At export of production credit risk of the exporter (owing to difficulties of an estimation of credit status of the potential foreign clients considerably grows; granting of the commercial credit on longer term, in view of time which is necessary for delivery of the goods on the foreign markets; and also because of such factors, as political instability in the country of the importer, low level of its economic development etc.) Besides as the agreement about foreign trade factoring can provide use of two and more currencies, there is also currency risk - danger of currency losses in connection with change of a rate of foreign currency in relation to national. In connection with increase of a degree of risk company factoring shows to the exporter more rigid requirements, than to the suppliers on a home market. At service of the exporter the company factoring, as a rule, concludes the contract with factoring by the company of the country of the importer and transfers it a part of amount of works. Thus, the participants international factoring of the bargains are the supplier, buyer, import - factor (bank or import factor firm) and export – factor.
In commercial bank international factoring of operation conducts special factoring division. The special meaning gets factoring in the international trade operations in light of the Instruction about the order of realization of the currency control behind validity of payments in foreign currency for the imported goods.
In international trade two models of factoring are applied:
Import factoring;
Export factoring.
Classical two - factor circuit consists of the following stages:
1. The inquiry of a limit / maintenance is brave;
2. Delivery / dispatch of the invoice;
3. Financing;
4. Payment.
At the first stage the exporter requests of the export - factor the sum subject to maintenance. The export - factor requests of the import - factor is required. Import – factor checks the importer and gives to the export - factor of a guarantee. Further export - factor gives to the exporter the sanction to a limit, and then the sale of the documents is carried out.
At the second stage the exporter delivers the goods or service and transfers a copy of the account export - factor, and that sends to its import - factor.
At the third stage, after delivery of the goods or service, the export - factor finances the exporter within the limits of 70 - 90 % of the complete initial invoice price.
At the fourth stage the importer carries out %100 -s' payment to the import - factor, and that lists the received sum to the export - factor. At last, the export - factor translates to the exporter no financed a part of the requirements (10 % - 30 %) minus cost factoring services.
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