Metro Bank is a challenger bank that can also be found on some high streets and not just online. They opened their first branches in 2010 and they now have branches in most major cities in England offering personal and business banking. Their business banking range includes current and deposit accounts, loans, overdrafts, credit cards, invoice finance and asset finance.
Metro Bank Invoice Finance Options
Metro Bank offers invoice finance that allows businesses to free up their cash flow by advancing part of their unpaid customer invoices. They offer both invoice factoring and invoice discounting services. The facility includes:
- Unlocking up to 90% of invoice values
- Receive funds within 24 hours
- Funding up to £100,000 on their Small Business Offering
- Only charges for what you borrow plus a service fee
- No setup fees or minimum fees for transactions
- Online system to manage the facility
- Named relationship manager
- No cancellation penalty just 28 days notice required
- Has dedicated invoice finance teams in Guildford, Basildon and Sheffield
- Can grow with your sales
Invoice factoring removes the burden of managing your sales ledger and credit control functions as these will be managed for you as part of the service. This type of invoice finance suits smaller businesses that don’t have established finance capabilities.
Invoice Discounting allows you to retain control of your credit control systems and processes and sales ledger administration which suits larger and more established businesses. This makes the service more confidential and lets you maintain your relationships with your customers.
Metro Bank Invoice Finance Eligibility
Metro Bank’s invoice finance is available to businesses that invoice other businesses, and are limited companies or limited liability partnerships.
Metro Bank Invoice Finance Rates
Metro Bank doesn’t disclose the rates for its services but 2 rates are charged, a discount fee which is a daily charge and a service fee which varies depending on your agreement and is applied to each transaction. Those on the Small Business Offering only pay the service fee.
Metro Bank Invoice Finance Calculator
Metro Bank doesn’t have an invoice finance calculator.
Metro Bank Invoice Finance Reviews
Metro Bank has many reviews across the leading customer review sites which vary in their ratings from low, average to high. Trustpilot has the highest number of reviews and has an overall average rating of 2.6 that Trustpilot labels as poor. 53% of reviewers rated Metro Bank as excellent and 40% as bad. Positive comments include good customer service, friendly and supportive staff, positive branch and telephone experiences, speed and efficiency of opening an account. Negative comments included issues with card/account being blocked, rude staff, poor communication, issues opening an account and problems adjusting the account once open.
Reviews.co.uk is slightly lower rated at 2.03 and only 25% of reviewers would recommend the bank but it only has a small number of reviews. The review comments are similar to those above. Review Centre has the lowest overall score but again this is based on a smaller number of reviews. Only 16% of reviewers would recommend the bank and the comments are very similar to the negative comments summarised on Trustpilot above.
Smart Money People however rate Metro Bank highly based on a large number of reviews. The reviews most recently are negative but the whole they are largely positive.
In a Which? customer survey Metro Bank did well as they scored overall 77% and placed 6th out of all of the banks. Different elements of the customer service were scored out of 5 with customer service, transparency of charges and telephone banking receiving 5 out of 5. Communication, handling complaints, service in-branch and mobile app received 4 out of 5, and online banking received 3 out of 5.
Trustpilot – 2.6/5 (based on 3,390 reviews)
Google Reviews – no reviews
Reviews.co.uk – 2.03/5 (based on 32 reviews)
Review Centre – 1.6/5 (based on 89 reviews)
Smart Money People – 4.75/5 (based on 2,753 reviews)
Which? – 77% Which? Customer Score
How To Apply For A Metro Bank Invoice Finance?
If you want to apply for invoice finance with Metro Bank you can call them on 01483 531100 or complete their contact form.
- Choice of invoice factoring and discounting
- Offers a product with fewer charges for smaller businesses
- Flexible contract with 28 days’ notice
- No rates are available
- Reviews are very mixed with some very negative comments
Website: Metro Bank Invoice Finance