Bibby Financial Services – Invoice Finance
Bibby Financial Services are one of the largest independent providers of Invoice Finance in the UK.
As they have one of the largest market shares it would be expected that a number of their Clients are considering the possibility of switching lenders. We can help you with our FREE switching service.
Why Switch Lenders?
There are a number of reasons why a Business may look to switch lenders. We cover some of the main reasons below.
The key reason why many businesses choose to leave their current Invoice Finance provider is down to cost.
In the current climate most lenders are looking to reprice their Clients facilities.
Bibby Financial Services are an independent lender. This means they are expected to make a return off their Clients. Any Clients who do not generate sufficient income will most likely see their rates increased.
As Bibby Financial Services are an independent lender there are many other lenders who can compete at the same level when it comes to pricing. In these instances the market is wide open for alternative solutions.
In general we would recommend every business who uses Invoice Finance to complete a yearly comparison to see if they are being provided with the best rates.
All Star Funding Solutions offer a FREE comparison service from over 30 of the top UK funders.
We have seen an increase number of businesses switching lenders due to a decline in service from their current provider.
One of the main reasons for switching is due to the constant change of Relationship Managers. On a number of occasions we have been advised that the Business does not even know who their Relationship Manager is.
Another service issue which we have noticed is an increased rise in lenders wanting to manage their Clients from a central location. This means that the Relationship Managers very rarely get out to see their Clients. We have seen many Clients switch lenders as their preference is to have a face to face relationship.
Change in circumstances
We often see businesses switching lenders as their business has had a change in circumstances which their current lender may not be able to support.
The type of change in circumstances could be
- A large concentration of sales to a single debtor.
- Export sales have increased and the current lender can not support.
- Trading terms have moved from 30 days to 60/90 days and the current lender restricts funding at 90 days.
- A switch from credit terms to pro forma – meaning the facility is no longer required.
- Sales and purchases are made to the same business creating a contra offset which can not be supported.
- Director / shareholder changes.
Reporting Systems – Bibby Login
Bibby Financial Services uses a system called Dancerace (Bibby Login). This is a popular reporting system and is used by a large majority of lenders on the independent market. This means switching to another lender should not be a problem as many Clients will already be familiar with the system.
The recent trend is for reporting systems to be integrated into the accounting system of a business. A system that is integrated enables the lender to link directly to the businesses sales ledger and reduces the need for any uploading / reconciliations to be completed. Furthermore the Bibby login does not currently use integration.
How easy is it to switch?
It is now easier than ever to switch.
Equally all Invoice Finance lenders work towards a switching code of conduct from the Asset Based Factors Association. This details the requirements from both the incoming and outgoing lenders.
In addition All Star Funding Solutions offer a FREE switching service and will be on hand throughout the transfer process. This allows you to concentrate on business activities without the worry of dealing with individual lenders.
How to apply for Invoice Finance?
Applying for Invoice Finance is very simple. Click the link below or call 0161 8211478 to speak with one of our specialists.
Finally as members of the Financial Intermediary and Broker Association you can be assured of a great service. https://www.fiba.org.uk/
Finance approval is subject to status and terms and conditions apply.