Factoring: Demystifying a Trillion-Dollar Industry

Factoring is a growing industry.

According to the survey undertaken by the FCI, (FCI statistics) the world’s factoring volume over the last 7 years has grown at a compounded annual rate of 2.53% per annum from Euro 2.347 trillion in 2014 to Euro 2.726 trillion in 2020.

保理行业蓬勃发展。

FCI的调查统计显示，从2014年到2020年的7年间，全球保理业务量由2.347万亿欧元增至2.726万亿欧元，复合年增长率为2.53%。

Factoring is now found in all continents. The biggest being Europe (Euro 1,845billion), followed by Asia Pacific (Euro 687 billion), South America (Euro 83.5 billion), North America (Euro 66.5 billion), Africa (Euro 25.5 billion) and Middle East (Euro 9.5 billion).

如今，保理业务遍布各大陆。欧洲（体量）最大（18450亿欧元），紧接着是亚太地区（6870亿欧元）、南美洲（835亿欧元）、北美（665亿欧元）、非洲（255亿欧元）和中东（95亿欧元）。

However, according to the study on the MSME financing gap undertaken by IFC in 2017, (IFC MSME financing gap) there are still unmet MSME financing needs of US5.7 trillion each year. As many MSMEs are unable to provide tangible security to support the financing, receivables, which form a substantial portion of their total assets, could be used to meet this financing gap.

然而，根据国际金融公司IFC 2017年的中小企业融资缺口研究（IFC中小微企业融资缺口），每年中小微企业仍有57万亿美元的融资需求未得到满足。由于许多中小微企业无法提供有形担保获得融资，而其总资产中的很大部分是应收账款，恰可用于弥补这一融资缺口。

But despite the potential of factoring, it is still viewed by many as a last resort and expensive facility, used by MSMEs who are in financial difficulty.

尽管保理业务潜力尚佳，但许多人仍视之为遇到财务困难的中小微企业不得已之选和高成本融资方式。

This negative perception has made it difficult to sell.   Very often it is rejected outright by prospective clients without fully considering its features and benefits.

这种消极看法对保理的市场推广造成困难。经常有潜在客户还未充分了解保理的特点和好处就断然拒绝。

To overcome this negative perception, many factors market factoring under different names such as accounts receivable purchase, invoice financing, debtor finance, receivable services, receivable financing, cashflow financing, supply chain financing etc.

为克服这种消极看法，许多保理商在行销时为保理冠以不同名称，如应收账款购买、发票融资、债务人融资、应收账款服务、应收账款融资、现金流融资、供应链融资等。

However, this has created more confusion about what exactly factoring is.

然而，结果却造成了（大众）更难理解保理究竟是什么。

To be clear, factoring is the purchase of the receivable by the factor from the seller. As part of the package, the factor provides the advance (financing), credit protection (non-recourse factoring), sales ledgering, and collection services.

要清楚，保理是保理商向卖方购买应收款。在一揽子服务中，保理商预支应收款（融资）、信用担保（无追索权保理）、销售分类账管理和托收服务。

Common Misconceptions about Factoring

关于保理的常见误解

In view of its potential, many banks, financial institutions as well as fintechs would like to get a share of this market but still have reservations due to some commonly held misconceptions.

考虑到保理市场的潜力，许多银行、金融机构以及金融科技公司都想分一杯羹，却囿于一些普遍存在的误解，态度仍有所保留。

In the rest of this post we will address some of these common misconceptions.

接下来，我们来谈谈关于保理的常见误解。

1.Factoring is expensive.

1. 保理费用高。

This misconception arises because there are the two types of charges in factoring. The service fee and the interest rate which look expensive when they are combined. Some factors and fintech companies combine the interest charge and the fee into a single monthly fee which appears expensive when compared to interest charge for a loan or an overdraft. However, on its own each charge is comparable to charges on similar services in other products.

这种误解源于保理业务的两类收费。服务费和利息合起来看似乎不低。一些保理商和金融科技公司将利息和服务费合并为单月的收费，似乎比贷款利息或透支的利息费更贵。然而，就其本身而言，每项收费与其他产品中类似服务的收费标准基本一致。

The interest rate charged by the factor is for the advance and comparable to those charged by a bank on an unsecured working capital loan or overdraft. Unlike loans or overdrafts, the factor also provides credit protection or a non-recourse facility as well as the collection and receivable services.

保理商收取的利息是针对预支款收取的，与银行收取的无担保流动资金贷款利率或透支利率相差无几。与贷款或透支不同，保理商还提供买方信用担保或无追索权保理以及催收和应收账款（管理）服务。

The service fee is for these two services. The service fee for credit protection is comparable to the premium paid to a credit insurance company to be insured against buyer’s failure. The service fee is also for the collection and sales ledgering services provided by the factor.

服务费正是为这两项服务收取的。买方信用担保收取的服务费相当于支付给信用保险公司的保险费，以防买方违约。服务费的另一部分用于支付保理商提供催收和销售分户账管理服务。

2. Factoring is high risk.

2. 保理风险高。

On the contrary, the risk is low. According to a white paper undertaken by European Union Federation of Factoring and Commercial Finance (EUF white paper) the loss given default of factoring is low.

相反，保理的风险很低。欧盟保理和商业金融联合会的白皮书（EUF白皮书）显示，保理的违约损失率很低。

The recent high profile receivable fraud cases in Asia may have given rise to concern that factoring is a very risky business, fraught with fraud and other risks such as contra and set off etc. However, these high-profile frauds mask the fact that there are many successful factoring companies which have been operating profitably for many years with low risks and losses.

近期，亚洲臭名昭著的应收账款欺诈案件备受关注，可能引起了人们更大的关切，担心保理业务风险极高，可能会有欺诈和抵销、冲销等其他风险。然而，这些欺诈案件掩盖的事实是，许多成功的保理公司多年来一直处于低风险、低损失的盈利状态。

Successful factors recognize the risks of and hence set up their operations with good mitigation controls. Their systems are embedded with many risk analytics to prevent fraud.

成功的保理商能识别风险，对应做好风险缓释和控制，建立很好的运营模式。在系统中嵌入了许多风险分析工具，以防止欺诈。

Furthermore, the domestic debtor risk can also be mitigated through credit insurance. While overseas debtor risk can be mitigated through credit insurance and an import factor who can assume the credit risk of the debtor.

此外，国内的债务人风险也可以通过信用保险来缓解。而海外的债务人风险可以通过信用保险和承担债务人信用风险的进口保理商来缓解。

In addition, factoring (which is well structured with other banking facilities) can enhance the bank’s security position as the proceed can be used to repay the overdue bills.

此外，保理（与其他的银行产品形成组合）可提高银行的安全性，因为保理的收益可用于补偿个别逾期造成的损失。

3. Factoring is used by MSMEs only.

3.保理是中小微企业的专属。

On the contrary. There are many large corporates which use factoring as well. The non-recourse factoring facility enables them to remove the receivable from their books, thereby improving their DSO (Days Sales Outstanding) and return on asset ratio. Large manufacturing companies can also use distributor or back-to-back factoring to support sales to their distributors with a weak credit standing.

相反地，有许多大公司也在用保理。无追索权保理能实现应收账款出表，从而缩短应收账款回款天数（DSO），提高资产回报率。大型制造业公司还可利用分销商或背对背保理的服务，支持对信用状况不够理想的分销商的销售。

4. Factoring is a last resort facility.

4. 保理是最后的不得已之选。

Factoring is not a last resort facility. In fact, it is a first resort facility for MSMEs.

保理不是最后的、不得已的融资选择。事实上，它是中小微企业融资的首选。

During their initial years of operation, many MSMEs do not have any collateral to support a banking facility. A large portion of their assets are in their receivables. Through factoring they can convert the receivables into cash which provides them with much-needed working capital.

公司创立的头几年，许多中小微企业欠缺抵押物以获得银行贷款，大部分资产就是应收账款。通过保理，他们可以将应收账款转换为现金，取得急需的营运资本。

Also, unlike other facilities, factoring grows with sales as the amount of financing quantum is based on the receivables. Therefore, the more the client sells the more financing they can get. This has helped many MSMEs to grow into large corporates.

此外，与其他融资工具不同，保理融资随着销售额同向增长，因为融资额度是基于应收账款计算的。因此，客户销售的产品越多，可获得的融资额越高。从而帮助了许多中小微企业发展成大公司。

Here is an example from a large corporate in its initial years:

以下是一家大公司在成立初期的案例：

“Demand was astounding right from the start, and Dell was able to fund his initial growth internally. (That's one reason he's become so rich today: He's never had to share with a venture capital partner.) Later he got bank financing using his receivables as collateral, and before long Wall Street took notice. The company did a private placement through Goldman Sachs in October 1987 (right after the market crash), then raised $30 million in an initial public offering in 1988. Dell's take: some $18 million.” FORTUNE Monday, September 8, 1997. By Andrew Serwer   (Micheal Dell turns the PC World inside out)

“需求从一开始就大得惊人，公司最初的增长是（创始人）戴尔自己投资的。（这也是他如今非常富有的原因之一：从未找过风险投资合伙人。）后来，他用应收账款作为抵押获得了银行融资，不久华尔街就注意到了这个操作。该公司于1987年10月（就在市场崩盘之后）通过高盛（Goldman Sachs）私募融资，然后在1988年首次公开发行（IPO）中筹集了3000万美元。戴尔的收入约1800万美元。”引自《财富》杂志1997年9月8日，星期一，一篇题为《迈克尔·戴尔将个人电脑世界翻了个底朝天》的文章，作者：安德鲁·塞威尔。

5. Factoring is a labor-intensive product, and it is also very cumbersome for clients.

5. 保理是一种劳动密集型产品，对客户来说也非常麻烦。

This is true historically, but by using new technology, it is now a seamless process. Some factors have digitalized their operation through new platforms that connect the factor, buyer, and seller. Onboarding of clients as well as submission of invoices are now done digitally.

在过去，这是真的。但如今，通过新技术的应用，保理业务实现了无缝衔接。一些保理商通过连接保理商、买方和卖方的新平台实现了数字化运营。现在，客户入驻平台和发票提交都是以数字方式完成的。

In the case of reverse factoring, clients just need to deliver goods and invoice the buyer. Once this is done, they will receive notification from the factor’s platform to their mobile devices to notify them that financing is available.

在反向保理中，客户只需要交付货物并向买方开具发票。一旦完成，他们将收到保理商平台发送至其移动设备的通知，通知他们随时可以融资。

6. Factoring is a very difficult product to sell.

6. 保理产品难销售。

This need not be the case as it is a very useful tool with many features that help clients expand their sales, not only domestically but overseas as well. Instead of selling based on features, successful salespeople convert features into benefits and needs, helping their client to discover the usefulness of this facility.

事实未必如此，因为保理服务的功能丰富，可以帮助客户扩大在国内外的销量。成功的销售人员不是基于保理服务的特点进行销售，而是将特点转化为优势和需求，帮助客户挖掘保理服务的功能。

7. Factoring is a loan.

7. 保理是贷款的一种。

This misconception is due to some agreements which are structured as financing. Factoring is the purchase of a receivable from the client and not a loan.

这一误解是由于一些协议的结构是融资型的。保理是向客户购买应收账款，而非贷款。

Under the IFRS 9, the arrangement is considered a purchase of debt (if it is done on a non-recourse basis), which allows the factor to record it as an asset and not a loan, while enabling the client to remove the debt from their book. (Debt factoring under IFRS9)

根据国际财务报告准则IFRS第9号，该服务被视为债权购买（如果是基于无追索权保理），保理商（会计）记账时可记作资产而非借款，同时客户的记账中这笔债务就出表了。（债务保理，国际财务报告准则IFRS第9号）

In some countries purchase of debt enables the factor to take legal action against the debtor directly as the debt belongs to the factor.

在一些国家，保理商购买债权即能直接对债务人提起诉讼，因为债权归保理商所有。

Further Learning

更多分享

Factoring appears to be risky and complicated, but with a better understanding, it is not as risky and complicated as it appears to be. It can be a profitable business with low risks.

保理看似风险难测、结构复杂，但更好地了解它之后，不难发现它风险低、操作简单、可盈利。

In January, ICC Academy will launch a new course: Factoring, which will not only help you to uncover many misconceptions, but also enable you to market and operate factoring more confidently. The course covers the following areas:

今年1月，国际商会研究院ICC Academy将开设一门新课：保理，这不仅能帮你更正许多误解，还能让你在营销和经营保理业务时更加自信。课程涵盖以下领域：

Fundamentals of factoring

保理基础

International factoring

国际保理

Reverse factoring

反向保理

Operational aspects

业务实务

Seller, buyer, import factor and credit insurance management

卖方、买方、进口保理和信用保险管理

Legal and accounting aspects

法律和会计实务

Selling skills and risk mitigation

销售技巧和风险缓解

About the author

关于作者

Lee Kheng Leong acquired his factoring knowledge through training attachments in the US and UK in 1975.

1975年，李庆良在美国和英国实习期间积累了保理知识。

Upon his return he set up DBS factor and when DBS factors was absorbed into DBS Bank, he became the head of DBS regional factoring in 2001. He was involved in providing services to companies ranging from MSMEs to large corporates.

回国后成立了DBS保理（DBS factor），后被星展银行收购，2001年李庆良成为星展银行区域保理业务的负责人，为中小微企业和大公司提供保理服务。

In 2012 he became the MD of Bibby Financial Services Singapore, a subsidiary of Bibby Financial of UK, the world’s largest independent factoring group.

2012年，李成为全球最大的独立保理集团英国毕比金融的子公司毕比金融服务新加坡公司的总裁。

In 2015 he became the Asia Chapter Director of FCI and he travelled widely in Asia to promote international factoring as well as to conduct training to factors in the emerging markets.

2015年，李成为FCI亚太区总监，并在亚洲广泛推广国际保理业务，并在新兴市场进行保理业务培训。

He is currently the Asia Pacific Representative of HPD Lendscape, the world’s leading digital factoring, SCF and asset based lending platform provider.

目前，李庆良是全球领先的数字保理、供应链金融和基于资产的贷款平台提供商HPD Lendscape的亚太区代表。