Factoring, Dailly assignment, RBF: which short-term financing fits your sales cycle? (2026)

Direct answer. Three short-term financing solutions are routinely set against each other without being truly comparable: factoring (assignment plus delegated collection of B2B receivables), Dailly assignment (a French legal mechanism for bank-funded mobilisation of trade receivables without delegated collection), and revenue-based financing (RBF) (a cash advance repaid as a percentage of future revenue). Factoring suits B2B SMEs with a diversified customer base; Dailly suits SMEs with a strong banking relationship and few receivables to assign; RBF suits SaaS and e-commerce with predictable recurring revenue. This article details actual costs, legal framework and selection grid.

Factoring and Dailly rely on already-issued receivables. RBF relies on modelled future flows.

Factoring is regulated: only ACPR-licensed institutions may operate (registered in Regafi). The mechanism:

1. the company invoices its B2B customer;
2. it assigns the receivable to the factor;
3. the factor advances 80 to 95% of the amount immediately;
4. the factor collects directly from the end customer;
5. the balance is paid after collection (net of fees).

Cost components:

• factoring commission: 0.1 to 2% of assigned amount depending on volume, portfolio quality and average payment delay;
• financing commission: interest rate on advanced funds (Euribor reference + spread);
• guarantee fund: 5 to 15% withheld as security, returned at contract end;
• annual file fees.

Variants:

• Recourse factoring: bad-debt risk kept by the company;
• Non-recourse factoring: factor takes the risk (higher cost);
• Confidential factoring: the customer is unaware of the assignment (limited to strong files).

For operational details, see our article: Why use factoring.

Codified in articles L313-23 to L313-34 of the French Monetary and Financial Code, the Dailly assignment is a banking mechanism to mobilise receivables. The company assigns or pledges to its bank, on a Dailly slip, a bundle of B2B invoices.

Mechanism:

1. the company issues its invoices;
2. it submits a slip to its bank listing the assigned receivables;
3. the bank credits the account immediately (typically 80-90% of the amount);
4. the company continues to collect from its customers;
5. collected funds repay the Dailly line.

Key differences with factoring:

• no delegated collection by the bank;
• often lower cost (commission + interest on the mobilised line);
• no customer notification (in the most common "non-notified" version);
• but: the bank can demand a buy-back if the customer defaults (recourse).

Indicative cost (validate with your bank):

• mobilised line interest: Euribor + 1 to 3% spread;
• assignment commission: 0.05 to 0.3% of assigned amount.

Dailly is particularly suited to companies with a strong banking relationship that wish to retain customer contact.

RBF arrived late in France. The mechanism:

1. the RBF investor analyses recurring revenues (SaaS subscriptions, monthly e-commerce sales);
2. it advances an amount equivalent to 1 to 6 months of revenue;
3. the company repays via a monthly percentage taken from revenue (e.g. 5 to 10%);
4. repayment is capped at a multiple of the principal advanced (1.1× to 1.3× depending on risk).

Strengths:

• typically no personal guarantee;
• no dilution;
• fast deployment (sometimes 48 to 72 hours via API connections to revenue systems);
• fits SaaS and e-commerce with low seasonality.

Limits:

• the French legal framework is still maturing: RBF is not a formally regulated category. Depending on contract structure, the operation may be characterised as a loan (subject to the banking monopoly) or an assimilated transaction. AMF doctrine and the French Monetary and Financial Code must be respected;
• effective annualised cost is often high (15 to 30% implicit APR equivalent);
• automatic deduction from revenue compresses monthly margin;
• unsuited to cyclical or seasonal activities.

Main French players: several specialist platforms operate from Paris or Berlin. Selection should rest on licensing, fee transparency and contract analysis.

Educational typical case (adapt to your situation, this is not a promise): SaaS SME, €100k MRR, average customer receivables of €80k, financing need of €100k over 12 months.

Reading. Factoring is cheaper than RBF in APR but bills an additional service (collection, credit insurance). Dailly is generally the cheapest but requires a cooperative bank that accepts the credit risk. RBF is the fastest and most flexible, but the most expensive.

See also our article: Business financing — 2026 solutions.

Three recurring biases in the choice:

1. Headline cost is not real cost. For factoring, sum commission + financing + credit insurance. For RBF, compute the implicit APR — it is almost always understated in commercial pitches.
2. Balance-sheet effect differs. Factoring partially derecognises receivables (depending on the contract), Dailly keeps them, RBF creates new debt. The effect on banking ratios (gearing, repayment capacity) differs.
3. The "real" comparison includes the status quo. Before signing, compare all three options against a fourth scenario: optimise working capital with no external financing (see our article 9 levers to free cash).

The least anticipated risk is contract rigidity. Factoring and Dailly carry duration commitments (12 to 36 months), assignment minimums and termination indemnities. RBF deducts automatically from revenue: in a temporary downturn, the percentage stays but on a smaller base — the debt-to-revenue ratio mechanically rises.

Mitigation:

• negotiate duration and early-exit terms;
• model a stress test (see our article cash stress test);
• preserve an independent banking buffer.

Before signing, the founder must answer:

• What is my real DSO and the quality of my customer portfolio?
• Am I B2B with issued receivables, or recurring subscription?
• What is my current banking relationship and the bank's risk appetite?
• What total annual cost am I willing to pay? (Implicit APR, not just headline commission)
• Am I in predictable growth or in an uncertain cycle?

• RBF regulation in Europe: authorities (AMF, EBA) progressively clarify RBF's legal status. Verify platform licensing before signing.
• Higher rates: in a high-rate environment, the cost gap between Dailly and factoring narrows; RBF becomes relatively more expensive.
• E-invoicing: the 2026-2027 French rollout reshapes the rhythm and documentation of receivable assignments. See our e-invoicing 2026 service.
• Credit-insurance coverage: Coface/Atradius have tightened on some sectors — factor that into total factoring cost.

• DSO and customer portfolio quality measured
• Implicit APR computed for each option
• Balance-sheet effect modelled (gearing, banking ratios)
• Commitment duration and exit terms audited
• Consistency with already-activated WC levers
• ACPR / Regafi check for factoring
• Legal framework of selected RBF verified
• Cash stress test under revenue drop
• Consistency with long-term financing strategy
• Sign-off by chartered accountant before signature