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:
- Sell on credit to business customers;
- Have a good spread of debtors;
- Growth potential;
- Good credit control.
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
Invoice your customers as normal.
Assign the invoices to Bank of Ireland.
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.
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.