Business Banking

What Is It?

It offers you a revolving working capital facility
It releases the funds tied up in trade debts, often your biggest asset, allowing you to exploit new growth opportunities or avail of early settlement discounts from suppliers
It is widely available - open to both Bank of Ireland and non-Bank of Ireland customers
It is complementary - works alongside existing bank facilities

Who Can Use It?

Sole traders, partnerships and limited companies with potential for increased sales
Young businesses with insufficient track record to apply for conventional bank facilities
Profitable, growing businesses with inadequate security to support more banking facilities

What Is In It For You?

Invoice Discounting allows you to release the value of funds tied up in invoices outstanding by converting trade debts into cash
It is flexible as the amount of cash you can draw increases as your sales increase, thus making it ideal for both growing and established businesses
It is secured on your sales ledger so there is usually no need for additional pledged security
It can be confidential or disclosed to your customers
It is supported by a secure automated online account management system, I2Donline accessible 24 hours a day 365 days a year
It can include Cashflow Protection (which is tax deductable) giving protection from bad debts
It is an efficient and effective source of funding at a competitive price

How Do You Use The Facility?

You supply goods or services to your customers and issue invoices for payment
On a regular basis you notify these invoices to us via our online account management system I2Donline
Upon receipt of such a notification we release up to 90% of their value with the balance available to you, less our agreed charges, when your customer pays
If this arrangement is confidential then you will manage your own sales ledger and credit control and remit your customer receipts to us with no reference to our funding relationship

Invoice Finance Offers You:

An on-line computer link giving real time information and a wide range of features designed for the operation of the facility.

For full Terms and conditions, please refer to our Guide to Business Banking - 123KB PDF Document.

Bank of Ireland