-NeeBo Glossary-

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  • Factor � the agent and/or organization that purchases a business�s accounts receivables and assumes collection of associated invoices from applicable clients.

  • Factor Receivables � to factor receivables means to sell accounts receivables invoices to a factor or factoring company.

  • Factoring � (also accounts receivable factoring) the selling of a business�s accounts receivable to a third party at a discount, for the purpose of obtaining funding.

  • Fiduciary duty � a requirement that a person in a position of trust, such as a banker, real-estate agent, or title agent, must act in good faith and honesty on behalf of a client.

  • Financial management � the process of managing the financial resources, including accounting and financial reporting, budgeting, collecting accounts receivable, risk management, and insurance for a business.

  • Floor plan financing �Floor plan financing is really a turning credit line that enables the customer to acquire financing for retail goods. These financial loans are created against a particular bit of collateral (i.e. a car, RV, manufactured home, etc.). When each bit of collateral is offered through the dealer, the borrowed funds advance against that bit of collateral is paid back.

    In a nutshell, Dealer Floor plan financing enables sellers to gain access to against retail inventory. The dealership then repays your debt because they sell their inventory and borrows from the credit line to include new inventory.

  • Full Recourse Factoring�in this type of factoring, the factor is protected against customer non-payment. If the customer does not ultimately pay the invoice, the client is responsible for paying back the funds that were advanced.

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