Screewed by Factoring Co

I've not dealt with factoring companies so this is a shot in the dark....Maybe tell them you're going to use a different factoring company and want to close your account with them.

 

Anything you can do without spending a fortune?
For $312?
You might wish to contact the Atty General in the State you reside in.
It is obvious they aren't abiding by their "own" rules. They MAY be in violation of WIRE FRAUD Laws
From THEIR website:

No Minimums, No Volume Requirements

 

i used d&s there is no reserve and had zero problems with them

as long as you got a broker approval first you got paid

 

Do you still have some invoices that they have not collected on yet? The Factor that I use requires my reserve to equal 10% of the uncollected invoices. Maybe they are still waiting for $3100 to be paid to them before they release your $312?

 

i use d&s also,1 year and no problem,greatest

 

Can anyone recommend a good company? What are the pitfalls and what rate should i expect to pay? Thanks.

 

I was going to use a factoring company but not being familiar with them I went to my local (small town) bank. Told them what I was thinking and was told " we'll do it for you"! HUH! They have a program for small business owners to use for operating capital. I decided since they were local I would go that route. They had a number of options you could use. I didn't know banks did this but they will. I am not familiar with banking regs in all states but I would suggest to anyone needing operating capital to speak with the local bank. JMO

 

Going to a local bank is a great idea. I had checked with Wells Fargo a couple of years back and they have a program but you needed to run at least 25k through it every month. I never thought of a small local bank. I am not working today, I might just check it out. I use a factoring company now and would love to tell them to shove it. I would much reather deal with someone locally.