BeneFactors is a Rwandan factoring firm. We offer working capital solutions to companies across all sectors of the economy.
If you have pending payments from trustworthy clients but need cash today, we want to hear from you
Since factoring is not a loan, we do not require collateral. Factoring is the sale of an existing payment already owed to you by your buyer, hence no new loan is taken out.
A filled application form, detailing which invoice(s) you wish to factor
Copies of all previous invoices to the same buyer
Copy of the contract against which the goods or services have been delivered
A filled invoice ageing report
A bank statement not older than 30 days
Your full registration details from RDB.
We can disburse up to 70% of the value of the invoice.
We only offer what is called recourse factoring, i.e. where in cases the buyer does not pay after 180 days, you will be liable to cover our costs. This is different from non-recourse factoring, which we do not presently offer.
No, in cases where it is unlikely that the buyer will pay your invoice, we cannot buy it.
We can transfer the money to you either via cheque or bank transfer. We do not disburse cash.
You qualify if you are a registered business in Rwanda selling goods and services to creditworthy business clients, and you have a track record of being paid at least five times by these buyers.
Once all required complete documents have been submitted, you will receive a reply within five working days. If successful, we make the disbursement on the same day.
We charge two fees for our services:
A one-time origination fee of 1%
A time-based fee linked to the length of time the invoice is outstanding and calculated on a pro rata basis. This fee is negotiable and depends on how big is the invoice, who your buyer is and how long you have been working with them.
At the moment, we require a written contract to enforce the payment claim. In some cases, a duly stamped purchasing order may be accepted instead, when combined with an accepted invoice.
The cost of factoring is related to the length of time the payment is pending, so the quicker your buyer pays us, the less you pay. Furthermore, we require that you instruct your buyer to pay us directly, since after buying your invoice, we now legally own the payment. However, there may be cases where this is not possible and we try to find solutions in such cases.
Some loan agreements or overdraft contracts restrict your ability to factor invoices to third parties. Check the loan agreement you signed with your bank to see if there are any such restrictions. If there is nothing in your loan agreement restricting factoring, and your satisfy our requirements, we can work with you.