We canceled working with this company long time ago, because they just did not pay us as agreed starting telling that some brokers did not pay them, they forgot to make wire transfers on time ect, however as they did advertise all brokers who did not pay it was on them not us (they take the responsibility!) - thats their advantage and difference from other companies. So in the result we quit them, because it was just fraudulent advertisement; delays and non-payments caused us penalties, we could not plan the company finances and growth just because we never knew "when we going to receive our funds", therefore the 10% reserves... Became almost like a fee for their services, which supposed to be 2%, the reserves supposed to be released each time they got the checks from the brokers... We never ever received anything, asking when we going to receive them i was told always the same "next week".
So we decided to quit them, because thats not the way we do business with companies, after we faxed them a resignation letter and request to cancel the agreement, they told there is 12 months agreement between us (in the beginning, while i was discussing on phone about their services i was told there is no long terms so i can try and quit if i am not happy), but now they want $950 x 12= 11,400 unpaid brokers which supposed to be on them i owe them money for my invoices which they did not pay even us in the end... (it looks like this: we did not get paid we owe them that amount we owe them the same amount because they did not get paid from brokers - double calculation, and we were also liable for their percentage fraud... If brokers paid them in 20 days they showed us 70 days, which means fee is 7% and not 2% anymore) so after long discussions Steve he agreed to send the letter of release, but that was not the end of the game.
Soon I got a call from companies telling if i am still doing business with Security Credit, because they asking them to send all the checks for the shipments my company did, so in that way they received and cashed like $14,000 which of course was not returned to us and we were called "fraudsters", later they asked my credit card information to release me they told thats the only way and their bank will check my identify, so i agreed, in the result i received $6,000 charge on it, but this time I got notarized release letter, and my company was finally removed from the UCC fillings with the Secretary of State so I was like finally the game is over, i just disputed the $6,000 charge because it was not authorized, bank determined that the charge was really unauthorized and resolution was to return me back the money.
It sounds like finally all this mess is over, no UCC fillings, notarized release letter with company officers signatures... So no more access to my company accounts receivable for them, it was only okay like for a month, then I got a call from my new factoring company... Saying there is Security Credit again calling to brokers and customers asking if they have some checks for them, I am not really sure but they have got some new most likely forged forms showing my permission to access them my funds, so I have again lots of checks cashed out the amount is unknown yet, but what I know for sure, they are not willing to return any single cent, be careful of this company I was told by factoring company that they did it to many people which hurts a lot for smaller companies with not enough capital to fight with these thieves.
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