Thinking of dumping your invoice finance provider? Whether they’re driving you nuts or just not cutting it, here's your go-to guide. We're diving into everything from the nuts and bolts of UCCs to the ins and outs of switching providers. Plus, we've got the crucial questions you need to hammer your potential new partner with.
First off, let's talk about UCC filings. These are what your finance company uses to keep a grip on your invoices. They're like a safety net, ensuring:
Switching providers? It’s like refinancing your mortgage. Your new guy pays off the old one, and you all sign a Buyout Agreement to seal the deal.
The buyout? It's usually what you owe minus any reserves, plus any extra fees your old financier might tack on. Always ask for a breakdown so you don't get hit with surprises, like sneaky early termination fees.
Here’s the kicker: switching can be smooth on your wallet if you use new invoices for the new financier. But watch out – reusing old invoices could mean paying twice. And, tip off your old provider in time or face extra charges.
This switch isn’t instant. Expect a few extra days for all the buyout math and paperwork. And remember, the total might change with ongoing fees and payments.
In some tricky cases, both your old and new finance guys might have their hands on your invoices till everything's squared up. But that's not always how it goes down.
We relieve your headaches and stress of collecting on accounts receivables.
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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.