What is your product?

Invoice Finance is designed to improve your cashflow and release money you are owed against outstanding customer invoices. It enables you to receive cash before the invoices are paid.

How does it work?

There are two different forms of invoice finance, the main difference being who collects the customer payments. Invoice discounting gives you access to cash as you issue new invoices and you continue to collect the payments from your customers as usual. The use of invoice finance is kept confidential.

Factoring enables to you access the cash from the invoices, but Bibby’s dedicated credit control team collect your outstanding invoices for you. This is an attractive option for smaller businesses, as it frees up your time to concentrate on running your business.

How would a business use your product?

Any business that generates invoices for its customers can use invoice finance, but it is an option that also works well with new businesses who haven’t as yet got an extensive trading history or accounts, rapidly growing and expanding businesses and when entering into new markets and selling to overseas customers.  

What are the approximate costs?

These will vary but there will be an initial set up fee and a percentage charge against invoices funded.

How long does it typically take to secure funding?

Once the facility is set up, then we can pay up to 95% of the value of new invoices in under 24 hours – rather than waiting the usual 30+ days for payment.

What type of security is required?

We will usually take a debenture on assets.

What supporting documents are needed?

Our staff will advise on exactly what documents are required, but typically we will need to see your ledger in addition to the invoices.