Features

  • Credit Advance

    Unlock cash from credit sales invoices to seize business opportunities and finance your growing business.

  • No additional collateral

    Unlike other trade facilities, there is usually no need to pledge additional collateral for application of this facility

  • Credit Protection on buyers

    Receivables Services offers the option of credit protection against your buyers' protracted default and bankruptcy

  • Buyer payment collection service

    Regular payment advices and buyer statements to keep you informed of payments made and outstanding invoices.

Details

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FAQs

  1. Are there different types of Receivables Services?

    Yes, there are 4 types of Receivables Services:

    • Disclosed Receivables Services and on recourse

      The bank will follow up on your accounts receivables outstanding with your buyers who will in turn make repayment on your invoices to the bank. There will be no insurance taken on the protracted default and bankruptcy risks of your buyers.

    • Disclosed Receivables Services and non-recourse

      The bank will follow up on your accounts receivables outstanding with your buyers who will in turn make repayment on your invoices to the bank. In a non-recourse structure, you will have credit protection on protracted default and bankruptcy risks of your buyers.

    • Non-disclosed Receivables Services and on recourse

      The bank will not conduct any follow-ups on your accounts receivables outstanding with your buyers. Your buyers will continue to make payment to a bank account that is in your name. There will be no insurance taken on the protracted default and bankruptcy risks of your buyers.

    • Non-disclosed Receivables Services and on non-recourse

      The bank will not conduct any follow-ups on your accounts receivables outstanding with your buyers. Your buyers will continue to make payment to a bank account that is in your name. In a non-recourse structure, you will have credit protection on protracted default and bankruptcy risks of your buyers.

  2. How much prepayment can my business expect to receive on its invoices?

    The bank can prepay up to 90% of the gross invoice value. However this is dependent on several factors and the exact prepayment percentage will be determined after the submission of the application with the relevant financial documents to the bank.

  3. My business is growing and it needs additional working capital. Is Receivables Services suitable?

    Receivables Services is definitely suitable for growing businesses. In fact, it is a unique credit facility where the credit line granted increases with your business’ growing sales rather than with additional assets pledged to the bank.

  4. How do I know whether my business is suitable for Receivables Services?

    On a broad level, Receivables Services is a credit facility well-suited for a wide range of industries including service, food manufacturing, precision engineering, construction, printing and packaging and general trading.

  5. Would my business lose access and information on my sales and outstanding invoices?

    The bank will send the statements of your business’ Receivables Services account on a monthly basis. Additionally, the bank will also send buyer statements with information of outstanding invoices. With every prepayment of the invoice and buyer payment, the bank will send statements to inform your business of these account activities.

  6. Would my business lose buyers trust in the financial standing of my business?

    On the contrary, buyers would place more trust in your business, in view that there is an assured cashflow in your business.

  7. Does the business have to pledge any assets to the bank?

    In most cases, there is no need to pledge additional assets to the bank.
    A bank guarantee will usually suffice.

  8. Why should I use Standard Chartered Bank (Singapore) Limited for Receivables Services?

    The bank has in-depth expertise in Receivables Services and has a team of Specialists who will advise on the best structures to suit your business. Furthermore, the bank’s team of buyer account management personnel ensures follow-ups on your accounts receivables outstanding is done effectively in a professional manner.

    Standard Chartered has operated for more than 150 years in some of the world’s most dynamic markets. The bank has been offering Receivables Services to buyers for many years and is an experienced player in this field.

    As we are an international bank with networks in Asia, Africa and Middle East, we are able to support your banking and credit facility needs regardless of the markets your business operates and serves in.

  9. After the application is approved, what is the procedure for submitting invoices?

    Submission of the invoices for Receivables Services can be made through our Straight2Bank online platform. Thereafter, physical copies of the invoices and corresponding supporting documents need to be sent to the following address:

    Standard Chartered Bank (Singapore) Limited,
    No. 7 Changi Business Park
    Crescent Level 1, Trade Operations.

    If the electronic and physical invoice submission is done before 2.30pm, you can expect to receive funds on the same working day

  10. How do I know when the buyer has made payment?

    The amount will be refunded through your business’ bank account after the buyer payment is cleared. Additionally, a payment advice will be sent with the refund information.

  11. Can I check my Receivables Services account and perform prepayment transactions online?

    Yes, you can check your business’ Receivables Services account and perform transactions online through our Straight2Bank online platform.

Documents Required

  • Copy of past 3 years audited financial statements
  • Latest management accounts
  • Past 6 months bank statements (active account)
  • Latest Accounts Receivables Ageing
  • Latest Accounts Payables Ageing
  • Two sets of sample invoice and corresponding supporting documents (E.g. Invoice, Delivery Order and Payment Advice)

^Documents are not exhaustive, and the Bank shall in its sole and absolute discretion determine the complete set of documents required in the case of each Application (and whether such documents have been presented to the Bank), and such determination shall be final and conclusive.

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Please call:
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