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Worse Factoring Company Around

Absolute worst factoring company around. When searching out factoring companies, you will find that this one offers one of the lowest fees. You sign up thinking you are getting a great deal, and as long as you are paid on schedule everything should flow smoothly. THIS IS WRONG!! They use their "low fees" to hook you in, but it is what they do afterwards that is disturbing. On many occasions they claimed they were not paid on such and such orders and therefore had to charge back your account. Two main problems: they tell you about this problem only the day before they actually charge you back and second when you start investigating about the collections of the payment, you find ABC had cashed the check weeks ago, but didn't credit your account. First time always seems like an honest mistake, but when this starts to happen with almost EVERY order, it becomes unbelievable. On top of you doing your own collections, when you point out that the check was cashed and your fees should be reversed, they state they will take care of this as quickly as possible. Another problem, they " forget". You now end up having to fight for your money for fees that should have never been charged in the first place. So now you are having to collect your own payments, fighting for fee reversals, and now another problem, ABC holds your reserves claiming they need exact payment status on every order. Throughout this whole battle, you will interact with the most unprofessional, uneducated, and absolute ignorant people. It is amazing how this company survives on ripping people off. If you value your money, time, and relationships with your clients, please stay far away from this company. You will ultimately regret ever signing up with them.
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4 comments
#787829

Having troubles as we speak with this bunch, my account is so screwed it's not funny, 3 runs not paid and one they took back ? im looking for a new company .. my 4.99 % has turned into much more , also they keep calling wanting me to take advances on fuel and I don't need advances, so I kinda think this is their way to try to force me into their fuel advance program, I have an accounting firm looking into the missing money

#704262

As someone who knows a lot of these factoring companies, I can give you a bit of advice. Most of these factoring companies have hidden fees regardless of what they advertise.

They also give you their overview orally and when you sign one of their "agreements" it tells you that anything that was written or orally agreed upon prior to you signing will be overridden as soon as you sign because that "agreement" supersedes all else. Also, the term "agreement" is never the case, it is a CONTRACT, plain and simple, they know the difference but expect you not to. Do NOT sign away your company's life or your own by signing one of these "agreements" without READING & UNDERSTANDING everything! If you do, you WILL regret it.

You also will have to give them written notice prior to termination of the "agreement" or else the "agreement" will automatically renew, then you're locked in again. Make sure it outlines RECOURSE & NON-RECOURSE programs. These factoring companies also send out UCC-1 filings to your customers, stating that payments are to be directed to them and not you, then when you decide to severe ties at the end of the "agreement" they might charge you for them sending out the UCC-1 filings. They will provide you with a release letter BUT it is solely and absolutely your responsibility to notify & serve your customers with the release letter or else they can still receive payment from your customers even after your "agreement: is terminated.

Sound like a good idea yet? They also have the right as "Security Interest" to put LIENS on your assets, documents and control your mailings, in effect at ANY U.S. POST OFFICE. Sound like a good idea yet?

The best thing I can tell you is, if you have to use a factoring company, don't sign up when you don't have time to READ. MAKE SURE YOU READ, READ, READ....THEN GO READ AGAIN. If a company has more than 3 pages of contract, DON'T USE THEM! If you cannot fully and completely understand the contract, DON'T USE THEM!

If you talked about something, asked if you'll get it in writing and then get the contract with none of it in it, DON'T USE THEM!

#PLAIN&SIMPLE........ KEEP ON TRUCKIN' 8)

#774262
@PissedConsumer704262

I could have wrote this myself. Stay away from these people.

#655652

Been an ABC customer for years. I've never had this type of experience on my end.

I may have had a couple problems here and there but they have always been fair, professional and responsive. My own two cents.

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ID
#362788 Review #362788 is a subjective opinion of poster.
Location
Fontana, California
Loss
$5000

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