Electronic factoring increases 15% in Chile

Friday, February 8, 2019

Press release from Gosocket

Santiago de Chile: A distant 2013, Electronic Factoring (e-Factoring) operations were carried out for amounts of around US$6,000 million. Five years later, the Internal Revenue Service (SII) reports that the 2018 figures in Chile exceeded US $ 32,800 million in direct financing to the country's companies.

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This figure is an increase of 14.7% in relation to the total sold during 2017 and more than fivefold the figures of 5 years ago.

Other indicators for 2018 indicate that 4,310,911 documents were ceded electronically, representing an increase of almost 15% with respect to 2017. On average, more than 20 thousand companies access e-Factoring monthly, while in mid-2016 they spoke of only 13 thousand.

The electronic cession is a tool of aid and financing, which consists of obtaining immediate liquidity by transferring or transferring the rights of a document to a third party, who will grant the financing to the issuer and will be responsible for collecting the receiver from the latter (debtor). ).

Improvement of the condition of SMEs

"Electronic Factoring year after year is positioned as an important source of financing, especially for micro and small companies, which see in this industry an important ally to achieve liquidity in a timely manner," says the SII.

More emphatically, Mario Fernández, CEO of Gosocket, points out that "the way in which SMEs interact with financial entities has changed forever". According to the executive, SMEs achieve 5 key benefits when obtaining this financing system:

"SMEs want the offers to reach them proactively and based on the use of Artificial Intelligence, from that Artificial Intelligence, a diversification of the offer is expected, the participation of several entities, thus achieving competitive rates", says .

And he adds that companies are also "interested in ease of use, a very large 'intuitivity' in the process, as a fourth point, they want efficiency and speed in obtaining their resources, 'they want the money in hours, not in days "As they are, they are also being sued by their suppliers, and finally, they want to evaluate the service, based on all the previous aspects, adding transparency."

In Gosocket, the business relationship network, there are already more than 335,000 factoring transactions, equivalent to $ 3,200,000 million dollars, which represents 7.8% of the documents at the country level and almost 10% of the total factoring volume carried out in the country during 2018, respectively.

Within the offer present in this platform, is Advances one of its flagship products. It is a gadget that allows the advance payment of an electronic invoice issued, which does not require credit lines or contracts, and that in 2018 experienced a significant growth. This innovative financial service is provided in an open and transparent manner by financial entities connected to the Gosocket Business Relations Network.