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Bibby Financial Services Invoice Factoring Review
Bibby Financial Services is one of the oldest companies that we reviewed. They have been in business for 200 years and offer a number of financial products and services for companies, including invoice factoring.
One of the best aspects of working with Bibby Financial Services for invoice factoring is that they offer nonrecourse factoring. As a result, companies won’t have to buy back invoices that Bibby is unable to collect on. However, the initial funding rate of 85% for nonrecourse factoring is lower than the 90% offered for recourse factoring through Bibby. They are willing to buy invoices that are as much as 90 days overdue, which is more generous than many other invoice factoring companies, and they offer 24 hour turnaround for approval. The application to be approved is available online, and funding takes around 24 hours after Bibby purchases invoices. Their customer support is top notch, with a dedicated account manager, as well as phone and email support. Bibby evaluates the credit of your customers rather than your business when making decisions about invoice factoring, which makes them an appealing option for startups and companies with a less than stellar credit history.
Bibby Financial Services does have some issues. There is no live chat support available on their website, and we couldn’t find any information about their rates. The average range in the invoice factoring industry is between 1.5% and 1.0%, so companies should look be prepared for a rate in that range. They have minimum commitments that must be met to continue working with them, and that can be a problem for some businesses or industries.
Bibby Financial Services are a decent choice for invoice factoring. Companies should make sure that they understand the minimum commitment requirements, as well as the discount rate Bibby will charge before committing to a contract though.