import factor

Import factors are invited to compete for business and those with superior services are selected.

The receivables are then reassigned to the import factor.

If after 90 days past due date an approved invoice remains unpaid, the import factor will pay 100% of the invoice value under guarantee.

The export factor chooses an FCI correspondent to serve as an import factor in the country where goods are to be shipped.

At the same time, the import factor investigates the credit standing of the buyer of the exporter's goods and establishes lines of credit.

This is because export factors never appoint an import factor solely because the company is a fellow member of FCI.

Once the sale has taken place, the import factor collects the full invoice value at maturity and is responsible for the swift transmission of funds to the export factor who then pays the exporter the outstanding balance.

This is absolutely essential to safeguard the interests of European haemophiliacs who rely, occasionally, on imported Factor VIII plasma products which may contain some donated and some sold blood from the United States.