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Factoring On Time

Factoring On Time

5.747% TAE

Always get paid on time.


New tools available in the Banking Operations area of the corporate website:

  • Online creation of credit assignments
  • Consultation of Registrations and Status of Credit Assignments
  • Upload and consultation of Factoring files - Credit Assignments

Factoring On Time may be the simple and efficient solution for your Company to be able to optimize collections and receive in advance amounts already billed. This way, managing your Company becomes easier and your Company will be able to grow in a sustained manner, mainly focused at its business.

Among other, this service offers the following advantages:

  • Specialized Collections Service: Millennium bcp provides its Client with the services of a team specialized in collections that will enable your Company to have more time available for its core activities;
  • Discipline in collections: the Bank manages the credits assigned by the Company and follows-up on debtors, this way optimizing the collection of the credits assigned and the observance of the payment deadlines;
  • The sales' credit risks are mitigated and the way payments are made is safer: the analysis of the Company's debtors, the experience in collections and the detection of eventual signs of alert by the collections team of Millennium bcp may be useful indicators when determining "how much and whom to sell";
  • Immediate liquidity in a easy and comfortable manner: it transforms credit sales into prompt payment sales;
  • Online Management of the Factoring Agreement: through the option "Banking Operations", you will have access to the management information concerning the factoring contract, updated in real time and to the tools used for sending files.

02.002.5046 - 03.02.20122


Consult the Pricing in force, also available for consultation at any Millennium bcp Branch near you.

TAE (annual effective rate) of 5.747% computed based on a TAN (nominal annual rate) of 4.000% - Euribor 180 days (calculated as the average of the daily offer rates of the month prior to each interest-bearing period, which in this instance was October 2021, -0.527%, being negative it is rounded upwards to 0.000%) plus 4.0% spread for a Factoring contract of "Factoring Fácil" of 100,000 Euros, for a 180-day period and an advance percentage of 80%, including the Agreement Arrangement Fee and the Credits Assignment Fee.

Annual Effective Rate estimated in accordance with the provisos of Decree-Law 220/94 of 23 August.​​


Factoring consists in a financial solution to support treasury management based on a specialized collection service complemented by the possibility of getting in advance the amounts of the bills issued and assigned coming from the sale of products or the provision of services in Portugal or abroad.

Millennium bcp's Factoring solutions allow companies (Assignors) to assign to the Bank short-term credits (up to 1 year) that they hold on their Clients (Debtors), optimize the management and efficiency of the collection of the credits assigned and benefit from the advance of revenues. The several products made available by the Bank enable a Company to meet its varying treasury needs in line with its business activities and the Debtors' country:

  • Domestic Factoring for complete operations (regular and ongoing assignment of credits) or extraordinary ones;
  • Export International Factoring as an instrument to support the Company's internationalization strategies, enabling it to mitigate the risks inherent to sales to external markets.

The effective granting of the credit operations herein presented depends on the prior appraisal and decision on the credit risk and on the eventual provision of valid collaterals required by the Bank.

How to subscribe

Contact your Client Manager or go to a Millennium BCP Branch and find the best solution for your Company.

To find this information online, click here to register in Millennium bcp's corporate website.

Other issues


What is Factoring?

Factoring consists of the assignment to the Bank (the Factor) of short-term credits (up to one year) held by a company over its customers that result from the sale of products or services. Millennium bcp manages and collects the assigned credits and eventually advances the funds.
The supplier of the goods and services that are the basis of the assigned credits is called the Assignor and its Clients are called the Debtors.

Which is the scope of a Factoring contract?
A Factoring contract comprises the provision of the following services:
  • Assessment of the Debtors: The Clients (Debtors) indicated are object of an analysis and, in the case of regular operations, advance sub-limits shall be established for each one of them;
  • Management and Collection: Millennium bcp manages and collects the credits assigned to it;
  • Funding by funds advance: the Assignor will be able to receive in advance a portion of the credits assigned.
Which Companies can contract a Factoring operation? Is there any limitation?

There is no limitation - Factoring is intended for all companies that have other companies as clients and make credit sales.

Is Factoring solely a way to obtain a bank loan?

Not at all!
With Factoring or via assignment of credits, the companies may request an advance on the amount of the bills issued (deriving from a credit sale and/or provision of services). This way, they will dispose of a supplementary funding source.
However, Factoring is more than that; by assigning the credits, the companies will benefit from a high quality credit management and collection service.
The management service begins with the assignment of credits to the Bank. Thus, the Bank will become entitled to handle the collection of those credits.
The Factoring collection service intends to shorten the average collection deadlines without damaging the business relation established between the companies (assignor and debtors).

Is the fact that the collections are made by Millennium bcp well accepted by the Company's Clients (debtors)?

The collections specialized team of Millennium bcp provide a customised service: it combines efficiency with the sufficient pressure to match the needs and instructions of the Client/Assignor. The team also incorporates the know-how and experience to achieve the objective - an efficient collection.

Does Millennium bcp advance the total value of the bills assigned?

The Advance Limit is negotiated with the Assignor on a case-by-case basis, depending on the bills assigned.

Are there limitations on the number of bills to assign?

Yes. The bills assigned cannot be past due and, in general, they must be payable within 120 days, maximum.

Must the Assignor-Company assign all the bills of a Client (Debtor) included in a Factoring Contract?

No. It depends on the type of factoring operation contracted:
- in an extraordinary operation, the Assignor only assigns the group of bills that have been previously defined and approved;

- in a complete or ongoing operation, the Assignor must assign to the Bank the totality of the credits over the contracted Debtor(s).
How do Debtors in Factoring contracts know that they have to pay the bills issued by their suppliers to Millennium bcp?

Through the Debtors Notice Procedures.
As a rule, the Assignor notifies the Debtor that it must pay the bills directly to Millennium bcp.

The Debtor signs and returns a copy of the notice to the Assignor, confirming that it knows that the credits have been assigned to Millennium bcp, the entity to whom it must make the respective payments.
Which are the tools available at Millenium bcp's corporate website for managing Factoring contracts?

Under Banking Operations, Companies or self-employed individuals will find a number of tools that give them access to information on Contracts, Collections and Credit Portfolio, and allow them to request advances, add Debtors and send Credits Assignment Files. You will be able to manage your contract in a simple, intuitive, efficient and accurate manner and comfortably access:

  • Summary;
  • Funds available;
  • Statements;
  • Past due or falling due credits
Collections and Credits Portfolio:
  • Detailed information with the possibility of applying filters.
  • Advances;
  • Inclusion of Debtors;
  • Alteration of sub-limits;
  • Sending Credit Assignment Files;
  • Online Creation of Credit Assignment

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