RBS FacFlow: Invoice Finance Review

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If you’re considering an invoice factoring account with RBS FacFlow, here are the things you need to know.

About RBS

The Royal Bank of Scotland has a long history of financial expertise tracing its origins back nearly 300 years. Amongst their many services, they offer invoice discounting and invoice factoring to UK businesses. The Royal Bank of Scotland Invoice Finance (RBSIF) division provides an invoice factoring service branded as FacFlow. A FacFlow account is intended to be easy as possible for business to manage their finances and is hosted on an online platform.

Is FacFlow the Right Choice for Your Business?

Turnover

Your business needs to have an annual turnover of at least £250,000 to open a FacFlow account with RBSIF. However, on their website they do state that this can vary depending on specific circumstances and occasionally they will consider start ups.

Maximum Borrowing Limit

RBS will lend up to 90% of an invoice. The remaining 10% comes to you after your customer has settled their invoice and RBS take their service fees from that 10%.

Complete Invoice Service

You won’t be able to put some of your invoices through FacFlow; all your turnover will need to be processed in this way. There are some circumstances where this may not be necessary, but this is assessed on a case by case basis.

Switching to FacFlow

It’s easy to transfer your invoice finance account from another provider to RBS FacFlow. As long as your account is up to date FacFlow will take care of the process for you.

RBS FacFlow – Key Benefits

24/7 Visibility

A thriving business needs accurate information and efficient processes in order to grow. With online access a business has complete and up to date visibility of their invoices and payments on a 24/7 basis, wherever they are. You can also view the maximum amount that you’re able to withdraw, historical transactions and any fees.

Easy to Use

You won’t waste time with complicated forms and processes with a FacFlow account as it’s really simple to navigate. The ‘Payment availability’ section gives you all your account information. To request a payment, you choose ‘Create Payment Request’ and the amount you would like to withdraw, how you’d like the money to be sent to you and when you want it. You can new input invoices in the ‘Client advice’ page.

Efficient Processing

It’s possible to raise an invoice and have the funds in your bank account on the same working day. This flexibility is a big advantage when you need to make quick decisions and seize opportunities as they arise.

Protecting Your Credit

Every business runs the risk of customers not paying. With an RBS FacFlow account you’ll benefit from their team of 60 credit controllers who will check the credit of your customers before agreeing to finance their invoice. If a customer does fail to pay, they have an experienced debt recovery team who will attempt to recover the money. In addition, you also have the option to take out Credit Protection Insurance.

Safe and Secure

You can rest assured that your business’ finances are in safe hands with RBS FacFlow as they use the most up to date encryption to ensure your sensitive information is protected.

Transparent Reports

In addition to 24/7 visibility, FacFlow also provides detailed reports on your account so you can keep track of all aspects of your finances.

Swap Paper for Digital

Keeping your invoice factoring online means you don’t need to produce paper invoices or file records. This not only saves you office space but reduces the chances of losing important documents or exposing your sensitive data. You won’t need to trawl through physical files for information and you’ll be helping the environment in the process.

How Much Does it Cost?

RBSIF do not have generic costs available as they assess each business on its individual circumstances. You can request a quote without making any commitment so you can compare against other providers before settling on a final choice.

What’s the Verdict?

If you choose to open a FacFlow account with RBSIF, the chances are you’ll receive a high quality service. There are few providers who can compete with their longevity in this field and they have one of the best reputations in the industry. Particular benefits include their credit protection, debt recovery expertise and financial advisory service. The flexibility and convenience of the online service is also incredibly attractive to the modern business looking to retain control and visibility of its finances.