Sound like a good idea yet? The best thing I can tell you is, if you have to use a factoring company, donвЂ™t sign up when you donвЂ™t have time to READ. Sound like a good idea yet? They also have the right as вЂњSecurity InterestвЂќ to put LIENS on your assets, documents and control your mailings, in effect at ANY U.S. 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 вЂњagreement: is terminated. 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 вЂњagreementвЂќ they might charge you for them sending out the UCC-1 filings. Make sure it outlines RECOURSE & NON-RECOURSE programs. You also will have to give them written notice prior to termination of the вЂњagreementвЂќ or else the вЂњagreementвЂќ will automatically renew, then youвЂ™re locked in again. Do NOT sign away your companyвЂ™s life or your own by signing one of these вЂњagreementsвЂќ without READING & UNDERSTANDING everything! If you do, you WILL regret it. Also, the term вЂњagreementвЂќ is never the case, it is a CONTRACT, plain and simple, they know the difference but expect you not to.

They also give you their overview orally and when you sign one of their вЂњagreementsвЂќ 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 вЂњagreementвЂќ supersedes all else. Most of these factoring companies have hidden fees regardless of what they advertise. As someone who knows a lot of these factoring companies, I can give you a bit of advice.

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