Online Factoring for Transport Invoices Across Europe
Get Your Invoices Paid within 24 Hours
Are you a carrier on Timocom? Don’t wait for payment – secure the liquidity of your business with Finspot’s specialized transport factoring for all your routes with EU clients.
Improve Your Business Liquidity!
Lack of liquidity is a very common, and often decisive cause of instability for small and medium-sized enterprises.
With Finspot factoring, temporary difficulties due to long receivables collection periods or rapid growth are no longer a problem.
Our mission is to improve the liquidity of small and medium-sized enterprises.
Find out how we do it and secure your liquidity in 4 steps.
Drive with Peace of Mind Using Finspot Transport Factoring
Finspot purchases your invoices to customers in the European Union and pays out 100% of the invoice amount, reduced by our single fee.
Protect Yourself from Unpleasant Surprises
Finspot assumes 100% of the non-payment risk for all purchased receivables.
Check Your Customers in Advance
With Finspot, you can check the creditworthiness of a customer you plan to deliver to — free of charge.
Accelerate Collection with a Digital Process
We pay out your invoices in full within 24 hours of receiving a complete payment request.
Use It When and As Much as You Need
You can use Finspot factoring on demand — with no minimum turnover or long-term commitments.
With Finspot, You Have the Opportunity to Focus on Your Core Business and Grow Your Company
Affordable Rates and Full Transparency
Finspot charges only a factoring fee based on the payment terms of your invoices. There are no costs for invoice processing, contract signing, late payment interest, or penalties if your clients don’t pay on time.
100% Protection Against Non-Payment
With Finspot, you eliminate any risk of non-payment, directly increasing your profit.
Efficient Operations
To collect an invoice, all you need to do is upload the documentation to our platform. We handle the collection process, send payment reminders, and more. Finspot’s fees are certainly lower than collecting invoices on your own - especially when you factor in time savings, uncollected receivables, and high banking fees if you're using SWIFT for self-collection.
How much does it cost to finance an invoice to an EU buyer?
For 30 days, Finspot’s fee is 3.00% of the invoice amount. That’s a fee of 15 EUR for an invoice of 500 EUR.
For 45 days, Finspot’s fee is 4.50% of the invoice amount. That’s a fee of 22.50 EUR for an invoice of 500 EUR.
For 60 days, Finspot’s fee is 6.00% of the invoice amount. That’s a fee of 30 EUR for an invoice of 500 EUR.
Travel with Peace of Mind!
Secure Competitive Insurance Offers:
- CMR Insurance
- Travel Insurance for Drivers
- Comprehensive Vehicle Insurance (Kasko)
- Vehicle Glass Insurance
- Driver Accident Insurance
FAQ
Questions & Answers
Factoring is a financial service in which the factor (Finspot d.o.o.) pays you money in advance for an invoice issued on deferred payment to another legal entity or entrepreneur. Thanks to factoring, you have the funds immediately, without having to wait for payment from the customer. The money can be used for any purpose.
All companies that have a customer invoice with a satisfactory credit rating.
Using state-of-the-art algorithms, we have completely automated the processing of your financial requirements.
After financing the invoice, Finspot is obliged to notify your customer of the change of creditor. Finspot will never communicate with your customers without your approval.
It’s not! Factoring is a source of financing for your business but it has many advantages over traditional borrowing from banks. By using factoring, you do not incur any additional debt, but only you’re your receivables into money in the bank account. Factoring services are not registered in the credit bureau or in the balance sheets of your customer and you. Finspot d.o.o. simply pays you an advance for your deferred invoices issued at the time of contracting the factoring transaction, and on the due date of the invoice, your customer simply pays the invoice to Finspot d.o.o., instead of paying you.
No, by clicking on the ‘Open Account’ button in the upper right corner you can easily open an account and take all the necessary steps to finance your invoices.
When you open an account, we define a financing limit and within that you can request payment of as many invoices as you want. For example, if your general limit is 5,000,000 dinars, the gross amount of all invoices you finance cannot exceed 5,000,000 dinars.
You issue an invoice for goods or services to your customer on deferred payment and you upload up your invoice on the Finspot platform. Then you send a financing request. After approval, you notify the customer of the change of creditor and we finance the invoice by paying an advance payment, up to 80%. Your buyer pays the bill to Finspot and we pay you the rest of the money less the fee.
What information do we need for credit analysis? To evaluate the creditworthiness of your company, we use all publicly available financial statements, bank statements and invoices uploaded on the platform.
Invoice amount is limited by the amount of your credit limit.
All invoices financed on our platform are with the recourse, which means the supplier is still responsible for collecting funds from the buyer while Finspot solely provides liquidity.
In the event that the invoice which was subject of factoring transaction, after maturity is paid directly to the supplier instead of to the account of Finspot d.o.o., the supplier simply forwards these funds to the correct account, i.e. the factoring company.
The subject of factoring may be invoices for which: 1) The supplier has performed a service or delivered goods and which has been accepted and confirmed by the buyer. 2) The buyer is a legal entity, not a private person. 3) Payment deadline is not shorter than 5 days
Improve your business liquidity starting today!
Schedule a demo and talk to our experts, or simply open an account.
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