Are you considering switching your invoice finance provider? Whether due to dissatisfaction or other reasons, our guide provides clear, factual information. We cover critical aspects like UCCs, the process of transitioning to a new provider, and important questions to consider before making your decision.
UCC filings are essential in invoice finance, serving to:
Switching providers is a critical process involving a "buyout." Here, your new provider takes over the obligations from the old one, akin to mortgage refinancing. This is formalized in a Buyout Agreement.
The buyout amount generally includes your outstanding invoices minus reserves, plus any fees from your previous financier. It's important to get a detailed breakdown to understand any extra costs, including early termination fees.
Transitioning can be cost-effective by providing new invoices to your new financier. However, reusing previously financed invoices might incur double fees. Prompt communication with your old provider is crucial to avoid additional costs.
The transition may add extra time to the typical process, due to buyout calculations and necessary approvals. Choosing an experienced financier can make this transition more efficient.
In some scenarios, rights to your invoices may be shared between your old and new financiers until the balance is settled. However, this is not typically standard practice.
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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.