Recently we read an article from a small business magazine that was ranking the top providers for invoice factoring. According to the article they only researched 25 companies and unfortunately UC Factors was not one of them. Obviously, we can’t place a lot of credibility in such a small sampling, but we thought it might be interesting to use the same basis of comparison that the article used and apply that to UC Factors’ program.
UC Factors Invoice Factoring Rates & Fees
Discount rate: Starting at 1.5%
Origination fee: None
Additional fees: Bank wire or ACH fees
UC Factors offers total transparency on our fees. We only charge a factoring fee and not the variety of ancillary fees other companies charge like invoice fees or interest charges.
UC Factors Invoice Factoring Terms
Funding amount: From $5000/month to $1,000,000/month
Advance rate: Up to 95%
Repayment term and schedule: Advances are repaid automatically as customers pay their invoices.
Personal guarantee: Yes
Speed of funding: Same day, normal within 60 minutes
UC Factors is the only company out of the winners of this survey that offers same day funding. Most of the personal guarantees are just for faithful performance such as not collecting payments that belong to the factor or selling fraudulent invoices. UC Factors is geared for smaller companies but offers many of the same features offered to larger companies.
UC Factors Minimum Qualifications
Credit score: No minimum
Time in business: No minimum
Annual revenue: No minimum
UC Factors minimum qualifications are exactly the same as the company that was ranked #1 in the survey. We have never believed that it made sense to withhold our service from the very companies that made need it the most.
UC Factors Invoice Factoring Additional Features
Customer interaction: Yes
Assignment of invoices: Only those you choose.
Type of invoice financing agreement: Both recourse and non-recourse agreements are available.
UC Factors has the best customer interaction in the industry. We are very low key and professional and work closely with Clients to resolve sensitive issues. UC Factors offers uncommon flexibility in allowing clients to choose only the invoices they wish to assign and deciding whether recourse or non-recourse works best for them.
What UC Factors Is Missing
UC Factors has wonderful customer service for smaller companies ($5k-$1mil/month) but we don’t service larger companies in the multimillion per month and beyond category.
UC Factors Reviews
UC Factors is one of the few factoring companies that will offer references of both past and present clients. We have testimonials from clients posted on our website. Most companies that review us talk about our immediate availability and the fact that we always do what we say.
How to Apply With UC Factors
Applications along with supporting documents can be transmitted electronically. UC Factors is amongst the fastest in the industry processing and approving new clients. Also, if a prospect is moving to us from another factoring company, we have the most experienced managers to streamline that process.
Interested in learning more about how invoice factoring with UC Factors can help your company see growth and increased cash flow? Take a look at how we helped one of our clients in the transportation industry here: