Why is receivables financing increasingly reliant on the Credit Manager?
Marc Chaquès: Because behind a funding solution historically managed by treasury teams lies a fundamentally operational challenge: the quality of the order-to-cash cycle.
Receivables financing converts receivables into immediate liquidity, but the effectiveness of that funding depends on very tangible factors: invoice quality, credit note ratios, credit insurance coverage, and customer payment behaviour. These are all areas overseen daily by the Credit Manager.
Thibaut Robet: Factors systematically assess three types of risk: seller risk, debtor risk, and sector/activity risk. The latter two fall directly within the Credit Manager’s area of expertise. That is precisely why the role has become so strategic.
Does the Credit Manager’s role only begin once the agreement is signed?
T.R.: Quite the opposite. Their expertise is critical from the very outset. The analysis carried out by Fibus prior to implementation is largely based on the quality of the receivables book. This ultimately determines the structure of the programme itself: the type of agreement, the scope of assigned receivables, advance rates, and the level of guarantees required.
M.C.: A well-documented customer base and robust invoicing processes provide reassurance to the factor and accelerate implementation. High-performing programmes are almost always built on a well-executed credit assessment.
On a day-to-day basis, what are the key levers under their control?
T.R.: There are many, but three are particularly critical. First, the quality of the order-to-cash cycle: even minor issues – incorrect invoice coding, late credit notes, incomplete transmission files – can block funding availability. Second, optimisation of the assigned portfolio: onboarding newly eligible customers or removing exclusions can generate thousands of euros of additional liquidity every month.
M.C.: The management of credit insurance within the receivables financing programme is also a core responsibility. A reduction in cover immediately translates into reduced funding availability. More broadly, the Credit Manager oversees the relationship with the factor, which is essential to programme performance. Transparency and responsiveness strengthen trust and facilitate funding, even in atypical situations.
T.R.: The result is straightforward: every improvement in receivables management mechanically increases available funding. Few operational disciplines have such a direct impact on cash generation.
Is this changing the perception of the Credit Manager within organisations?
T.R.: Absolutely. Far from being viewed merely as a “risk gatekeeper”, the Credit Manager is becoming a genuine architect of short-term financing. Receivables financing highlights the value of their analysis, the quality of their decision-making, and their ability to streamline interactions with factors.
M.C.: Credit insurance further reinforces this positioning by bringing greater objectivity to decisions and professionalising customer risk management. The Credit Manager is no longer the person who says “no”, but the person who secures, anticipates, and creates financial flexibility.
What role does Fibus play in this transformation?
M.C.: Fibus has been supporting Credit Managers for more than 20 years and has developed a methodology in which their expertise is systematically embedded from the programme structuring phase. The objective is clear: avoid agreements disconnected from operational realities and build financing structures aligned with day-to-day constraints.
T.R.: Our approach is built around three pillars. First, bespoke structuring combining receivables financing and credit insurance to optimise funding capacity from day one. Second, operational support, helping teams strengthen their expertise and adapt internal processes.
M.C.: And finally, full digitalisation of receivables financing management through our ARI Trade platform. It centralises factor data, credit insurance cover, and ERP information within a single environment. The platform automates the most time-consuming tasks and identifies hidden financing opportunities.
T.R.: On average, companies achieve a 15% increase in funding availability while reducing management time by a factor of five, freeing Credit Managers to focus on higher value-added activities.
Why is this evolution strategically important for companies?
T.R.: Because receivables financing is no longer simply a treasury tool – it has become a broader performance lever. Companies that involve their Credit Manager from the earliest stages benefit from better-structured programmes, smoother factor relationships, and sustainably optimised funding.
M.C.: The growing adoption of receivables financing among SMEs and mid-sized companies is placing the Credit Manager back at the centre of the equation: without rigorous management of the receivables book, financing programmes cannot deliver their full potential.