Skipton Business Finance Review

Skipton Business Finance is a branch of the Skipton Building Society Group, the 4th largest Building Society in the UK, with headquarters in North Yorkshire. Skipton Business Finance provides access to working capital through flexible Invoice Financing solutions that include Invoice Factoring, Invoice Discounting, and an award-winning White Label Solution.

Skipton has built up a solid reputation as a trusted Invoice Financing provider, and are a client-focused organization with dedicated customer service. They work with a wide range of businesses, from startups to corporations.

With over 15 years of experience, Skipton Business Finance have become industry specialists in sectors such as engineering, transport and logistics, printing, as well as manufacturing.

So, let’s begin our review of Skipton Business Finance.

Since Skipton Business Finance is a subsidiary of one of the largest building societies in the UK, you’ve probably come across them. They offer excellent, personable customer service, with direct telephone access to a dedicated Relationship Manager and a low client-to-staff ratio.

Skipton Business Finance offers:

• Industry specialists
• Tailored Invoice Finance solutions
• Personal service
• Confidentiality
• Part of the Skipton Building Society Group

In 2016, Skipton reported a total income of £691 million, with £19 billion in assets. They are a large organization that prioritises their clients’ interests, and can offer a large pool of resources. Skipton also has Invoice Financing solutions that are small business-friendly, such as having no specified minimum on your annual turnover, as well as the Enterprise Finance Guarantee scheme for small or struggling businesses.

Skipton Business Finance Costs and Fees

Skipton Business Finance are fully transparent with all the costs and fees of their services. Since contracts are tailored to meet your needs, the associated fees depend on your contract with Skipton. Normally, you will face a service/origination fee and a discount rate, with a few other contract-associated fees such as a minimum usage fee.

Be sure to contact Skipton in order to receive an accurate quote of your costs and fees.

Skipton Business Finance Products and Services

Skipton Business Finance has a variety of Invoice Finance products and services, that are tailored to match the funding needs of your business. Each of their solutions comes with a dedicated Relationship Manager, as well as free credit reports on all of your potential customers.

You are able to receive advances ranging from £25,000 to £5 million, within 24 hours of submitting your invoice. It’s not hard to see why Invoice Finance is the top alternative to bank overdrafts and loans!

Skipton Business Invoice Factoring

Invoice Factoring is when Skipton buys your invoices, and gives you a cash advance of up to 90% of your invoice value, within 24 hours.

Skipton has relatively low eligibility criteria for their services, as they prefer to understand your business before making a decision. As long as your credit terms are 30 to 90 days, you can apply for Invoice Factoring.

Skipton also gives you the options to make your Invoice Factoring solution:

• Disclosed
• Confidential
• CHOCs (Customer Handles Own Collections)
• Recourse (Skipton funds your invoices for a certain number of days past due date)
• Bad Debt Protected

Skipton Business Invoice Discounting

Skipton Business Invoice Discounting is similar to Invoice Factoring because you can also receive up to 90% of your invoice value, within 24 hours. However, you take full responsibility over your own credit control and sales ledger, as well as collecting your own payments.

Invoice Discounting is perfect if your business already has a stable credit reporting and management system in place, and would not benefit in Skipton handling it for you.

Skipton gives you the choice to make your Invoice Discounting solution:

• Disclosed
• Confidential
• Recourse (Skipton funds your invoices for a certain number of days past due date)
• Bad Debt Protected

My White Label

Skipton’s My White Label product is their award-winning Invoice Finance solution that offers a new, innovative way to solve your cash flow problems. You receive immediate access to working capital, while your customers never have to know about your relationship with Skipton.

Skipton uses your business’ name, brand, and logo to communicate with your customers. They aim to understand your customers’ payment cycles and build long-lasting relationships, in order to achieve successful credit control.

The My White Label solution has won multiple awards, including Business Moneyfacts’ ‘Highly Commended in the Business Product Innovation of the Year’ category.

Interest-free Skipton Select Solution

The Skipton Select solution is an Invoice Factoring service for businesses in tough financial circumstances, such as a low annual turnover. There are no interest rates, annual renewal fees, or BACS charges.

All you have to pay is a simple service charge, which ranges from 2% to 3.5% of your annual turnover.

Enterprise Finance Guarantee

The Enterprise Finance Guarantee is a UK government-guaranteed scheme that enables financial institutions to assist small businesses struggling to secure funding. Skipton increases the accessibility to necessary working capital through term loans and consolidation of overdrafts.

The Enterprise Finance Guarantee is intended to drive business growth and development, and can be combined with Skipton’s other Invoice Finance solutions.

Skipton Business Finance Customer Support

Skipton Business Finance has one of the most personable customer services in the financial industry. Their Invoice Finance solutions includes direct telephone access to a Relationship Manager, Account Executive, as well as the entire Operations Support team.

For general queries, you can reach a customer representative through telephone, chat support, or an online contact form.

Alternatively, drop in to meet an advisor at one of their offices in North Yorkshire, Leeds, Manchester, Birmingham, or Bracknell.

Skipton Business Finance Contracts

Skipton Business Finance are relatively flexible with their contracts, and offer a 3-month trial with no further obligations. If you are happy with your trial experience, then you will work with a Relationship Manager to tailor a contract with terms that suit your business and funding needs.

Most large organizations don’t offer trials, and require you to immediately enter a long-term contract with them. With Skipton’s 3-month trial, you can determine if their solutions benefit your business, and whether you want to continue your relationship with them.

Skipton Business Finance Reputation

Skipton Business Finance has a reputation of being client-oriented, industry specialists, and having exceptionally helpful service. They have the knowledge, experience, and resources of a large organization, while maintaining personalized customer service.

Their approach to working with UK businesses as partners rather than clients, has won Skipton multiple awards such as Invoice Factoring and Invoice Discounting Provider of the Year and Most Supportive Asset-Based Lender of the Year.

Although Skipton has a 5-star rating on Google from only from 3 reviews, there does not appear to exist many negative reviews about them. Customers are seemingly happy with Skipton’s Invoice Finance solutions.

Comparing Skipton Business Finance

Skipton Business Finance is one of the best Invoice Factoring providers in the UK, and competes with other large organizations such as Bibby Financial Services, Touch Financial, Hitachi Capital, and Close Brothers. They are all industry experts with a large pool of resources, but let’s see how Skipton Business Finance stack ups against the others.

Skipton is one of the more flexible providers, offering a 3-month trial as well as no specified minimum annual turnover. They are a great option if you don’t want to enter into a contract immediately, or if your business has a small turnover.

Should You Use Skipton Business Finance?

Skipton Business Finance provides Invoice Finance solutions for a range of industry sectors and business types. The industries that they cover include engineering, transport and logistics, printing, and manufacturing. Their experts work to understand your business needs, and tailor solutions that work for you.

Skipton also works with a variety of business types such as:

• Sole Traders, Partnerships, Limited Companies, and PLCs
• Startups and long-established businesses
• Profitable and non-profitable businesses
• Phoenix businesses
• Refinancing, Restructuring, and Acquisitions

Additionally, Skipton’s head office is in North Yorkshire, which means they have a strong presence in Northern England. This distinguishes them from other major Invoice Finance companies who tend to be located in or around London, and makes Skipton much more accessible to businesses located in the North.

Verdict

If you’re interested in finding out more about Skipton’s Invoice Factoring or receiving a quote, be sure to reach out to a customer representative either in-person, by phone, or email. 

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