RBS introduced FacFlow as a means to simplify and control the invoice factoring process. As efficiency is essential in invoice factoring, RBS have developed an online method of managing the entire process, providing an overview that is both intuitive and comprehensive.
What Is FacFlow?
FacFlow is an online invoice finance facility management tool. It provides worldwide access to your account 24 hours a day and is a hassle-free way to keep on top of your finances.
Having quick and easy access to your funds is fundamental to invoice factoring and RBS’s FacFlow is efficient enough for a company to present an invoice and receive payment within the same working day.
What’s more, because the act of selling income can seem troublesome to some, FacFlow’s transparent overview and detailed reports allow for greater tracking and transparency, giving each business peace of mind.
What Are The Advantages?
There are various benefits to signing up with Royal Bank Of Scotland Invoice Factoring (RBSIF) but the main ones include:
FacFlow offers invoice factoring information and requests 24 hours a day, 7 days a week. This can be essential to businesses who require both long and short term planning strategies as they can access their financial information as and when needed.
Online security is a big concern and with such large amounts of money being transferred digitally, it is vital that any sensitive information relating to the business and its funds remains secure. RBSIF uses the most up-to-date encryption systems to ensure that your business is fully protected.
Ease of Use
The transparent overview that RBS FacFlow offers is intuitive and easy to navigate. Simplicity is at the heart of the design, minimising frustration and allowing for a deeper understanding of the process.
Quick access to funds is an essential part of any successful invoice factoring facility, as this allows for reinvestment and potential increases in profit. FacFlow offers one of the fastest factoring methods in the industry, with the potential for invoices being presented and payments being received on the same working day.
Paperless invoice factoring can be beneficial for many businesses. It helps free up office space for small businesses and provides easier access to information that could be significant in the running of the company.
Whilst paper can get misplaced, FacFlow’s online backups and security mean you need never worry about losing valuable financial data again.
FacFlow is managed entirely online so there is no waste paper. Not only does this reduce deforestation, it also cuts running costs.
How To Use FacFlow
All elements of RBS FacFlow are available online, although there is a helpline should you need it. Accessibility is simple and the following steps cover the main points of the service.
Accessing Your Account
Choose the “Payment availability” link in the availability menu to access your account information. The maximum available balance you’ll see is the amount you can withdraw and will be partly based on the maximum available funds limit that was agreed when you set up your account.
You can also find other account information on this page including retention fees, funds drawn and the details of all fees and information regarding your contract with RBSIF.
You can request a payment by selecting “Create Payment request” on the main page. Then, choose the date you wish the payment to be sent, how you’d like to receive the money and the amount you wish to withdraw.
Once complete you will be sent to the payment request screen, which contains details of all transactions, including the one you have just created. New payment requests will read “Sent” and once the money has been received, this will change to “Approved”. Depending on the time of day the request has been sent, it can be received on the same working day.
Select “Client advice” from the input menu to input invoices and upload other information, including discounts and credit notes.
This page will provide you with information on all your most recent actions and give the option to upload new invoices. To do this you must click “Create client advice”. Information about the invoice, such as date, credit amount and reference number, can then be added.
The sum of your debits, minus your credit will give you the net movement figure, which can then be added. Once finished you can return to the client advice menu by clicking continue and then confirm. Upon completion the status will update to “Sent”.
Why not have a look at some of the best invoice factoring companies in the UK?
Or compare the advantages and disadvantages of the factoring process.
However, if you're a smaller business owner, then invoice discounting might be more suited to your needs.
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