Considering a change in your invoice finance provider? Whether due to dissatisfaction or a strategic shift, our guide offers clear insights into the process. We cover everything from the nuances of UCCs to the steps of transitioning, along with essential questions to guide your decision for a new partner.
Learn about UCC filings – a standard procedure for invoice finance companies safeguarding their interests:
Transitioning to a new provider involves a "buyout", similar to refinancing a mortgage. Your new financier will settle the balance with your previous one, as detailed in a Buyout Agreement.
This amount typically includes the sum of unpaid invoices less reserves, plus fees from the former financier. It's important to ask for a detailed statement to fully understand any extra charges or termination fees.
Transitioning can be cost-effective when managed with new invoices. However, reusing previously financed invoices could lead to dual fees. Some financiers may offer fee discounts, but it's crucial to inform your old provider promptly to avoid extra costs.
The process might extend your usual operational timeline due to the complexities of buyout calculations and approvals. The buyout amount can vary based on accruing fees and ongoing payments. Choosing an experienced company can help make this transition smoother.
In some instances, both your previous and new financiers might temporarily share rights to your invoices until the balance is settled, though this is not common practice.
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