Wow, where to start. The term sheet Universal Funding sent stated we would pay a 1.52% factoring fee. Universal Funding failed to mention (and used dubious verbiage in the contract) that they would also charge an additional 1.52% "processing fee." The factoring fee has also never been below 1.77%. This alone doubles your actual cost to factor. Then Universal Funding will not release your reserve funds (the remaining funds from an invoice that they factored, which for us was 20%) unless you factor more invoices. They actually withheld about $50k of ours (most of which was non factored funds) because they wanted us to set up more customers to factor. Then I just found a $1300 "non factor fee" and a $3k "MVR" fee, which is apparently for not factoring enough with them. We did not get setup with them because we were desperate for funds, we did because their proposition made business sense, and they touted themselves as a "family business." Now they are trying to withhold $25,000 of my own non factored money from me.
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