RBS offer an invoice factoring service known as FacFlow. This service is delivered via an online platform is intended to make it easier and quicker for businesses to manage their invoice factoring throughout the process. But what benefits could it have for your business?
How Does FacFlow Work?
The FacFlow service by RBSIF (RBS Invoice Finance) has been designed to be as easy to use as possible…
You can easily access your account information via a link in the menu called ‘Payment availability’. You will be able to see the maximum amount which you can withdraw and other details such as fees and any previously withdrawn funds.
Requesting a Payment
Simply click ‘Create Payment Request’. You can specify the date you would like the payment to be sent, how much you want to withdraw and how you’d like to receive the money. This request will be listed in your account as ‘Sent’ until it is changed to ‘Approved’.
The ‘Client advice’ page will give you all the information regarding your recent actions and enables you to upload new invoices and other key information such as credit notes or discounts. You simply click “Create client advice” and add key details such as the date, credit amount and reference number.
Why Use FacFlow?
With FacFlow you can access your invoice factoring account with RBS from wherever you are in the world. It’s available 24 hours a day, 7 days a week, giving you flexible access to your account. In a growing business, this level of control and information is invaluable.
Efficiency is one of the biggest concerns for a growing business. Because of the intuitive and flexible nature of the service, it’s possible to raise an invoice and receive the payment on the same working day which can be a huge advantage over some providers.
Easy to Use
It’s really simple to use the FacFlow platform; it’s been designed to give you control over your finances with no fuss and no complicated processes to master.
Transparent Tracking & Reporting
FacFlow provides detailed reports and an overview of your account’s status 24/7 which gives you the key information you need to make informed financial decisions.
RBSIF utilise the latest encryption systems and technology to protect your business’ funds and ensure sensitive data is secure.
By removing the need for paper invoices you not only reduce the risk of misplacing important documents. This means you reduce paper costs and remove the need for physical filing systems which are neither secure nor convenient to search through. And, of course, swapping a paperless system for a digital one is a much more environmentally friendly practice.
Is FacFlow Right for Your Business?
To open a FacFlow account with RBS your business will need a minimum annual turnover of £250,000. This can vary depending on your type of business or the service / product you provide and they will consider startups in some circumstances.
You can borrow up to 90% of an invoice with the remaining 10% paid to you once the customer has paid in full. The service charge for using the FacFlow platform is deducted from the 10% to cover the management of your account.
Charges & Costs
This is not something RBS publicise as costs ‘depend on the specifics of business’. You’ll need to request a quote in order to get an accurate view of the costs involved.
Sometimes, customers don’t pay. With RBS FacFlow you can reduce the risk of this happening as their team of 60 credit controllers always check the credit-worthiness of your prospective customers. They are then given a credit limit which is suitable for their circumstances. If a customer still fails to pay, the debt recovery team have expertise in recovering your money. And, to further protect your business, you can opt for Credit Protection insurance.
In the majority of cases you will need to put all your turnover through the FacFlow service rather than picking and choosing which invoices you would like to process in this way. However, their website also suggests there may be some circumstances where this is not the case.
Transferring to FacFlow
If you already have an invoice finance account with another provider you simply need to ensure all your account details are up to date and contact RBS FacFlow. If you meet their criteria, they will handle the transferring of your account for you.
Invoice Finance or Bank Loan?
Your invoice financing facility with FacFlow will grow as your business does while a bank loan is reviewed annually. It’s often a more cost effective option, doesn’t necessarily need additional security and is quicker to set up than applying for a bank loan.
If you’d like quotes from invoice finance providers, we can save you a lot of time and get them for you. Complete the form below and we’ll call you to discuss your requirements within 1 business day.