Are you contemplating a shift in your invoice finance provider? Whether due to dissatisfaction or seeking better opportunities, this guide is your blueprint for change. We'll navigate you through the complexities of UCCs, the transition process, and the critical questions that will empower you to make a smart choice for your new financial partnership.
Understanding UCCs is crucial. They are the financial guardrails used by invoice finance companies to secure their interests, similar to a mortgage or car title. Here’s what they do:
Switching finance providers is a strategic move, akin to refinancing a mortgage. The transition involves a buyout agreement, where your new provider resolves the balance with the old one, setting a clear path for your financial growth.
The buyout amount is a critical figure, encompassing your unpaid invoices, reserves, and any additional fees. Understanding this amount is pivotal, especially if the new agreement presents a more advantageous financial position.
Transitioning can be a financially neutral decision. By providing new invoices to your new financier, you avoid the pitfall of double fees. However, timing is essential to prevent extra charges from your old provider.
Expect the switch to extend the usual timeframe due to the intricacies of buyout calculations. Partner with an experienced company to streamline this process.
In some scenarios, rights to your invoices might be temporarily shared between your old and new financiers. This isn’t standard but can occur during the transition phase.
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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.
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