Frequently Asked Questions
Supplier Invoice Finance Scheme (SIFS)
for Argos
? Who is providing these facilities?
Argos has joined forces with HSBC Invoice
? W
hat are the charges for this
programme and how do they apply?
Finance (UK) Ltd to provide this innovative
The charges for this programme are as follows:
solution called a Supplier Invoice Finance
Scheme.
Discounting Charge
HSBC Invoice Finance (UK) Ltd has been
This is calculated as a margin over Base Rate/
providing funding solutions to businesses similar
LIBOR. This takes the annual discounting charge
to your own for over 45 years and currently has in
and applies this rate to the funding requested
excess of 6000 clients.
adjusted for the period of time to maturity (when
HSBC Invoice Finance (UK) Ltd has been globally
Argos has promised to pay).
voted ‘Best Factor’ again for the year 2011. Our
When withdrawing funds by using BACS
clients are surveyed monthly by an independent
payments, the discounting charge commences
company and we consistently achieve over 90%
– For customers with an HSBC bank
satisfaction with the service we provide.
? Do I need to sign any agreements?
Yes, you need to sign an ‘Agreement for the
Purchase of Debts’ with HSBC. This allows you to
sell us the receivable you have issued to
Argos, and we can then provide funding to
you against them.
? How do I communicate with HSBC?
Supplier Invoice Finance is delivered via an online
solution we call Internet Invoice Finance, which
holds a wealth of information on our services and
your facility with us. You can use it to view and
withdraw available funding, monitor receipt of
payments, and contact us via a secure messaging
system. Naturally, there are also other channels of
communication with our team such as telephone
and email.
Commercial Banking
account, when the payment is credited to
your bank account
– For non-HSBC customers, when the payment
is generated.
Money Transmission Charge
?
Our standard and free payment method in the UK
is by BACS.
However, if you require same day UK value
by telegraphic transfer the charge is £7.50 for
customers with an HSBC bank account (payment
taken via Internet Invoice Finance) and £25 for
How quickly can I receive funding/
early payment from HSBC against
approved receivables?
You can request a payment immediately on
Internet Invoice Finance and this can be with
you on the same day if required. This will incur a
same day payment cost otherwise the payment
non-HSBC customers.
can be requested via a free BACS transfer, which
? H
ow do you get my receivables/invoices?
?
After you have sent your goods to Argos
and they are approved as a receivable for
will be with you in 3 days’ time.
How much of the receivable values
can I draw?
We have the ability to provide funding up to
payment, Argos sends them electronically
100% of the VAT inclusive receivable value.
to us.
In practice, based on the factors such as ongoing
We then process these to make funding available
returns and/or debit note levels with Argos
to you.
we will provide funding between 70% and
? H
ow do I know if my receivables have
been approved?
If we provide funding at less than 100%, the
The approved receivables are displayed on
Internet Invoice Finance. You can then draw
funding against these.
100% dependant on individual circumstances.
remainder will be transferred to you at maturity
date, when Argos pays.
FrequentlyAskedQuestions
? DoIhavetodrawallmyfunding?
? Whowillpayme?
No, you can choose how much funding you take
As HSBC have purchased the debt from you,
from the date we make funding available on
Argos will pay us whether or not there
Internet Invoice Finance.
is funding taken against the receivables.
? C
anIdrawfundingatanytime
ofday?
We will then transfer either all or the remainder
You can request funding at any time of day,
of funds you are due, dependent on how much
advance funding you have taken.
however there is a cut-off for UK payments
? HowwillIbepaid?
to HSBC bank accounts of 9pm (3.30pm to a
We will transmit payments by BACS to your
non-HSBC bank account). If the request comes
nominated bank account.
after the cut-off then the payment will simply be
? H
owmightthisschemeaffectmy
existingfundingarrangements?
processed the next day.
? W
henwillIbepaidifIhavenot
beenfundedwith100%ofthe
receivablevalue?
Existing lenders could fall into a number of
categories, but importantly they may have a
legal charge over the debts owed to you by
As part of this scheme Home Retail Group has
Argos via instruments such as a 'debenture',
promised to pay us on the due date displayed on
fixed charge’ or ‘assignment’. We may
Internet Invoice Finance.
require a waiver or other type of document
? D
oesArgoshave to pay on the
day they have promised; the
maturitydate?
to allow us to purchase the debts, and this will be
discussed when we set up the facility.
Yes, Argos does have to pay on the date
? W
hodoIcontacttotalkabout
SupplierInvoiceFinanceSchemes?
they have promised. If payment is not
Please contact our dedicated team either by phone
received, the discounting charge we levy will
on 01903 825061 or by fax on 01903 825607 or
continue until the account is settled.
email at Supplierinvoicefinancescheme@hsbc.com
For more information contact the Supplier Invoice Finance Team on
0800 917 2966, fax 01903 825607 or email at Supplierinvoicefinancescheme@hsbc.com
hsbc.co.uk
Issued by HSBC Bank plc
HSBC Invoice Finance (UK) Limited
Farncombe Road
Worthing
West Sussex BN11 2BW
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HSBC Bank plc 2009. All Rights Reserved. AC21445.