SOURCE: Bibby Financial Services
CHICAGO, IL--(Marketwired - May 2, 2013) - Bibby Financial Services announced today it has provided a group of privately held manufacturing companies with a combined $750k non-notification factoring facility.
The three businesses involved were factoring with another provider but turned to Bibby Financial Services to take advantage of lower rates and non-notification factoring. By using this facility, the companies are able to improve their liquidity while keeping their source of funding and collections confidential.
"This client was looking for additional cash flow in order to launch a new product but didn't want to notify their customers of their new financial relationship," said Sue Duckett, Managing Director Midwest. "Our non-notification product allowed this client to transition to our factoring facility without involving their customers."
At Bibby Financial Services, non-notification factoring is similar to receivables funding in that you receive an advance up to 90% on your invoices within 24 hours of submitting them for funding. However, follow up on those invoices is done in the client's name and customers remit payment to a lockbox which is also in the client's name. The result is a seamless experience for the client's customers that do not know the client has outsourced its credit and collections to a factor.
Continued Duckett: "Now our client has the cash flow they need -- without the administrative burden of credit and collections -- while keeping their source of funding confidential."
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 eight 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: www.bibbyusa.com or www.bibbycanada.ca, or Facebook at: www.facebook.com/bibbyfinancial.northamerica.