Seylan Bank introduced factoring as one of its services in its comprehensive suite of financial services. Read more to find out how this adds to the product portfolio with traditional overdrafts and loans.
Colombo, Sri Lanka -- (ReleaseWire) -- 11/29/2016 --Dedicated to offering a comprehensive suite of financial services to its customers, Seylan Bank has newly added Factoring to its portfolio of products and services offering a wider choice of working capital financing options in addition to the traditional overdrafts and loans. This service is available for any type of business ranging from SMEs, corporate as well as start-ups, and could be obtained speedily with the least amount of hassle, the major benefits been the ability to generate Cash flow without debt, by trading the trade debtors with the bank at a discount, and also managing collection costs by allowing the bank to use its expertise in assisting collections on behalf of the customer at a nominal fee.
Mr. Delvin Pereira - Deputy General Manager – Consumer Finance, Seylan Bank, further explained, "Seylan Bank is proud to introduce Factoring services to our clientele as another platform to avail services from us.. At Seylan Bank, our staff is geared to offer the best service, where funds can be provided to customers at their time of need without the hassle of the customer having to provide additional collateral. This is a huge benefit especially to startup businesses with good products and services, and quality debtors but lacking in capital to grow the business. Although contemporarily factoring has been considered a facility for start-ups and small businesses, today it is widely used by even large corporates due to the fact that it is not considered as a borrowing, but a mere conversion of debtors to cash making the balance sheet look clean, where any liability accruing to the bank would be of a contingent nature. Further it could focus on other important aspects of business growth without having to worry about collections, allowing the bank to handle this burden.
Factoring differs from traditional lending; where in factoring quality of receivables a key to set up a facility and the primary cash flow for settlement is the book debts and receivables. It could be set-up in various forms where the client could use the services of the Bank to collect his debts assigned to the Bank who discounts the Debts, or arrange to collect the debts individually or jointly with the bank in whatever manner that is convenient to the customer. Seylan Bank, a frontrunner in providing convenient customer focused products, is committed to facilitate customer convenience and peace of mind.
About Seylan Bank
Seylan Bank, one of the leading banks in the country is a pioneer in providing innovative financial solutions. Seylan Bank's network consists of 166 branches and over 193 ATMs island wide. The bank has a growing clientele of SME, minor savings, retail, corporate and credit card categories. Seylan also has a significant amount of ardent followers in its social media platform and has been recognized for its social media performance in the global arena.