Client Review on Greenbox Capital

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On 4/4/2019, I accepted contract # 645948 Merchant ID: 7029054. My company is Lens Memories Inc. I wanted to MCA (Merchant Cash Advance) because my company was too new to receive a bank loan and I had hired a new photographer that I had to pay, so it seemed like this route was the best to go. The agreement was for Purchase Price: $16,500 (The dollar amount Buyer is paying for the Future Receivables). After fees and payoff of a loan, I had before I netted 12,386.98. The payback amount would be Purchased Amount: $23,265 (The dollar value of the Future Receivables being sold). I signed a COJ stating that I'm responsible for paying the amount of 23,265, but Greenbox Capital has drafted my account for 23,774.46. My account was drafted 169.82 every day for seven months. I never defaulted on any payments. On July 18, 2019. I contact a rep name Fred Johnson (I would watch out for Fred he is dishonest and sneaky I gather this from this experience with him.) and Frank Irizarry for a pay off letter. The letter states as follows, "This total includes one or more early termination fees of 3% of the Purchased Amount, which is due and payable in the event you satisfy the cash advance through a Greenbox Capital competitor." I paid off the advance as of 09/04/2019 at that time the balance was $5,943.36. I, Vanessa Joseph owner of Lens Memories Inc wired a total amount of $5,943.36 from my company’s bank account to pay off the advance. Even after paying the balance in full, I was drafted 3 more times for a total of 509.46. Greenbox Capital stated on 9/13/2019 that I will not receive a refund for the extra payments because of an early termination fee. The contract states that the 3% fee would apply if the advance was paid off by a competitor, however this was not the case. The wire came from my account, which Greenbox had been drafting EVERY DAY for 7 months. With just the littlest bit of effort on their part, they could figure out that the funds came from my account and not a “competitor”. I have contacted Greenbox several times about getting my $509.46 refunded, however I get the run around every time. The rep refuses to give me a straight answer and I am left frustrated every time. GREENBOX CAPITAL is stealing from good customers at this point. I would be very careful if you intend to pay them off early with your company’s profits. I have attached pictures of each draft, and my wire for everyone to see this company simply wants to take and take and not give what they owe back. I have filed claims with the Consumer Protection Bureau, BBB, FTC, and the Attorney General off of Florida and now here on this review. I do not want this to happen to anyone else, and I just want people to be aware on how this company stole from my company and me. If I had defaulted on their payments, I would have a UCC lien on my company and judgment filed against my company. Now that they are the ones who owe me money, they should be willing to pay me back my money rather than trying to cheat me out of my hard-earned money.