Royal Bank of Scotland Invoice User Reviews
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Royal Bank of Scotland is part of the NatWest Group which operates in the UK. RBS has been serving personal and business customers in Scotland since 1727 when they were established in Edinburgh. They now serve 3.3 million customers. Their business products include current and savings accounts, credit cards, mortgages, invoice finance, asset finance and trade finance.
Royal Bank of Scotland Invoice Finance Options
Royal Bank of Scotland offers an invoice finance solution that is an invoice discounting facility. Invoice discounting allows businesses to release cash locked up in outstanding invoices. The facility includes:
- Advances of up to 90% of the invoice value
- Receive the funds within 24 hours
- Full control of your sales ledger management
- Confidential service
- Online management
- Whole ledger facility
- Typically offers 12 months with an annual renewal
- Available in GBP, USD or EUR
- Dedicated Relationship Manager
- Grows with your business
Royal Bank of Scotland Invoice Finance Eligibility
Royal Bank of Scotland’s invoice finance is available to businesses that have a turnover above £300,000 and have established credit control and in-house ledger systems. You also must be happy to use your debtor book as security and invoices must be to other businesses on credit terms.
Royal Bank of Scotland Invoice Finance Rates
Specific rates are not disclosed but a discount margin and service charge are applied. The discount margin is the interest applied to the amount borrowed. The service charge is the annual charge which is paid monthly for accessing the service.
Royal Bank of Scotland Invoice Finance Calculator
Royal Bank of Scotland doesn’t have an invoice finance calculator.
Royal Bank of Scotland Invoice Finance Reviews
Most of the leading customer review sites feature reviews for Royal Bank of Scotland and although the reviews are mixed they are overall more negative than positive.
The highest number of reviews are on Trustpilot where most reviewers rate Royal Bank of Scotland as bad (88%). The majority of comments are negative and include unprofessional and unresponsive, bank closures, problems with internet banking and the app, poor communication and customer service. Reviews on Review Centre were very similar and only 11% of reviewers would recommend the bank.
The reviews were more positive on Smart Money People and Reviews.co.uk with comments including easy to get new products, great branch service, friendly and helpful staff, easy to use app, and positive customer service.
A customer survey on banking providers conducted by Which? revealed Royal Bank of Scotland as the lowest ranking provider with a 56% customer score. Customers scored the services out of 5 and most services only got 3 out of 5 including online banking, mobile app, communication, customer service, handling of complaints and benefits. The remaining received 2 out of 5 which were service in-branch and transparency of charges.
Trustpilot – 1.4/5 (based on 576 reviews)
Google Reviews – no reviews
Reviews.co.uk – 3.0/5 (based on 4 reviews)
Review Centre – 1.4/5 (based on 159 reviews)
Smart Money People – 4.03/5 (based on 432 reviews)
Which? 56% Which? Customer score
How To Apply For Royal Bank of Scotland Invoice Finance?
If you want to apply for invoice finance from Royal Bank of Scotland you can enquire online or talk to your relationship manager.
- Offers 90% of invoice values within 24 hours
- Provides their service in GBP, USD and EUR
- Only offers invoice discounting
- No rate information is available
- Lowest ranking bank on a Which? customer survey
- Rated overall negatively in customer reviews