RBS Facflow – Invoice Finance and Asset Based Lending
RBS has developed a sub-business called RBS FacFlow that provides a range of financial business lending services. RBS Invoice Finance is a subsidiary of the Royal Bank of Scotland. offering Invoice Financing solutions for UK businesses. Since their incorporation in 1960, RBS have extended their services to cover Invoice Factoring, Invoice Discounting and Asset-Based Lending. RBS Finance possesses a wealth of experience working with businesses from multiple industries, and their primary objective is to help their customers gain access to working capital that is tied up in unpaid invoices, inventory, machinery, or property.
Some great features from RBS Facflow include:
- FacFlow – a 24/7 online portal that allows you to manage your accounts
- Customer Support 24/7
- Industry lead specialities
- Up to 90% cash advance within 24 hours
RBS Invoice Finance
RBS Invoice Finance is one of the largest Invoice Funding providers within the UK. They have won multiple awards such as ‘Best in Asset-Based Lending and Invoice Finance 2015’. Their services and dedicated support centre are operated to ensure it is small business-friendly. There are multiple case studies where RBS Invoice Finance has proven itself to be a reliable partner for UK businesses. RBS Invoice Finance has its headquarters based in London. Regional offices are spread across the county in England, Scotland, and Northern Ireland. Record profit for the company was recorded in 2016. Annual turnover of £216 million and a further £5.05 billion in assets was recorded in their year end accounts.
Features and benefits of RBS Facflow’s invoice finance.
- Access up to 90% of your invoice value
- Services to help release cash flow
- Access funding from unpaid invoices
- Access funding tied up in assets
- Improve your cash flow
- Quick access to cash
- Allows you to grow your business with a cash injection
- Offers both invoice factoring and invoice discounting
- Offer asset-based lending
- Online account management
RBS is large banking institution with many banks within its RBS Group that have a lot of experience in both the banking and financial lending sectors. RBS has an established a sub-business called RBS FacFlow that provides a range of financial lending services for business. When your cash is tied up – in unpaid invoices, inventory, plant and machinery or property – growing your business can be difficult. But with invoice finance and asset based lending, you could raise funds against your assets and unpaid invoices. It’s an ongoing credit facility that could grow with your business.
RBS FacFlow’s invoice finance service allows you to free up some of the cash that is tied up in your unpaid invoices and assets so that you can grow your business or survive low cash flow periods. The services they offer include invoice factoring, invoice discounting and asset-based lending. Invoice finance allows you to access up to 90% of your invoice value quickly and easily.
RBS Costs and Fees
RBS Invoice Finance charges fees depending on your contract with them. These fees will also vary with your annual turnover, business size, and invoice value.
You can expect a service charge between 0.03-5% of your annual turnover, as well as a discount rate on your cash advance of 1-4.5% above the base rate.
RBS offers Credit Protection (also known as Bad Debt Protection) for a fee, as a countermeasure in case your clients are unable or unwilling to settle their invoice.
In order to get more information on other fees, you will have to get in touch with a customer representative from RBS Invoice Finance, who can negotiate a contract that works for you. Fortunately, this is pretty easy to do as RBS offers multiple lines of communication including phone support, and in-person visits to their local offices throughout the UK.
RBS Products and Services
RBS offers Invoice Factoring, Invoice Discounting, and Asset-Based Lending solutions for UK businesses in the B2B sector.
Their overall process is extremely simple: Approve – Fund – Collect.
RBS Invoice Factoring
RBS Invoice Factoring is for businesses with an annual turnoverbetween £250,000 – £6.5 million, as well as having clients with good credit. After approval, you can access up to 90% of your total invoice within 24 hours of raising the invoice. Their dedicated debt recovery team proceeds to collect the invoice payments from your clients, while you simultaneously gain faster access to working capital and improve your cash flow.
Furthermore, you’ll benefit from their expertise and experience of working with businesses ranging from a multitude of industries including pharmaceuticals, manufacturing, and recruitment. RBS will be able to offer you an Invoice Factoring solution that is tailored to your business type and needs.
Part of the RBS Invoice Factoring package is 24/7 access to FacFlow – an online system where you can easily manage your accounts, funding needs, and monthly statements. This feature is especially convenient for businesses, because the whole process is paperless, secure, and incredibly efficient.
RBS Invoice Discounting
RBS Invoice Discounting is similar to its Invoice Factoring solution, except you take responsibility in handling invoice settlement and repayment of the cash advance.
To be approved, your business needs to have an annual turnover of at least £300,000.
Up to 90% of your total invoice will be advanced to you within 24 hours of raising the invoice. However, you are required to return this amount once you settle your invoice, along with a service fee and interest rate on the amount advanced.
Although RBS Invoice Discounting solution gives you more independence, it also increases your accountability and responsibility to collect client payments and return the cash advance to RBS.
RBS Asset-Based Lending
RBS offers Asset-Based Lending to large businesses with annual turnovers of at least £10 million, and uses a company’s assets – such as inventory, property, unpaid invoices – as collateral for a loan.
This solution is suitable for businesses with large working capital requirements and cash flow issues due to money being tied up in fixed assets or unpaid invoices.
RBS Credit Protection
You can choose to purchase the Credit Protection service as an add-on to your Invoice Factoring or invoice Discounting solution. It offers you security in the case your clients are unable or unwilling to settle their invoices.
RBS allows you to opt out of the Credit Protection service, if you have firm assurance of your clients being able to settle their invoices on time. Otherwise, you will have to take on the responsibility of repaying RBS the amount advanced.
RBS Customer Support
RBS Invoice Finance has a dedicated Support Centre, complete with an extensive FAQ section, as well as a variety of ways to directly contact Customer Service. You can either write, call, or visit one of their local offices throughout the UK.
Their telephone lines are open Monday-Friday during normal business hours, and are able to offer customer service over the phone, as well as through Typetalk.
RBS guarantees to get in touch about your complaint/question within 5 working days, either to provide an answer or update the status of your query. Unfortunately, due to the large volume of emails and letters they receive, you may have to wait up to 2 weeks before your complaint/question is answered.
Additionally, RBS provides you with a comprehensive guide to their online Invoice Finance system, FacFlow. They equip you with all the necessary training in order for you to get the most out of FacFlow, by teaching you how to manage your accounts, view monthly statements, and oversee funding needs.
As part of their Invoice Finance solutions, you also receive the support of a Relationship Manager, who is your primary point-of-contact with RBS. Your Relationship Manager will head up a banking team responsible for the Invoice Financing facility of your business. Due to their past experiences helping other UK businesses find Invoice Financing solutions, they are able to offer expert advice and understand the needs of your business.
RBS tailors contracts to match the needs of each business. Therefore, their contracts will differ depending on factors such as the value of your invoices, annual turnover, and business size.
To find out more, you’ll need to get in touch and receive a quote from a customer representative.
RBS Customer Reputation
RBS Invoice Finance has been successfully providing solutions for UK businesses over the past 57 years. They have an impressive portfolio of detailed case studies that report their success with a number of UK businesses, through their Invoice Finance solutions. Each company was able to benefit through trading more efficiently and improving access to immediate working capital.
However, the majority of online customer reviews of RBS Facflow are negative, with complaints relating to slow customer service and complicated contracts. While unfortunate, this is customary for large institutions like RBS, who have to deal with a high volume of queries and complaints each day.
Get a RBS FacFlow Quotation
Invoice Funding are one of the UK’s leading Invoice Finance Brokers. Since we started in 2010 we have secured funding for over a 1000 businesses.
If you need more information or a quotation from RBS Facflow, simply complete the online enquiry.