VAT code - together with the exact (=street) address of the buyer, are required. In absence of this information, a telephone number, including the area code, is necessary.
For buyers outside mainland France, the name of the bank(s), branch address(es) and the account number(s) are mandatory. (Please be aware that the response time should be longer than for the request concerning a buyer in France itself).
Normally, our decision is communicated within 7 working days. The EF is notificied in case a delay beyond this period occurs.
GE Capital Factofrance will automatically assume that the French buyer can be contacted except in case it is clearly indicated to the contrary by the EF.
An expiry date may be added to the credit line.
A credit line is valid only for the buyer corresponding to the siren number mentioned in our credit answer message.
In case of non-use, and if the business is not seasonal, credit lines may be cancelled after 3 months.
The maximum credit period accepted is 120 days net. Longest terms can be discussed in a case by case basis.
*The Siren Number (a unique and secured ID number) serves to avoid confusion with buyers with the same name and/or at the same address.
Assignment
The sticker, bearing the assignment clause, must be placed on all invoices (originals and copies) in order to avoid direct payments to the Seller.
Translation of the Assignment sticker :
In order to be fully discharged of your debt, payment must be in the currency of the invoice and payable to
GE FACTOFRANCE
Tour Facto
92988 PARIS LA DEFENSE Cedex
to which we have assigned this debt by means of subrogation under the terms of a factoring contract. Transfers should be made payable to our import bank account nr 30076-02352-60432800200-48 with :
CREDIT DU NORD
50 Rue d'Anjou - B.P. 75008
75367 PARIS CEDEX 08.
Pricing
Our commission is calculated separately for each seller, based on the information on the SIF. It is determined by the :
- type of activity
- turnover
- number of invoices
- number and quality of buyers
- payment terms
Bank charges are always excluded.
A handling charge per document may be applicable depending on characteristics in the SIF.
In some cases, to undertake the contract, GE Capital Factofrance reserves the right of issuing bills of exchange by itself at a fixed cost per invoice.
Legal collection fees are included for the approved (or partially approved) outstanding. Fees on non-approved accounts are for the account of the EF.
Reporting
Reporting is done via edifactoring.com
Receivables ledgers and commissions statements are forwarded on a monthly basis.
GE Capital Factofrance's Bank Account Information
For commission transmittals to GE Capital Factofrance, our bank's SWIFT Address and IBAN are :
CREDIT DU NORD
SWIFT Address : NORDFRPP
IBAN : FR76 3007 6023 5260 4328 0020 048
Beneficiary : GE FACTOFRANCE
Collection
One collection letter is sent out every month. Subsequent reminders are sent, or phone calls are made when necessary. Under certain circumstances we are ready to discuss a "tailor-made" collection procedure with the EF.
Legal action is initiated when GE Capital Factofrance deems it appropriate. In case of non-approved outstanding a request will be made to the EF in order to obtain authorization for starting the legal procedure.
Payment conditions
In France, the following methods of payment are used :
- Bill of Exchange (Promissory Note)
- Check
- Bank transfer
The typical terms of payment are 90 days end of month, the 10th of the following month.
Transfer of funds
Remittances of funds are made on a daily basis by SWIFT. Small amounts are "pooled" for a once weekly transmission.
A collection report with accurate details of transfer is sent by fax to the EF.
Undisputed approved amounts shall be remitted automatically 90 days after maturity and after the documents -legally proving the debts- are duly transmitted to us. These documents include the NTR Form, the invoice copy, the bill of order and the delivery note related to the invoice.
GE Capital Factofrance reserves the right to impose a deadline in order to obtain the above mentioned documents.
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