Are you considering a switch in your invoice finance provider? Whether due to dissatisfaction or seeking better service, this comprehensive guide is designed for you. Journey with us as we explore everything from the intricacies of UCCs to the process of transitioning, along with essential questions that will guide you in choosing your next financial partner.
At the heart of invoice financing lies the UCC. This legal framework protects the financier's interests in your invoices, functioning similarly to a mortgage or car title. Its key roles include:
Moving to a new provider is a strategic decision, similar to refinancing a mortgage. The process includes a "buyout", where the new provider takes over the balance from the old one, based on a mutually agreed Buyout Agreement.
Calculating the buyout amount is a critical step. It generally involves your outstanding invoices minus reserves and additional fees. A thorough understanding of this amount is essential, especially if the new arrangement offers more favorable terms.
Transitioning can be cost-effective. Using new invoices for the new financier helps avoid double charging. However, it's crucial to inform your old provider promptly to prevent extra fees.
The transition might extend the usual timeframe due to the buyout process. The amount can fluctuate due to accruing fees. Partnering with an experienced company ensures a smoother transition.
In some scenarios, rights to your invoices might be shared between old and new financiers during the transition. While not common, it's a possibility to consider.
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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.