Considering a switch from your current invoice finance provider? Whether it's due to dissatisfaction or a quest for better service, this guide is your strategic companion. We cover everything from deciphering UCCs to navigating the transition process and pose the essential questions to consider before committing to a new financial partner.
UCC filings are a cornerstone of invoice financing, safeguarding the financier's interests. Think of them as the financial equivalent of a mortgage or car title. They serve to:
Switching finance providers resembles refinancing a mortgage. The new provider will settle the outstanding balance with your old provider through a Buyout Agreement, marking a new chapter in your financial journey.
The buyout amount typically includes your unpaid invoices minus reserves, plus any fees from the previous financier. A clear understanding of this amount is vital, especially if the new agreement offers more favorable terms.
The transition can be cost-efficient. Using fresh invoices for the new financier avoids the trap of double fees. Timely communication with your previous provider is key to avoiding additional charges.
The switch may take additional time due to buyout calculations. Fluctuations in the amount can occur due to accruing fees. An experienced company can make this transition smoother.
In some cases, rights to your invoices might be shared between the old and new financiers during the transition. While not typical, it's a scenario to be aware of.
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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.