CHICAGO, IL -- (Marketwired) -- 08/27/13 -- Bibby Financial Services announced today that it has provided a $1 million non-notification factoring facility to a New York-based company that services the real estate industry.
While the business had noteworthy profits in 2012, a dip in sales and slow-paying customers constricted its cash flow. The company turned to Bibby Financial Services for an accounts receivable facility to help it take on large new orders.
"This client needed improved liquidity to grow," said Sue Duckett, Managing Director, Midwest. "They work with large customers that appreciate extended credit terms; factoring with Bibby Financial Services enabled them to offer 60-day terms, which makes them even more competitive."
Continued Duckett, "This client had previously tried to factor, but it had created issues with their customers. We didn't want to 'rock the boat,' so we offered the client non-notification factoring."
Non-notification factoring is similar to traditional factoring. Clients receive an advance of up to 90% on their invoices within 24 hours of submitting them for funding. Bibby Financial Services, in turn, follows up on those invoices and sets up a lock box to accept the customers' payments, both under the client's name. The result is a seamless experience for customers that do not know a company has outsourced its credit and collections to a factor.
About Bibby Financial Services
Bibby Financial Services is a worldwide market leader in business cash flow solutions to small- and medium-sized companies. With offices in ten North American cities and 15 countries around the world, its product portfolio includes accounts receivables finance, factoring, non-notification factoring, export finance, purchase order finance, specialist solutions for the staffing and trucking sectors, and it is an approved lender for the Export-Import Bank's working capital guaranty program. Bibby Financial Services is a subsidiary of a 206-year-old privately held company based in the United Kingdom.
For more information on Bibby Financial Services, visit: http://www.bibbyusa.com or www.bibbycanada.ca, or Facebook at: www.facebook.com/bibbyfinancial.northamerica.
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