Bibby Financial Services Invoice Finance

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How invoice financing works

1
The order
Create an invoice for your customer, showing how much is owed to your business and when payment is due.
2
Cash advance
Send a copy of the invoice to a lender to release up to 100% of its value as a cash sum.
3
Repayment
When it is due, the lender receives the payment from the customer. The lender then sends your business any remaining amount on the invoice that wasn't originally financed, after deducting the prearranged fees.

This comparison service is provided by Touch Financial. Touch Financial is a finance broker, not a lender. Not all products offered by Touch Financial are regulated by the Financial Conduct Authority. They compare invoice financing services from a range of different lenders, aiming to find the one that best suits the needs of their business customers. Touch Financial consultants look at the profile of each business, including cash flow, accountancy needs, and any other specific requirements, to match them with the most appropriate invoice finance provider and product. Touch Financial is authorised and regulated by the Financial Conduct Authority (FRN:727220).

Last updated on 12 May 2022.

Bibby Financial Services Invoice Finance FAQs

Who is Bibby Financial Services?

Bibby Financial Services is a Liverpool-based invoice finance specialist that was established in 1982. They provide a range of invoice finance options to business of all size and sector. Bibby offers tailored solutions to the needs of their clients who can also make use of 24/7 online account management.

What’s the difference between invoice financing and business loans?

Business loans and invoice financing with Bibby Financial Services or other lenders are both forms of borrowing, but whereas loans involve borrowing a new sum of money, invoice financing involves borrowing against invoices owed to your own business.

Is invoice financing a form of debt?

No debt is created when you borrow against your own invoices. This means there’s no debt and or debt interest that it carries to be repaid. You’re simply borrowing against the money you’re actually making each day as a business.

What’s the main reason for needing invoice financing?

Businesses can have a variety of reasons for needing invoice financing, but time might be one factor. Invoice financing can be a much quicker process than applying for a traditional business loan, as it takes much less time to borrow against your own invoices than it does to apply to a lender for a conventional loan.

What can I use invoice financing for?

You can use invoice financing to help improve your business, letting you invest in more hires, equipment or stock, to make it grow at a pace that suits you. Using invoice financing from Bibby Financial Services or another lender can help you do this, without having to go into debt in the first place.

Are there fees or charges to account for?

Yes, Bibby Financial Services invoice financing products, like all others, will entail some fees and costs, when you seek them out. You will be expected to pay a charge, and the fee you pay will be calculated as a percentage of the value of the invoices you provide.

What is invoice discounting?

Invoice discounting lets you take control of the process, letting you leverage the value of your sales ledger. You simply sell unpaid invoices to a lender, and they pay cash up-front, as a percentage of the invoice value. When the full invoice comes through, the lender pays the remaining balance, minus their fee.

How does factoring differ from discounting?

When seeking Bibby Financial Services invoice finance products, such as invoice factoring, a lender provides funds against customer invoices as a percentage before they are paid in full, and collects the invoice on your behalf. This helps you receive cash flow without having to wait all those weeks or months for the actual invoice.

What if invoices are late or not paid?

Late payment of invoices affects many businesses across the UK. Some providers of invoice finance products, such as Bibby Financial Services and others, offer bad debt protection for businesses, otherwise known as non-recourse factoring.

What does non-recourse factoring do?

If you agreed to non-recourse factoring, the lender will absorb the cost of unpaid invoices, stopping you having to pay the price, if a client fails to pay the factoring company the debts they owe. Risk is higher for the lender, so fees are high to account for this and thorough background checks will be likely.

What if I resorted to recourse factoring?

Recourse factoring means that you take responsibility for the unpaid invoice if a client or customer fails to pay the factoring company first. This means you ultimately have to pay back the invoice value in full. As risk is low to the lender, fees will ultimately be lower.

Services offered by this provider may change over time. Always check Ts&Cs.

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