| Aged Debt |
 |
A summary report of all outstanding balances
designated to each debtor, aged over a period. This report
is generated from invoice date.
|
| Agreement |
|
The contract between Enterprise Finance
Europe and the client
|
| Approved Debt |
|
Any debt for which an initial payment has
been paid or is payable and which has not previously been
disapproved or unapproved.
|
| Assignment |
|
The transfer of legal title vested in the
debt, from the client to Enterprise Finance Europe.
|
| Availability |
|
These are the funds generated against invoice
notifications and cash receipts, available to you for
draw down. This is also known as entitlement.
|
| BACS |
|
Payment through the Bankers Automated Clearing
System
|
| CHAPS |
|
Payments through the Clearing House Automated
Payment System (telegraphic transfer)
|
| Contra |
|
A situation where the client buys from and
sells to a customer. This may result in the customer offsetting
monies owed to him against monies due from him.
|
| Customer |
|
Any persons or company to whom you supply
goods or for whom you perform services, i.e. your debtor.
|
| Debt |
|
The amount due by a customer in respect
of goods supplied or services rendered by you.
|
| Data Encryption |
|
Encryption is the process of using a mathematical
algorithm to transform information into a format that
can't be read. In tandem with a digital certificate, it
provides a secure means of transferring information over
the internet.
|
| Digital Certificate |
|
Digital Certificates are your digital passport,
or in other words, an Internet ID, allowing verification
of who you are and the integrity of your data.
|
| Disclosed |
|
Any factoring or invoice discounting facility,
the existence of which is known by your debtors.
|
| Discount Rate |
|
The percentage rate per annum above the
interest base rate.
|
| Firewall |
|
A firewall is a set of related programs,
located at a network gateway server that protects the
resources of a private network from entry by external
or excluded users.
|
| MBO |
|
Management Buy Out - Any public or private
company buyout in which long term, experienced, inside
management is involved. Have a look out the Our Clients
section under Our Services for more detail.
|
| Net Assignments |
|
Total invoices assigned during the period
minus any credit notes, discounts, adjustments or re-assignments.
|
| Prepayment Rate |
|
The pre-agreed percentage applied to total
approved debt/invoices to give gross funding availability
on your account.
|
| Reassignment |
|
A debt previously assigned to Enterprise
Finance Europe, which has been returned to you.
|
| Receivables Finance |
|
Means by which a company releases the value
of funds tied up in invoices by converting trade debts
into cash. The 2 main receivables finance products are
invoice discounting and factoring, both of which are fully
defined under the Our Services section.
|
| Recourse |
|
The recourse period is the agreed period
for which Enterprise Finance Europe will fund an invoice.
Beyond this period, funding is withdrawn.
|
| Sales Ledger |
|
This is a breakdown of all the open (outstanding)
items for each debtor.
|
| Service Charge |
|
These are the fees taken for the administration
of the account.
|
| Unapproved Funding |
|
The value of debts against which we are
unable to provide funding |
