About Norway Factoring
About Factoring
The factoring functionality means that the credit institution or the bank purchases your company's accounts receivable, thus taking over the responsibility for the invoices being paid. In practice, this means that your company will get 80-90% of accounts receivable right away, freeing up capital and increasing liquidity. The remaining 10-20% is paid when the customer has paid the invoice in full to the bank, minus the bank's fees and interest.
The first step towards factoring for a business is to enter into a factoring agreement with your credit institution or bank.
About WiseFish Factoring
Wise Factoring is an add-on module for Dynamics 365 Business Central and WiseFish.
The module is an integration between BC / WiseFish and the company’s bank or credit institution.
WiseFish Factoring supports the following credit institutions / banks:
DNB
SG Finance
Sparebank 1
Nordea
In short, WiseFish Factoring will create one file with the necessary information for the bank about a companies factoring transactions that the company then uploads to the factoring company's internet portal.
If integration to a credit institute or bank not listed above is desired, please contact WiseFish.
Currently, WiseFish only has customers working with DNB, hence there is no knowledge on integration with other banks.
WiseFish cannot test the actual integration to the bank (DNB or others). This must be done on a customer site in cooperation with the customer.
WiseFish can however make sure the files are created – see chapter Create a File for Factoring Company.
WiseFish publishes manuals for all software developed by the company. This manual illustrates the most used features related to NO Factoring. In most cases field names suggest their purpose and function, but additional descriptions and screenshots are added below where necessary.
This manual is made for the WiseFish system and is applicable for versions BC20 or newer.
Wise uses a license file for it’s systems. All users must have a valid WISELCS BASIC license set.
Contact Information
For additional information contact the WiseFish service desk. The service desk is open Monday through Friday from 9:00 – 17:00 (GMT). Click here to go to our service portal and create a service request.
We can also be reached via phone number +354 545 3232 or through the email support@wisefish.com.
About WiseFish
WiseFish is a fully integrated Dynamics Business Central (NAV) extension, which ensures that fishing operations, dissection production and product sales are managed in a completely traceable manner. WiseFish is ERP software designed and developed solely for primary and value-added seafood processors, distributors, traders, and fishing operations.
The WiseFish system supports the entire value chain from sourcing to plate. It offers product traceability, implementation of quality standards and automated flow of information that ensures that the user has the full picture of the business in front of them.
The company places particular emphasis on consulting, software development and software implementation, together with powerful and personal service.
WiseFish is a certified Microsoft solution and has been sold for over 25 years worldwide.