Got an itch to switch your invoice finance provider? Whether they're not up to snuff or you're just ready for a change, this is the inside guide you need. We're breaking down everything from UCCs to the nitty-gritty of making the switch, plus all the critical questions you need to grill your new provider with.
Let's get down to brass tacks with UCC filings. These are your finance company's way of calling dibs on your invoices. Here’s what they do:
Switching up providers? It's a bit like trading in your old car for a new one. The new provider takes care of the old debt, and everyone signs off on it with a Buyout Agreement.
The buyout amount is key. It’s what you owe minus reserves, plus any extra fees. Get a clear breakdown to avoid any sneaky charges, like early termination fees.
Making the switch can be smooth on your wallet, especially if you're bringing fresh invoices to the table. But reusing old ones? That could mean double the fees. Give your old provider the heads-up to dodge extra costs.
Keep in mind, switching might add a few days to the process for all the buyout calculations. The total might wiggle a bit with fees and payments piling up.
In some tricky scenarios, your old and new financiers might both have a claim on your invoices for a while. Not always, but it happens.
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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.
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