What does ABC mean by factoring payment?

Factoring payment is also called factoring advance payment.

Factoring payment refers to the seller's transfer of his accounts receivable to a factor or institution that provides factoring services. These accounts receivable are due to the seller when signing contracts with other buyers now or in the future.

The predecessor of China Agricultural Bank can be traced back to the Agricultural Cooperative Bank established by 195 1. Since the late 1970s, banks have experienced different stages of development, such as national specialized banks, wholly state-owned commercial banks and state-controlled commercial banks. On June+10, 2009, the Bank was restructured into a company limited by shares. On July 20 10, the Bank was listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively.