A financial institution that purchases a business' accounts receivable at a discount and then keeps what they collect is a(n) factor.
Account receivable is an asset and can be defined as the amount a company is expected to receive from their client for the service they rendered to the client.
When a financial institution buy a business account receivable at a discounted price or rate by keeping the amount they collected this is tend to be known as a factor.
Therefore a financial institution that purchases a business' accounts receivable at a discount and then keeps what they collect is a(n) factor.
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