Please use this form to generate a preliminary application for our factoring services.
You will be contacted shortly regarding your application.
Is there a set up Fee?
No, we absorb 100% of the cost of qualifying and preparing all documents for a new client.
How long does it take to process an application?
The majority of our applications are processed within 24 to 48 hours.
How quickly does UC Factors fund on invoices?
Within 1-3 business hours of receiving client's required paperwork.
Will UC Factors factor for a new business?
Yes, as long as the owner of the business can give references that show he or she is knowledgeable and experienced in the industry their business belongs to.
What requirements do you have for a new factoring client?
We ask that they supply us with customer references, reasonably accurate in their paper work, and doing business with credit worthy customers.
Does UC Factors require a long-term contract?
Not with Option 1, Option 2 or Option 3, only with Option 4.
Do we have to factor everything in order to qualify?
NO, as long as you meet the minimum volume requirement per month, there is no other obligation pertaining to volume, however we do require that you factor all the receivables due from any particular customer. This will avoid any complication on where the check should be mailed to.
What happens if I don't meet my minimum volume commitment for a particular month?
You will pay the minimum factoring fee on the amount of the shortfall.
Do you mail my invoices daily to my customers?
Yes, every invoice funded gets mailed that same day.
Does my customer mail their payment to me still?
No, not if it is for a factored invoice. UC Factors places an assignment stamp, stating that payments are to be remitted directly to us.
What do I do if a customer mails me a check for a factored invoice?
You fax a copy and forward to us that same day. Do not cash the check no matter what. If it is made out to you we will endorse it over to UC Factors, our agreement give us this right.
How long does it take to check credit on a new account debtor?
If the account can be found in our credit books or our computer database files, UC Factors can respond within minutes. If the account has to be checked out by a bank reference and trade references, it might take a few days to get back to you. Our response depends on the response of the references.
How do I know which of my customers you will factor?
After providing us with a complete list of customers proposed to be factored together with their address, phone number and estimated credit line needed, we will check into their credit history and respond to you promptly by phone, fax and/or email.
How does UC Factors handle collections?
UC Factors is extremely professional in handling collections. Your customers are treated as if they were our customers. We are very diligent about making calls at the appropriate time but we are careful to treat your customer with professional courtesy.
Will my customers object to me factoring invoices owed by them?
There are some customers who will question their invoices being factored. However, this is extremely rare. We normally are able to overcome this problem by explaining what factoring is to them. Their hesitation is from the lack of understanding what factoring is.
How can I be assured that you will do everything you say that you will do?
We are happy to supply you with past and present client references. Management makes our Agreements, not high-pressure sales people who will say whatever it takes to get your business and then never follow through with their commitments. This is one reason there is no term commitment. If we don't do everything we say we are going to do, you always have the freedom to quit.
How long does it take to return residuals?
The same day your customer's check is received by us.
What types of filings are made in connection with your factoring program?
We place a Uniform Commercial Code filing with the Secretary of State against all present and future accounts receivable in the state where our client is registered. We must have first position on this filing in order to buy the accounts of our clients.
Why is there a filing against all present and future accounts receivable, if I can select the invoices I wish to sell and the ones I wish to carry on my own and not factor them?
There is no other practical way to make a single filing that will allow factoring of any receivable you wish to sell. Also accounts the client doesn't sell become collateral for the faithful performance of our client in following the rules of our Security Agreement. There is also a concern that if we don't cover all receivables, there is a possibility we could be buying someone else's collateral at a later date.
