Considering a change in your invoice finance provider? Whether it's due to dissatisfaction or other reasons, our guide offers a thorough understanding of the process. We'll explain the importance of UCCs, guide you through the transition steps, and list essential questions to ask before committing to a new financial partner.
Invoice finance companies use UCC filings to secure their interests. The UCC serves to:
Switching providers involves a "buyout" process. Your new financier will settle any outstanding balance with your previous provider, similar to refinancing. This process is formalized in a Buyout Agreement signed by all involved parties.
The buyout amount typically includes unpaid invoices less any reserves, plus additional fees from your former financier. It's crucial to request a detailed breakdown to understand any extra charges or early termination fees.
Transitioning can be cost-effective if you supply new invoices to the new financier. Using previously financed invoices might incur double fees. It's important to communicate with your previous provider to prevent extra charges.
The switch could extend processing times due to buyout calculations and approvals. Working with an experienced company can make this transition more efficient.
In some cases, both your previous and new financiers might have rights to your invoices during the transition, though this is not always the case.
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