Introducing PlanMill integration for Factoring services

If you are considering the benefits of using a third-party financial institution such as Danske Finance and Nordea Finance to factor your invoices then the PlanMill Factoring add-on is now available.

This service automatically prepares the factored customer invoice while transferring an invoice copy to the factoring party (e.g. a bank or other). Combined with PlanMill ERP and E-invoicing this will provide a complete hands-free solution for your cash-flow management needs.

Availability: Finland. If other than Danske Finance and Nordea Finance related solution (e.g. OP Finance) needed, please contact us.

What is factoring?

Factoring is a financial arrangement in which a factoring company takes responsibility for collecting money relating to a business’s invoices, and immediately pays that business part of the total amount owed on the invoices. With the help of factoring, company does not need to chase the debtors for collecting outstanding amount and consequently the management may concentrate on other important issues.

In factoring there are three parties: The seller (your company as the supplier), the debtor (the customer) and the factor (usually a bank or financial company). PlanMill provides the integration solution between these parties.

For Finnish companies we currently have out-of-box settings for Danske Finance and Nordea Rahoitus: simply enter your agreement number. However other institutions can easily be added directly at the company settings.

Features

• Automatically transfers factoring invoice to factoring party (financial company or bank) and customer
• Daily reporting of factoring invoices
• Columns in Finances data table for monitoring statuses of factoring invoices

Requirements

• Agreement with Nordea Rahoitus or Danske Finance
• PlanMill ERP Cloud
• PlanMill Factoring add-on service including setup pack

Benefits

• Fast and easy access to cash
• No hassle of collecting bad debt
• Smooth cash flow
• Professional receivable management
• Longer payment deadlines for customer

Get Started

1. Make an agreement with the Financial institution Nordea Rahoitus or Danske Finance
2. Order your PlanMill Factoring add-on service and setup pack
   • Access to factoring settings will be opened
   • The setup includes a one hour factoring training with your finance users
3. Fill in the Financing Agreement information into your PlanMill my company settings
4. Confirm your first invoice.

More information is available in our Help.

Photo credit: kenteegardin via Visual Hunt / CC BY-SA