11.5.8 保理和发票贴现
Factoring and invoice discounting II
保理和发票贴现之间的区别-Distinction between factoring and invoice discounting:
术语保理用于描述包括债务人投资组合和收款，以及提供资金的一套产品。发票贴现通常仅描述财务解决方案。
The main distinction between factoring and invoice discounting is that, in most markets, the term factoring is used to describe a product that includes management of the debtor portfolio and collection of the payment, as well as the provision of finance. Invoice discounting, on the other hand,is generally used to describe a finance‑only solution.
保理解决方案通常向债务人披露，卖方通知债务人发票已转让，债务已转让给融资机构，并且只能在融资机构收指定的归集帐户收到付款到后才算清偿债务。
The factoring solution is normally disclosed to the debtors with the seller inserting a notice of assignment on the invoice that informs the debtor that the debt has been assigned to the finance provider and can only be discharged on receipt of payment by the finance provider into a designatedcollection account.
发票贴现通常是在不公开的基础上提供的，即买方没有被告知转让，但仍被卖方指示将其付款存入一个收款账户，该账户可能是以卖方的名义，但由融资提供人控制。
Invoice discounting is generally offered on an undisclosed basis, where the buyer is not informed of the assignment but is still directed by the seller to make their payment into a collection account that could be in the name of the seller but controlled by the finance provider.
追索权或无追索权-Recourse or non‑recourse
如果买方违约，两者都可以在追索权或无追索权的基础上提供给卖方。在提供无追索权的情况下，融资提供人可利用信贷保险作为债务人违约风险的额外缓解措施。与其他无追索权应收款融资一样，融资提供人在发生合同纠纷时仍有权追索出卖人。
Both can also be offered on either a recourse or non‑recourse basis to the seller in the event of a default by the buyer. Where non‑recourse is offered, the finance provider may utilise credit insurance as an added mitigant to the risk of debtor default. As with other non‑recourse receivables finance, the finance provider will still have rights of recourse to the seller in the event of contractual dispute.
基于总营业额 Whole‑turnover basis
通过银行提供的大多数保理或发票贴现方案都基于总营业额，其中融资提供人取得出卖人产生的所有应收款的所有权，并根据符合与出卖人商定的一些列应收账款融资系数发放贷款。
The majority of factoring or invoice discounting facilities offered through banks are provided on a whole‑turnover basis, where the finance provider takes ownership of all the receivables generated by the seller and creates an availability of finance against a basket of receivables that fits within the financing parameters agreed with the seller.
其他融资提供商和平台主要提供精选或单一发票融资，卖方可以出售发票（通常通过在线平台），平台提供商或其他出资者可以出价购买发票。与总营业额的安排不同，出卖人没有转让其全部应收账款组合，但在这种情况下，出资人必须确信，所注资的发票尚未在其他地方质押。
Other finance providers and platforms predominantly offer selected or single invoice finance, whereby the seller can sell an invoice (often through an online platform) and either the platform provider or other funders can bid to purchase the invoice. Unlike the whole‑turnover arrangements, the seller is not assigning their whole receivables portfolio but, in this case, the funder must be satisfied that the invoice being funded is not already pledged elsewhere.
对卖家的好处Benefits to sellers
大多数被保理和发票贴现所吸引的公司是中小企业，他们可能获得营运资金的机会有限、或者没有银行要求的固定资产作为银行贷款的担保。拥有基于发票反映业务增长的的方案（如保理或发票贴现）是向业务释放现金的有效方法。卖方对一个或几个客户的依赖程度，具体取决于他们的客户信誉，无追索权选项为客户提供了一些补偿和违约保护，这可能会影响卖方继续交易的可行性。
The majority of companies that are attracted to factoring and invoice discounting are SMEs who may have limited access to working capital or do not have the fixed assets required by banks as security for bank loans. Having an invoice‑based facility such as factoring or invoice discounting that mirrors the growth of the business is an effective way of releasing cash into the business.
Where the seller has a level of dependency on one or a few customers, depending on their creditworthiness, a non‑recourse option provides some comfort and protection from customer default, which may affect the viability of the seller to continue trading.
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