FactortekReviews of factortek.com

Response from FactortekMay 3, 2024

We appreciate your feedback and the opportunity to clarify any misunderstandings regarding the payment processes at FACTORTEK. We understand the importance of timely payments and want to ensure that all our clients have clear information on how payments are issued and the various methods available. Our customer service team has proactively engaged with your company to confirm that all transactions and payment methods have been thoroughly explained and understood. We are committed to providing reliable and efficient payment services to support our carriers in managing their cash flow effectively. At FACTORTEK, we are dedicated to offering supportive solutions that make a significant difference in your operations. Should you have any further questions or require additional information, please do not hesitate to contact us. We are here to help and ensure your experience with our services is positive.

Response from FactortekMay 3, 2024

We began our factoring relationship with Ace Cargo in August 2022. Throughout our partnership, despite facing significant challenges including highly unprofessional behavior and profanity from the owner during interactions with our team, we continued to provide our services diligently and professionally. In late September 2022, during routine collection follow-ups, we identified a critical risk involving Ace Cargo. The company had entered into a factoring agreement with another company, TAFs, which was in direct violation of our existing contract. Not only did they attempt to factor the same invoices with both TAFs and FactorTek, but they also took unilateral steps to invoice and collect payments from a broker directly, despite having already received payment from us (specifically for Invoice 5252861 from Landstar Ranger Inc). In response to these contract breaches, we were compelled to withhold payments to protect our financial interests and maintain the integrity of our operations. It is essential to understand that dual factoring arrangements complicate and jeopardize the collection process, and are explicitly prohibited under our agreements. We extended an offer to Ace Cargo to resolve the matter amicably by providing a Letter of Release, which they declined. Additionally, attempts to recover funds improperly collected by TAFs necessitated that we invoice the last load handled by Ace Cargo, aiming to mitigate the financial discrepancies caused by their actions. Despite these efforts, both the carrier and TAFs were uncooperative and showed no intention of resolving the situation constructively. We regret that this situation escalated to this point and remain committed to providing professional, respectful, and fair service to all our clients. We continue to uphold these values in all our business dealings.