What is non-recourse bill discounting?

Invoice Factoring or Bill Discounting, is a form of receivables finance where the factor (MODIFI) buys the invoices issued by an exporter (seller), providing immediate liquidity and buyer default protection. 

The finance is structured as a true sale of the receivables and should function as ‘off balance sheet’ finance. It should not affect your debt ratios (and does not affect your borrowing capacity). Accounting-wise, your receivables convert into cash, without adding any liability.