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Bibby Financial Review

By
Sean Peek
,
business.com writer
| Updated
Jun 25, 2019
Home
> Finance
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Bibby Financial Services is a global financial company that offers factoring services. It is owned by Bibby Line Group, which has been serving businesses for more than 200 years. Bibby Financial works with B2B companies – both startup and established businesses – that are aren't able to obtain traditional lending from a bank. It offers many services, including transportation finance, asset-based lending (ABL), export receivables financing, accounts receivable financing and more.

Bibby Financial

Bibby Financial

The Best Factoring Companies of 2019

The Verdict

Bibby Financial Services offers non-recourse factoring, transportation finance, asset-based lending, export receivables financing and accounts receivable financing.

View all our factoring service reviews on our best picks page.

Bibby Financial Services Rates and Fees

This factoring company offers non-recourse factoring, which means that if your customers don't pay Bibby Financial the invoice amount, you are not required to buy the invoice back. If you factor with Bibby Financial, they will advance you 92% of the invoice upfront. This is in line with the advance rate most factoring companies offer as well – many advance up to 90 or 95% of the invoice – so Bibby fits right in the middle.

After this company collects payment from your customers, it funds you the rest of the money, minus its fee. We were unable to verify Bibby's factoring rate; in the factoring industry, the average ranges from 1 to 5%.

Bibby Financial Services buys invoices that are up to 90 days overdue, which is toward the high end of the ceiling that is generally accepted in the factoring industry. Many factoring companies won't accept invoices that are 60 (or more) days overdue, so this factoring service gives you and your customers more wiggle room.

Finally, Bibby offers non-recourse factoring, which means you won't have to buy back an invoice if your customer doesn't pay. Recourse factoring, on the other hand, holds you accountable for any unpaid invoices and can set you back financially if your customer doesn't pay the factoring company.

Minimum Requirements

Because it assesses the creditworthiness of your customers instead of your business, factoring with Bibby Financial is a viable alternative to traditional lending for new or small businesses. However, this can be a problem in disguise, as you don't always know your customers' credit history. If Bibby Financial determines your customers aren't creditworthy, your application may be denied.

Ease of Application

After you fill out an online application on Bibby's website, you can be approved in as little as 24 hours, which is on a par with most of the factoring services we evaluated.

Once your account is set up and you've started selling invoices to Bibby, you can typically expect to receive funding within 24 hours of Bibby Financial buying your invoices. This timeframe is also on par with most factoring companies.

Customer Service and Support

Bibby Financial offers a dedicated advisor to work with each of its clients. If you contract with this company, you have one point of contact who can assist you with factoring your invoices and answer any questions you may have.

The company offers telephone and email support as well, but doesn't offer live chat support. We reached out to Bibby Financial as a potential customer to test its customer service. The representatives we spoke with were friendly and helpful. They answered our questions thoroughly and were eager to offer advice on what would work best for us. Overall, we had a positive customer service experience with this company.

Limitations

Although Bibby Financial Services is a reputable company with a long history, its website isn't transparent about its rates and fees. While the average factoring rate ranges between 1 and 5% of the total value of the invoice, we were not able to confirm Bibby Financial's exact rate.

Editor's note: Looking for the right factoring service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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Bibby Financial

Bibby Financial

The Best Factoring Companies of 2019

The Verdict

Bibby Financial Services offers non-recourse factoring, transportation finance, asset-based lending, export receivables financing and accounts receivable financing.

Sean Peek
Sean Peek
Sean Peek is a writer, small business owner and SEO specialist. He began his career in digital marketing as a freelance writer in 2013 and has over five years of experience in the B2B space. You can learn more at lightningmediapartners.com.