Factoring accounts receivable has its own language. Some factoring terminology is very simple and some is very complicated. The factoring definitions below will help you better understand accounts receivable factoring concepts. It will help a factoring client understand a factoring company and their factoring agreement better. The factoring definitions here are written in a straight forward and easy to understand fashion. We have also included many factoring company clichés that you will hear and see over and over again in sales pitches. Many factoring terms are misleading and we hope the information here helps you get to the questions behind the cliché.
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Accounts Payable Aging Report (AP aging)
Accounts Receivable Aging Report (AR aging)
Articles of Incorporation / Organization
Date Of Service Medical Claims
Dedicated account executive (account manager)
Doing Business As / Assumed Name / Fictitious Name Document
Estoppel letter (also known as a verification letter)
Factoring agreement (factoring contract, factoring and security agreement)
Factoring attorney / factoring attorneys
Factoring Buyout Letter (Factoring Payoff Letter)
Government Contractor / Prime Government Contractor
Government Subcontractor / Sub to a Prime Government Contractor
International Factoring Association (IFA)
International Factoring Association Code Of Ethics
Purchase order funding, order financing
Re-discount factoring line / refactoring
Sub Contractor to a Prime Government Contractor
UCC1 (UCC Lien, UCC 1, UCC filing, UCC 1 financing statement)
Verification (Invoice Verification)
