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Frequently Asked Questions.

  1. How quickly can a Bibby representative come to see me to discuss my options?
  2. How quickly can a facility be put in place?
  3. What is the lowest amount of turnover you will consider for factoring?
  4. Do you fund new start businesses?
  5. Do you work with sole traders?
  6. What are the stages of the new business process?
  7. What percentage of my invoices will you release upfront?
  8. How soon after sending an invoice can I access my money?
  9. How much will it cost?
  10. What type of credit control do you use?
  11. What if I don't want you to chase my customers? Will you still provide funding?
  12. What incentive do you have to collect my invoices?
  13. Do I continue to raise my own sales invoices?
  14. Do Invoice Finance companies stop funding an invoice after 90 days?
  15. What happens if one of my customers does not pay?
  16. Do you credit check my customers?
  17. Do you use my credit terms or apply your own?
  18. Can you provide banking facilities?
  19. What's the difference between your business and a bank provider?
  20. How long is your length of contract?
  21. How do I transfer from my existing provider?
  22. Do you fund stage payments and applications for payment?
  23. Do you fund export invoices?
  24. Do you have an online system where I can upload my invoices?

  1. How quickly can a Bibby representative come to see me to discuss my options?

    We can arrange meetings within 24 hours of an enquiry to suit you.

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  2. How quickly can a facility be put in place?

    Typically in 7 to 10 days, it’s really down to how quickly you can provide us with information, rather than any lengthy processes at Bibby Financial Services.

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  3. What is the lowest amount of turnover you will consider for factoring?

    We can assist businesses from start up, but to make factoring a viable option for your business, the minimum turnover is around £50k.

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  4. Do you fund new start businesses?

    Yes. We have a specialist package that focuses on the needs of new businesses. Find out more about our new start packages>> 

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  5. Do you work with sole traders?

    Yes we work with a range of businesses and can assist sole traders with their funding needs.

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  6. What are the stages of the new business process?

    We like to make it as easy as possible for our clients to do business with us and don’t believe in employing lengthy processes, we can work as quickly as you need us to. Working with Bibby>>

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  7. What percentage of my invoices will you release upfront?

    As each facility is tailored to a business’ own needs this will vary, but for a factoring or invoice discounting facility this is anything up to 85%, however we can sometime release more, so please call us to discuss in more detail – Contact us today!

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  8. How soon after sending an invoice can I access my money?

    Typically funds can be made available to you within 24 hours of an invoice being received. However, we can make same day payments to you if you should wish.

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  9. How much will it cost?

    Each funding arrangement is different and is costed accordingly. However our service is broken down into two charges as listed below;

    Discount charge: this is like interest on overdraft and is calculated on the amount of money that we provide to you.

    Service charge: this is a fee charged for the sales ledger administration that we perform on your account. Essentially it covers all the collections work including the processing of invoices and chasing of payments.

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  10. What type of credit control do you use?

    We have friendly and professional teams in each of our regional offices, whose job it is to chase and collect outstanding invoice payments on our client’s behalf. We don’t employ aggressive tactics and always balance the sensitivity of dealing with your customers with the need to collect invoice payments quickly and efficiently, this is illustrated by the many satisfied customers we have, many of whom have been clients for several years.

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  11. What if I don't want you to chase my customers? Will you still provide funding?

    We understand that some of our customers may still wish to perform their own credit control services and if you already have a strong system in place, we can look at a facility where we provide the funding and you continue to chase your customers for payments. Find out about Invoice Discounting.

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  12. What incentive do you have to collect my invoices?

    Our dedicated credit control teams are targeted and want to achieve good results for our clients. Like any business, if we didn’t provide an exemplary service our clients would be dissatisfied and leave us.

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  13. Do I continue to raise my own sales invoices?

    Yes, as part of our factoring service you would still be able to raise your own sales invoices

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  14. Do Invoice Finance companies stop funding an invoice after 90 days?

    If we have been unable to collect payment against an invoice, maybe due to insolvency or a dispute, we will remove funding against the invoice but will continue to perform the administration on your behalf. In some circumstances the invoice will be reassigned to you.

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  15. What happens if one of my customers does not pay?

    As part of the service we provide your dedicated credit control team will chase your customers on a regular basis for payment. If we experience problems collecting this payment we will notify you and recommend the next course of action, this can sometimes include legal proceedings.

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  16. Do you credit check my customers?

    Yes we do conduct credit checks as part of the service we provide. This is especially important when one customer makes up the majority of work that you do.

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  17. Do you use my credit terms or apply your own?

    We would use your existing credit terms which you have agreed with your customers.

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  18. Can you provide banking facilities?

    No as an independent organization we do not provide banking facilities such as overdrafts and loans, but are specialists at alternative finance such as Factoring and Invoice Discounting.

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  19. What's the difference between your business and a bank provider?

    Bibby Financial Services is an independent provider who prides itself on its flexible approach to funding businesses. We have local dedicated teams who are quick to respond to funding decisions

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  20. How long is your length of contract?

    To give your business certainty of funding we typically provide 18 month contracts with 6 months notice, However we can discuss shorter contract periods dependent on your plans and requirements for the business.

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  21. How do I transfer from my existing provider?

    We have worked with many businesses that have switched to Bibby Financial Services and can help make this a smooth and pain free transition. We are more than happy to talk through these steps with you, which will include talking to your existing provider to make the appropriate arrangements.

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  22. Do you fund stage payments and applications for payment?

    Yes we certainly do. We are the only invoice financier that is actively funding construction businesses. Find out more about Construction Finance >>

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  23. Do you fund export invoices?

    Yes, we have a specialist Export Factoring service and employ a dedicated credit control team with extensive language and currency capabilities. Find out more about Export Factoring

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  24. Do you have an online system where I can upload my invoices?

    We provide our clients access to our online system which provides 24 hour access to your account information, enabling you to keep track of payments received and the amount of funding available to you. View client access demonstration.

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