Abstract: As an innovative form of factoring, bill factoring has great market prospect in the context of supply chain finance, but there are also compliance risks in practice, which should be treated differently. The optical bill factoring is not eligible and receivable, and direct bill factoring is called factoring, but is actually discounting. Factoring followed by bill has a real transaction background, so there is no compliance risk in general, and the factors can exercise the rights of bills according to the law. The compliance of factoring after bills first should be judged in conjunction with the underlying relationship agreement, the consent of the parties etc. Finally, the gradual refinement of the bill discounting market by improving the bill credit information disclosure system and implementing electronic discounting can clear the obstacles to the healthy development of bill factoring business.