Faq
Frequently Asked Questions
Have any Question?
Who is buyer ?
The buyer is an entity, who purchases the goods and / or avails the services offered by micro, small and medium enterprises (MSMEs) as defined in MSME Development Act, 2006.
Who is seller ?
A Seller is a Micro, Small and Medium Enterprises (MSMEs) who supplies goods and / or services to the buyers.
Who is financier ?
It refers to a financial institution participating in TReDS with a view to lend money. The financier provides finance to the MSME seller.
What documents are required to be submitted for registering my entity ?
It depends on the constitution of your entity. Please visit ‘Contact Us’ page to get in touch with our Team.
Is there any agreement to be signed with Tulipfin ?
You need to enter into only one master agreement – with Tulipfin. This will enable you to participate on the platform without having to enter multiple agreements in the future course of time.
Is there an option to post Buyer’s inventory requirement to more than one supplier on Tulipfin ?
Yes. Tulipfin provides platform, wherein you can broadcast your requirement to multiple sellers available on the platform.
Do I need to share my entity’s bank account details with Tulipfin ?
Yes. You need to provide the bank account details along with the official email ID and contact no. of the Branch Manager along with full address of the bank branch for future correspondence with Tulipfin. This can be provided at the time of KYC details submission.
Does the buyer have an option to extend the tenor of the invoice ?
No, the extension of the Invoice tenor by the buyer is not allowed by Tulipfin.
What is the role of Tulipfin in case of failure of payments, between buyer and seller: and seller and financier ?
Tulipfin does not entail guaranteed payments. It is outside the purview of the platform and needs to be settled bilaterally between the respective players.
What type of financial institutions qualify for registering on Tulipfin platform ?
Banks and NBFC’s who are into factoring business are qualified for getting registered as financiers on the platform.
Does the seller have an option to pre pay or delay the financed amount ?
Yes. The seller can pre-pay or delay the financed amount to the financier and the interest calculations will be applicable as the case be.
Is it necessary for both buyers and sellers to be on Tulipfin ?
Yes. In case the buyer is not registered on Tulipfin, the seller may request or refer his buyer to register or can contact Tulipfin personnel to get in touch with Buyer and get registered. The same can be followed if Seller is not registered.
How does a financier ascertain the credit worthiness of a seller ?
Tulipfin will share the credit assessment report, as done by our partner credit rating agencies. You may also use your existing processes to assess the credit worthiness of a seller.
