International Factoring

Bendigo and Adelaide Bank

Australia’s sixth largest bank, Bendigo and Adelaide Bank was formed following a merger between Bendigo Bank and Adelaide Bank in November 2007. The merger brought together two innovative organisations both committed to:

• Putting their customers first
• Giving something back to local communities

Bendigo and Adelaide Bank has more than 410 branches across Australia, more than 4,000 staff members, 1.3 million customers and $15.5 billion in assets under management.

Experienced in most industries, Bendigo and Adelaide Bank provides factoring benefits including:

• Recourse and non-recourse accounts
• Prompt credit approvals for Australian and New Zealand companies
• Invoices accepted in any recognised currency
• Normal credit terms are up to 90 days
• Non-notification factoring
• A collection-only service

Credit Covers

Normally Credit Approval decisions can be expected within five working days. If there is any delay or issues Bendigo and Adelaide Bank will notify the EF.

While direct contact with the buyer is preferred, our large database and online access to Australian Credit Bureaus allows us to assess buyer information without contacting them if required.

Our credit lines are valid up to the expiry date indicated. To help prevent delays in identifying the correct buying entity the following details must be included in requests:

• Applicant’s Full Legal Name
• Trading Name
• Australian Business Number/Australian Company Number

Seller Information

Seller information must always be provided, giving as many details as possible. If the actual turnover, number of buyers, number of invoices/credit notes differs considerably from the information provided, Bendigo and Adelaide Bank reserves the right to re-assess our commission.

Instructions concerning the charge-back of rest amounts, discount grace period and name, address and authority of seller’s agent is also required.

Anti-money Laundering/Counter Terrorism Funding Requirements

In order to conform to Australia’s Anti-Money Laundering/Counter Terrorism Funding legislation, we may require additional documentation.

Collection Procedure

Statements of Account are forwarded to the buyer on a monthly basis. A phone call is then made seven days after the due date of the invoice to ascertain payment.

Phone contact and mail reminders are sent at 14 day intervals up to maximum of four in total. After the fourth written reminder legal action will be considered in consultation with the EF.

Reporting

A full range of reports can be provided on demand. Bendigo and Adelaide Bank can also provide online access via our Internet facility for collection activity conducted for each buyer.

Please liaise with Julie Smith, International Manager, Debtor Finance on telephone +613 8414 7640 or fax +613 9642 1965 or email julie.smith@bendigobank.com.au.

Links

Bendigo and Adelaide Bank Financial Reports

The Import Factor Information Sheet (IFIS) - Approx 186Kb)

Oxford Funding