I own a small trucking company and was looking for a factoring company to purchase my invoices in return for a fee. I was contacted by Tom O'Neill from Bibby Financial Services who informed me that he would approve all of my customers except one for factoring my invoices with credit limits between $3000-$5000. He then sent me a proposal to sign with all the terms of the contract.
I happened to notice that there was a $99 charge to open the account which did concern me. He assured me that everything was set to go and that after paying the fee I would have all the necessary paperwork within 48 hours. But after I pay this fee (on my credit card fortunately), I never hear from him again. After constant emails and phone calls, I get an email stating that they could not open my account and that they were keeping my $99 because that was used for a credit check.
I have already contacted my credit card company and the BBB. If you own any type of business and want to use a factoring company to purchase your invoices, stay clear of this company. There are way better choices out there that do not charge anything to open an account for you.
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