Decimal Factor Workingcapital4U Deceptive Practices, Baited us with pre-approval of a loan, then requiring us to switch our merchant acct. New York City, New York
We applied for a business loan, via advance on our Merchant Account sales, with the Working Capital 4 U division of Decimal Factor. We sent them all the financial information they asked for, over 100 attachments. They pre-approved us and said we would get the funds transferred to our account in 24 to 48 hours. And they wanted a one-time upfront fee of $200.
Then they later lowered the loan amount they would provide us and required us to switch to their merchant account to get ANY funds.
We are in the middle of a contract with our current merchant account and breaking our contract would cost us additional money at a time when we needed some funds to prepare for an upcoming busy season.
We did not pay any fees to them nor switch to their services, however we lost two weeks of time and sent them alot of business and personal information. Without the funds we were not able to promote our Valentine's products and specials as we had planned and thus had revenue way below last year.
I would like to warn others to be aware of this company and their practices and not get ripped off.