Investigate your factoring company!

I came across this article while searching for news on accounts receivable factoring.  

A woman in New Jersey defrauded investors by soliciting their money to be used as part of a factoring business:
“Investors who poured $2.5 million into U.S. Funding were told their money would go toward buying other companies’ accounts receivable in a process known as factoring.But they weren’t told Angelica Gwinnett, the founder of U.S. Funding, would also be using their money to gamble in Las Vegas and Atlantic City or buy clothes from Saks Fifth Avenue, Nordstrom and Victoria’s Secret. Nor were they told the telemarketers soliciting their investment would get as much as 40 percent of the money they brought in.”

It turns out the woman had no experience in factoring. But that did not stop her from sending marketing materials to investors claiming that she was experienced.

Please take the time to research the company’s you work with, especially when your hard earned money is on the line.  There are some very reputable and stable companies that offer legitimate accounts receivable factoring programs.  They have been around for awhile, because they know what they are legitamate. 

We work with a very reputable that provides factoring services to businesses.  Just ask us for details.  Remember, factoring can provided that much needed boost in cash flow to grow your company.