News Article

Factoring & Invoice Discounting

BIBBY Financial Services goes back to basics with its new downloadable guide

By CreditMan Thursday, October 7, 2010

The UK’s leading independent invoice finance provider, Bibby Financial Services, is launching a straight-talking guide for business owners and managers to help de-mystify the alternative business finance product, invoice finance.

The guide, entitled ‘Invoice Finance Made Simple’, aims to provide, in a clear format, all the information a business might need to understand how invoice finance works and the role it plays in helping maintain a regular flow of cash into a business. The easy-to-use booklet, which can be downloaded from Bibby Financial Services’ website, contains a step-by-step guide of how to set up an invoice finance facility, information on the cost and who it is suitable for, plus a ‘frequently asked questions’ section and glossary.

Bibby Financial Services’ UK chief executive Edward Rimmer says: “There is a clear lack of knowledge of invoice finance amongst UK businesses and we are committed to doing all we can to educate business owners and managers on this flexible and secure source of funding that can grow as a business grows. Our own research shows that 85 per cent of business advisers and introducers rate their client’s current understanding of invoice finance as average, poor or very poor, so the industry clearly has a big job to do. We therefore hope this guide will be a useful tool for businesses exploring this form of finance.

“Despite the lack of knowledge among many firms, invoice finance is an increasingly popular finance solution - particularly as some traditional financial institutions are imposing stricter lending criteria and turning down funding requests. Already, more than 40,000 businesses across the UK use it to support them at various stages in their business life cycle and we want to communicate to the UK business community that our doors are very much open to any companies serious about building solid financial foundations.”