We are a newer business, and unfortunately, we made the mistake of entering into a purchase of receivables agreement with a 40% interest rate. Then we were contacted by Corporate Client Services (CCS) about potentially lowering the amount owed. Initially, we were skeptical.
The person I spoke with at CCS was very convincing. They assured me that "they never miss their mark," and mentioned they had been working with the company for 15 years. They promised they could save us around $15,000 and even said that if they didn’t meet that target, they would cover the difference. We were shocked by this offer and asked the salesperson to repeat it, which they did.
Looking back, I admit I was naive. We agreed to proceed. The salesperson went over the contract with me on the phone, assuring me it was standard and nothing to worry about. They said I could either read it carefully or sign right away to get started. Since I’m not a lawyer, I trusted them and signed the agreement.
CCS advised us to change our merchant services, which we did, and a UCC was filed against us, which they had mentioned would happen.
At first, things seemed to go well. CCS stayed in constant contact and kept us informed about the process. But halfway through, we received a call from the lawyer handling our case, who made it sound like the outcome wouldn’t be favorable for us. We got nervous and we tried to reach our negotiator for clarification. However, it was difficult to get in touch with her. When she finally called back, she was rude and dismissive, saying she was doing the best she could. She told me it wasn’t customary to update clients on every detail, and then implied they probably wouldn’t hit the agreed-upon settlement and that we’d need to pay more.
In the end, we received an email stating we would have to pay an additional $7,000 over the original amount. While we’re saving around $6,000, the process has been exhausting. Over the past nine months, we’ve faced challenges like changing merchant services, customer complaints about payment difficulties, and more work on my end.
We feel taken advantage of. The salesperson said anything to close the deal, and after that, the negotiator and account manager were unhelpful, short with answers, and dismissive of our concerns.
We've learned our lesson and will never go through this again. I cannot recommend CCS based on our experience.