Invoice Finance

Invoice Finance enables you to raise working capital by converting trade debts into cash.
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Features & Benefits

What is Invoice Finance otherwise known as Invoice Discounting? Watch our video to find out more:

  • Releases funds tied up in trade debtors which can assist cashflow management and improve liquidity.
  • Facility grows with your sales making it ideal for both expanding and established businesses.
  • A continuous source of cash allows you to enhance your credit standing with suppliers and take advantage of supplier discounts.
  • Flexible, multicurrency facilities.
  • Confidential – Your relationship with your customers is not affected and you maintain full credit control.
  • Invoice Finance is provided to our customers through ‘MIDAS’ – a best in class system, that is secure, reliable and flexible.

Lending criteria, terms and conditions apply.
Invoice Finance is provided by Bank of Ireland Finance. Bank of Ireland Finance is a registered business name of Bank of Ireland.

Warning: Please note that the provision of this product or service does not require licensing, authorisation, or registration with the Central Bank of Ireland and, as a result, it is not covered by the Central Bank’s requirements designed to protect consumers or by a statutory compensation scheme.

Bank of Ireland is a member of the Irish Asset and Invoice Finance Association, details available at www.iaifa.ie

How Does It Work

Invoice Finance provides you with a pre-agreed percentage (up to 85%) of ‘approved’ debts (the value of the invoices). Approved debts are trade debts for goods/services delivered or completed in full, supported by a robust and undisputable paper trail. These are usually for invoices outstanding up to 90 days.

Invoice Finance Works best for companies who:

  1. Sell on credit to business customers;
  2. Have a good spread of debtors;
  3. Growth potential;
  4. Good credit control.

BIF MIDAS

Bank of Ireland offers Invoice Finance through MIDAS, a best in class system which is secure, flexible and accessible through mobile, tablet and laptop.

MIDAS allows you to assign invoices quickly and in batches, request same day payment and it is also easy to navigate.

Steps of Invoice Finance

Step 1:

Invoice your customers as normal.

Step 2:

Assign the invoices to Bank of Ireland.

Step 3:

A pre-agreed percentage of the total value of the invoices is made available to you immediately. The remaining amount is made available to you once the invoices you have assigned to us are settled.

Customer scenario:

Debtors: € 1,000,000

†Less disapproved Debtors: € 100,000

Approved debts: € 900,000

85% of approved debts (availability): € 765,000.

†Disapproved debts can include aged debts beyond a specified time limit, inter-company debts, disputed debts, contra balances where you are selling to your suppliers and cash sales.

How to Apply

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Visit your local branch

Or contact your local Bank of Ireland branch.

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Fees

What it costs

There are three elements of cost usually involved:

  1. A Discount Charge (similar to an interest charge) is levied on the funds used by your company. The rate is generally expressed as a percentage margin over Bank of Ireland’s Prime Rate with the margin varying relative to the size of the facility and the degree of risk.
  2. A Service / Management Fee is an annual flat fee and is charged monthly to your account
  3. Current account and transfer fees apply.