Online signing of commercial factoring documents: Apply for factoring online 24/7, with the fastest loan disbursement within 1 hour. Connect with the factoring service system to achieve electronic signing of factoring business documents throughout the entire process. Factoring and selling enterprises do not need to meet in person or push for signing online, with the fastest signing time of 20 minutes and loan disbursement within 1 hour. Factoring "refers to the process in commercial transactions where the buyer company purchases products or services from the seller company on credit, and the seller company can transfer the outstanding" accounts receivable (i.e. buyer's credit) "to the factoring company to obtain financial services such as" financing, accounts receivable collection, accounts receivable management, and bad debt guarantee "provided by the factoring company.
Detailed explanation of factoring business operation
(Introduction to basic operation of commercial factoring and required documents)
① Buyer B purchases goods or services from Seller A through credit. The payment for this purchase contract is the accounts receivable of seller A. Seller A can obtain financing funds or services such as accounts receivable collection, management, and bad debt guarantee provided by the factoring company by transferring this accounts receivable to the factoring company. After seller A transfers the accounts receivable to the factor, if the payment is due, buyer B will directly pay the factor. If the payment is overdue, the factor has the right to collect it. In the entire factoring service, the efficiency of signing a large number of forms, contracts, agreements, and notices directly affects the progress of factoring loans. If a paper factoring document is signed, the delivery and signing cycle can take up to 3-8 days. Sometimes, in order to ensure the completion of the loan within the time requested by the customer, the factoring company can only carry the official seal out and sign on-site, which is costly and consumes a lot of manual energy. For some large factoring companies, there are thousands of customers nationwide, and the mechanized stamping of paper documents requires a large amount of operation, low efficiency, and long service docking cycles. ③ It is difficult to confirm the true identities of factoring applicants, guarantors, and debtors, and it is difficult to prevent fraudulent activities such as counterfeiting identities and forging accounts receivable for financing fraud, making it difficult to prevent bad debt risks. There are many types of factoring services, and the types of contracts to be signed are also different. It is difficult to confirm the contract format when drafting, and it cannot guarantee the uniformity and standardization of the contract. The various contracts, documents, agreements, and forms generated in factoring services are important business vouchers that need to be properly archived and stored. However, paper documents are prone to accumulation, high long-term storage costs, and difficult to query.
The contract lock electronic signature system
supports the integration of "factoring business system" and "WeChat official account", and creates a 7 * 24 online signing and convenient processing window for factoring services. Based on a trusted digital identity, we provide "identity authentication, electronic templates, electronic signatures, electronic seals, and data storage" services for the signing of factoring documents, realizing the digitization of the entire process of factoring application, approval, form filling, signing, loan disbursement, and debt collection. Factoring companies and seller enterprises do not need to meet in person or advance the signing process online. The signing can be completed in as fast as 20 minutes, and the loan can be disbursed within 1 hour, comprehensively improving the efficiency of factoring business docking. Scenario highlights: 10+factoring documents are not in person, and online contract locks are used to help factoring companies create an "electronic template library for factoring business documents", integrating the requirements of the Civil Code and the factoring business professional committee. More than ten standard template applications for factoring documents are provided, allowing each factoring business to have a corresponding electronic template. When signing, one click application and automatic writing can improve signing efficiency.
(Factoring Document Electronic Template Library)
Scenario 1: Online signing of "Factoring Contract"
Factoring contract requires three parties to sign: the factoring applicant, the guarantor, and the factoring provider, and the signing scenario is complex.
Offline signing difficulties: There are many parties involved in the signing of factoring contracts, and if paper contracts are used, the three parties can only rely on express delivery or on-site face-to-face contract signing, which not only has a long signing cycle but also high round-trip costs. In addition, it is difficult to verify the true identities of the applicant and guarantor, as well as the authenticity of the seal, making risk prevention and control challenging.
Contract Lock Electronic Signature Solution:
Contract Lock helps integrate factoring service systems. Factoring companies do not need to change their original office habits. By opening the business system and going through the process, they can call the contract lock electronic signature and initiate the factoring contract signing process online. The applicant and guarantor check the SMS signing message, log in to the contract lock page to complete identity authentication and signing, and the contract documents are automatically returned to the business system for archiving. The entire process requires no manual intervention, no face-to-face meetings, and automatic identity verification. The signing can be completed within 20 minutes at the fastest, simplifying the signing procedures for factoring companies and accelerating docking.
(Factoring Contract Online Signing Scenario)
For example:
The factoring company's business personnel select the factoring document template on the factoring service platform, fill in the information of the factoring company, applicant, and guarantor, and initiate the signing application.
(Business system initiates signing process)
The factoring applicant enterprise and guarantor check the electronic signing message of the factoring contract, authenticate their identity online, add electronic signatures and seals.
(Factoring applicant and guarantor sign online)
After the applicant and guarantor sign, the factoring business system generates a task for the factoring company to sign and quickly stamps online.
(Factoring Party Online Stamping)
Scenario 2: Online signing of "Accounts Receivable Transfer Notice"
Both the factoring company and the factoring applicant (seller enterprise) sign and stamp, and submit the signed notice to the "Accounts Receivable Debtor (buyer enterprise)". After receiving it, the other party signs the receipt to confirm their understanding.
Difficulty in offline signing:
Paper notices are not only difficult for remote signing between the factor and the factor applicant, but also require the factor to send the signed paper notices to the debtor (buyer enterprise), which is time-consuming and costly.
Contract Lock Electronic Signature Solution: The contract lock electronic signature system integrates with the factoring business system to meet the online signing needs of factoring companies and factoring applicants. With the help of the process copy function, the signed documents can be automatically copied to the "debtor (buyer enterprise)" without the need for factoring companies to coordinate multiple parties. One process can achieve notification signing, notification, and archiving.
(Electronic signature scenario for electronic notification)
(Signature page for electronic transfer notification)
Scenario 3: Online signing of "Factoring Business Application Form"
Offline signing requirements:
Single signature document for factoring applicant. If signing a paper application form, the applicant needs to download the "standard template", draft it online, print it out, sign and stamp it offline, and finally send it to the factoring company by express delivery.
Not only are customer operations cumbersome and the experience poor, but factoring companies also have to invest a lot of manual effort every day to organize application materials sent from various places.
Contract Lock Electronic Signature Solution:
Through integrated applications, contract lock electronic signatures can provide "factoring business application notification templates, identity authentication, and electronic signature services" for factoring business platforms. After receiving the factoring application, the factor provider logs into the factoring service platform and quickly creates an electronic application signing process using an electronic template. The system SMS notifies the applicant to sign and stamp online, and the documents are automatically returned for archiving. The entire process only takes a few minutes, simplifying the factoring application work comprehensively.
(Factoring Applicant Single Sign Scenario)
Scenario 4: "Guarantee Payment Notice, Reminder Letter" Factoring Single Sign
Offline signing difficulty:
This type of document is mostly in format and requires the factoring company to unilaterally stamp and transmit it to the "buyer and seller enterprises". Stamping is too mechanized, with a large number of signatures, and the cost of shipping to various places is high.
Contract Lock Electronic Signature Solution:
Through integrated applications, factoring companies can log in to the business system and generate "Guarantee Payment Notice" and "Collection Letter" files with one click using electronic templates. Simply add the buyer and seller's enterprise representative to the cc recipient, and after the file is stamped, the recipient will be automatically notified via SMS to view the file, without the need for individual express delivery.
(Factoring Single Signing Scenario)
(Electronic Signature Page of Guarantee Payment Notice)
Summary
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