Are you contemplating a change in your invoice finance provider? This guide is your expert companion, offering insights into UCCs, guiding you through the transition process, and helping you ask the right questions before choosing a new financial ally.
Understand the importance of UCC filings – a critical measure taken by invoice finance companies to protect their interests:
Switching providers is a structured process, resembling mortgage refinancing. It involves a "buyout" where the new financier takes over your existing balance, formalized by a Buyout Agreement.
This amount generally includes your outstanding invoices minus reserves, along with fees from your old financier. Request a detailed statement to be aware of any additional costs or early termination fees.
A transition can be financially balanced if managed with new invoices. Reusing previously financed invoices might incur additional fees. Some financiers offer fee reductions, but prompt notification to your old provider is key to avoiding extra charges.
The transition process might take longer due to the complexities of buyout calculations and necessary approvals. The buyout amount may change due to accruing fees and ongoing payments. Working with an experienced financier can streamline this process.
In certain cases, rights to your invoices might be shared between your old and new financiers until the buyout is completed, though this arrangement is atypical.
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