Factor & Fund Terms and Conditions
Effective Date: 09/04/2024
Welcome to Factor & Fund (“FF”, “we”, “our”, “us”). By accessing or using our website and services, including our factoring, cash flow management, and financing solutions, you agree to comply with and be bound by the following Terms and Conditions. Please read these terms carefully before engaging with our services. If you do not agree with any part of these terms, please do not use our services.
1. Acceptance of Terms
By using the services provided by Factor & Fund, including but not limited to invoice factoring and cash flow financing, you acknowledge and agree to these Terms and Conditions. These terms form a legally binding agreement between you (the “Client”, “User”) and Factor & Fund.
2. Services Offered
Factor & Fund offers factoring services, accounts receivable financing, and related cash flow solutions for businesses. Our services involve the purchase of outstanding invoices and advancing funds to businesses based on their receivables.
2.1 Invoice Factoring
We provide invoice factoring services where we advance funds against unpaid invoices. The advance is typically up to 90% of the invoice value, and once the invoice is paid by the customer, we deduct our fees and remit the balance.
2.2 Fees and Rates
Our rates for factoring range from 2.25% to 7% per invoice, depending on the invoice’s duration and risk level. An additional 1.5% approval fee is charged as a one-time fee per deal, which is only applied once per contract with the same customer. You agree to these fees upon entering into a factoring agreement with us.
2.3 Service Availability
We reserve the right to modify or discontinue any of our services, temporarily or permanently, with or without notice.
3. Eligibility
To use our services, you must:
- Be a legal business entity operating in the United States.
- Provide accurate and complete business and financial information during the application process.
- Comply with all applicable laws, regulations, and these Terms and Conditions.
4. Client Obligations
As a client of Factor & Fund, you agree to the following:
- Provide Accurate Information: You must provide accurate, up-to-date information regarding your business, financial status, and invoices. Failure to provide accurate information may result in the termination of services or legal action.
- Compliance with Invoices: You agree to submit legitimate invoices that represent actual goods or services provided. Submitting fraudulent or altered invoices will result in the immediate termination of services and potential legal consequences.
- Customer Payments: You must ensure that your customers are aware of their obligation to pay Factor & Fund directly, according to the terms of the factoring agreement.
5. Payment and Fees
All fees, including interest rates and approval fees, are due as outlined in your factoring agreement. Failure to remit payments on time or any breach of this agreement may result in late fees, additional charges, or termination of services.
- Factoring Fees: Fees are deducted from the payment made by your customer. Once the invoice is settled, you will receive the remaining balance, minus our fees.
- Approval Fees: A 1.5% approval fee is applied as a one-time fee per deal. This fee is deducted from the first financed invoice and is not charged again under the same contract with the same customer.
- Late Payment: If your customer fails to pay within the agreed-upon period, additional charges or interest may apply.
6. Security and Privacy
Your use of our services is subject to our Privacy Policy, which outlines how we collect, use, and protect your information. By using our services, you agree to the terms of our Privacy Policy.
- Data Security: We implement reasonable security measures to protect your data. However, we cannot guarantee the absolute security of data transmitted online.
- Third-Party Disclosure: We may share your information with third-party service providers as needed to deliver our services, subject to the terms of our Privacy Policy.
7. Limitation of Liability
Factor & Fund shall not be liable for any indirect, incidental, or consequential damages, including loss of profits or revenue, resulting from your use of our services or any reliance on our services. Our liability is limited to the amount of fees paid to us during the use of the services in question.
- No Guarantee: We do not guarantee the success of any factoring or financing transactions. The performance of our services is contingent on the accuracy of the information you provide and the actions of your customers.
8. Termination of Service
We reserve the right to terminate or suspend your access to our services at any time, without notice, for any of the following reasons:
- Breach of these Terms and Conditions.
- Submitting fraudulent invoices or misrepresenting your financial situation.
- Failure to pay fees or comply with your factoring agreement.
- Any other actions deemed harmful to the interests of Factor & Fund.
9. Intellectual Property
All content, materials, logos, and intellectual property on the Factor & Fund website and within our services are owned by us or our licensors. You may not copy, distribute, modify, or create derivative works from our materials without explicit written consent.
10. Governing Law
These Terms and Conditions shall be governed by and construed in accordance with the laws of the State of California, without regard to its conflict of law principles. Any disputes arising under these terms shall be subject to the exclusive jurisdiction of the courts located in Los Angeles, California.
11. Changes to Terms
We reserve the right to modify these Terms and Conditions at any time. Any changes will be posted on our website, and your continued use of the services after such changes have been made constitutes your acceptance of the revised Terms and Conditions.