An exporter sells has sold a lot of goods but the customers have not yet paid. It chooses to factor the receivables without recourse. Which of the following is true?

a) The exporter should never use factoring but should simply wait patiently for its money

b) The exporter can use the money from factoring to pay expenses and invest in its business

c) If the customer does not pay, the exporter has risk

d) The exporter will likely factor the receivables at a premium; that is, if it is owed $5 million, it can factor them for more than $5 million