Factoring – a secure alternative to post dated cheques
Athanasios Ntaflos, Chief Information Officer at Eurobank EFG Factors, explains how factoring provides the perfect alternative to the widespread use of post-dated cheques in corporate transactions in Greece. In Greece, the use of post-dated cheques has been common practice for a number of years. They have been used as an alternative means of payment for transactions by corporate entities for some time, but as the market evolved – mainly after 2008, as liquidity dried up and companies started to feel the pressure – post dated cheques began to serve as an unofficial credit extension tool. Corporate entities began extending the payment period of their obligations by issuing post dated cheques over 90 and sometimes over 180 days.
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