Thinking about switching your invoice finance provider? Whether it’s due to dissatisfaction or a strategic move, this guide is your comprehensive handbook. We'll navigate through the complexities of UCCs, the transition process, and key considerations before you commit to a new financial partner.
A UCC filing is a standard practice for invoice finance companies. It’s akin to a safety net, ensuring their rights are protected:
Switching providers is similar to refinancing a mortgage. It involves a "buyout" where your new provider takes over the balance from the old one, formalized by a Buyout Agreement.
The buyout amount typically includes the total unpaid invoices minus any reserves, along with fees from your old financier. Always ask for a detailed breakdown to understand any additional charges or early termination fees.
Transitioning can be financially neutral if you use new invoices. However, reusing financed invoices might incur double fees. Some financiers offer discounts, but timely notification to your old provider is crucial to avoid extra charges.
Switching may extend the usual processing time due to buyout calculations and approvals. The amount can fluctuate based on accruing fees and ongoing payments. Partnering with an experienced company can make this transition smoother.
In certain cases, both your old and new financiers might have rights to your invoices until the previous balance is settled, though this isn’t the norm.
We relieve your headaches and stress of collecting on accounts receivables.
You have 24/7 account access 365 days a year.
When you call, you get to speak to a real live person.
Don't wait long periods for a loan. Many of our factoring deals can take place in as little as 24 to 48 hours. If you need capital right now or are looking to expand then factoring is the way to go. We work on your time instead of you working on a bank's schedule.
If you need cash and you're sitting on a lot of unpaid invoices then factoring with us is the way to go. We'll give you the cash that your business needs and collect from your customers.
Debt is risky while at the same time being beneficial to growing a business. Start-ups can relieve themselves of the risk of debt and still create capital with factoring.
If you're a start-up or your business has a poor history or credit then you can still get the cash that you need. Today's banking atmosphere makes it a challenge for even the most-qualified businesses to get a loan. Factoring takes care of all of that.
Without a collections department or a small staff, collections often come down to you doing all of the leg work. Our Factoring Service will alleviate that burden and provide the service that you're not equipped to handle.