{"id":9550,"date":"2018-06-07T07:03:11","date_gmt":"2018-06-07T07:03:11","guid":{"rendered":"https:\/\/tcacorp.com\/?p=9550"},"modified":"2020-03-13T22:17:19","modified_gmt":"2020-03-13T22:17:19","slug":"do-you-really-know-what-you-are-paying-for-your-funding","status":"publish","type":"post","link":"https:\/\/tcacorp.com\/?p=9550","title":{"rendered":"Do you really know what you are paying for your funding?"},"content":{"rendered":"

I wanted to take a minute to address something that\u2019s bothering me. Nobody knows the true value of a dollar more than a business owner, right? Then why are we still<\/em><\/strong>\u00a0not asking the right questions before signing a contract?<\/p>\n

In the past two weeks alone, I spoke to owners from three different staffing companies that use a Funding company to help with their payroll costs. Sad to say, none of them could tell me what they were paying without referring back to their contract.<\/p>\n

Upon reviewing these funding contracts, I find that these guys are actually paying more than double<\/em>\u00a0their \u201crate\u201d listed in their contract.<\/p>\n

Why, you ask? Because some (not all) banks and funding companies place hidden fees or minimum requirements in the fine print of these contracts. These companies are making a living on businesses that: 1. Enter into contracts without knowing the terms 2. Pay their invoices without questioning the amount.<\/p>\n

All I ask is that you do not enter into a funding contract without asking these questions:<\/p>\n

\u2013 \u00a0 \u00a0 \u00a0 Is the lender a bank that gives you the money directly or is it a company borrowing from a bank and passing their costs on to you?<\/p>\n

\u2013 \u00a0 \u00a0 \u00a0 \u00a0Do I have to use funding for all of my accounts receivables, or only for what I need?<\/p>\n

\u2013 \u00a0 \u00a0 \u00a0 \u00a0Are there minimum fees that I will be charged regardless of outstanding balance?<\/p>\n

\u2013 \u00a0 \u00a0 \u00a0 \u00a0How many years is the contract and are there clauses that automatically renew without my knowledge?<\/p>\n

It could be costing your bottom line and you may not even know it! Please know that I am not with a funding company, so feel free to shoot me a message if you would like me to review your funding contract or just answer any questions you may have.<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"

I wanted to take a minute to address something that\u2019s bothering me. Nobody knows the true value of a dollar more than a business owner, right? Then why are we still\u00a0not asking the right questions before signing a contract? In the past two weeks alone, I spoke to owners from three different staffing companies that […]<\/p>\n","protected":false},"author":1,"featured_media":9551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[113,112,111,1],"tags":[],"class_list":["post-9550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-professional-development","category-risk-compliance-management","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/posts\/9550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tcacorp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9550"}],"version-history":[{"count":1,"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/posts\/9550\/revisions"}],"predecessor-version":[{"id":9552,"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/posts\/9550\/revisions\/9552"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tcacorp.com\/index.php?rest_route=\/wp\/v2\/media\/9551"}],"wp:attachment":[{"href":"https:\/\/tcacorp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tcacorp.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tcacorp.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}