The real deal low down scoop on factoring companies

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'

Thanks for listening...10-4

 

P.S. I created this account exclusively to expose TRUTH so if you don't believe what I say...GO RESEARCH FOR YOURSELF, then come back and thank me. KEEP ON TRUCKIN'

 

Actually "Flatbed" I knew that was the first comment to be on posted on this thread lol, so I guess I'm an expert on truckers attitudes too! But in reality, it never cost me anything man, when I started my company, I just narrowed all the companies down to 3 that I thought would be worthwhile. Then after interviewing all 3 and asking all my questions, I narrowed it down to 1 in mind but asked for applications from all 3, I READ EVERY SINGLE ONE. They are all bloodsuckers lol. So when I decided on the 1, I told them they had to revise the "agreement" where it could benefit both of our companies, not just theirs. And if they didn't then I was right about them and they stand as they do....Ultimately, they shied away from it, had the power to revise it and did not want to..so common sense said " They don't care about you either" LOL...#TRUTH

I have never signed nor will I ever sign anything without reading it and taking it on my OWN(erOperator) Terms... #PLAIN&SIMPLE

 

UPDATE!!!!! 1 particular factoring company has gotten back to me with very straight, full and complete answers. I will recommend them to anyone who wants to go this route. They are the only one who even bothered to take the time and get back to me though, so in just that, they showed pretty good character. #TRUTH KEEP ON TRUCKIN'