Thinking about changing your invoice finance provider? This guide offers factual, straightforward advice for those seeking a better option. It includes a thorough explanation of UCCs, the process of switching providers, and key questions to ask a potential new partner.
UCC filings are crucial for invoice finance companies. Their purposes include:
Switching providers involves a buyout, where the new financier settles debts with the previous one, similar to mortgage refinancing. This agreement is formalized in a Buyout Agreement.
The buyout amount typically consists of your outstanding invoices minus any reserves, plus fees from your old financier. It’s important to request a detailed breakdown to fully understand any extra fees, including early termination charges.
The transition can be cost-effective if you supply new invoices to your new financier. However, using previously financed invoices may lead to additional fees. Early communication with your old provider is essential to avoid these charges.
Switching might extend the usual timeframe due to necessary calculations and approvals for the buyout. An experienced financier can streamline this process, making it more efficient.
In some cases, both your old and new financiers may have rights to your invoices until the balance is cleared. However, this is not usually standard practice.
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