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K & B Specialty Services

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K & B Specialty Services Reviews (65)
I have reviewed the response made by the business in reference to complaint ID 1[redacted], and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[To assist us in bringing this matter to a close, we would like to know your view on the matter.] you state you have no inquiry but then why does all 3 credit bureaus have you as a hard inquiry? 

Our records show this account has been closed according to the terms of the agreement since mid-year 2015.  This complaint was not submitted by the person who claimed to be 100% owner of the company and did not sign our agreement. Per the terms of our agreement signed by the the...

owner, we state in multiple instances that there are fees associated with our product if we verify that the terms of the agreement were not met, as in this case. The product we offer is not a loan and we do not charge interest, as such we do not accrue any interest charges for payment issues. However, we have fees for collections issues and a fee associated with taking other short term working capital, as in this case, given that we have found that we incur incremental risk when this occurs.  The fee is a risk premium on the collection. These fees are enable us to manage our risk, and enable us to offer products to more businesses. We apologize for any negative experience.

Thank you for your feedback. We apologize for any negative experience or confusion. Swift Capital prequalifies companies based on information available (such as location, revenue, business type, industry). All applicants are required to meet minimum criteria, including a review of the applicant and...

business credit history.Swift Capital is able to approve more customers for financing because it doesn't limit the review to personal credit of the applying business owner. While Swift does notbase decisions solely on a business owner applicant's credit, we do consider it with many other factors. Our online application process includes terms and conditions that all applicants are required to accept. Section 2 of the terms and conditions outline the authorization, included below for reference.2. Authorization to Pull Credit and Collect InformationWhen you submit a request for pre-qualification or a loan application on the Website, you authorize us to contact any third party, including any credit reporting or database service, your current and prior third-party card processors, and your current and prior banks, so that we may confirm or obtain any information bearing on your creditworthiness or reputation. You also authorize us to obtain a credit report or background report on you, your business and/or each individual identified by you, together with whatever other information we determine is necessary to review your application or to monitor, maintain and collect on your account and for any other lawful purposes. Such information may include, without limitation, your credit history or similar characteristics, credit card, debit card and other payment card and instrument processing history (including, without limitation, your chargeback history), employment and education history, social security verification, criminal and civil history, Department of Motor Vehicle and other public agency records as well as any other information bearing on your credit standing, credit capacity or character or that we otherwise deem pertinent. You understand that you are providing “written instructions” under the Fair Credit Reporting Act authorizing Celtic Bank or us to obtain information from your personal credit profile or other information from Experian and other credit reporting agencies. Such reports will be used by us for either the prequalification and/or application process. Customer’s Statement of the Problem:I received a letter from this business stating that my company (DFW Construction Group) was pre qualified for a capital loan. I proceeded to the website and entered the offer code provided to my by them (DN021-L05706767) and was prompted to fill out an application. In the information preceding the application I was made aware that the approval or denial would be based on "my business history and not my personal credit" but as soon as I completed the form I received an alert from my credit monitoring account that my personal credit had received a hard credit inquiry which negatively affected my personal credit. I did not agree to at that time nor did I ever agree for them to inquire about my personal credit history. I will require that they remove that inquiry based on the fact that they mistakenly inquired about my personal credit. I must have resolution regarding this.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. I want to thank Swift for helping me resolve this issue, the new rep I am working with helped solve my issues. 

We have taken the opportunity to review our records as compared to the feedback provided by Mr. [redacted].   We agree that the product description provided by our representative during the time of application was not clear and it's evident how those conversations resulted in our customer's...

confusion.  We do offer customers payment solutions when their businesses experience times of reduced revenue.  These solutions, however, were not accurately described to Mr. [redacted].  Since receiving this complaint, we have been in contact with our customer and have worked through an agreeable arrangement.   
We regret Mr. [redacted]'s negative experience and appreciate that he took the time to provide us with the details.   Swift takes customer feedback seriously - even when it's hard to hear.    Since receiving these comments, we have provided feedback and additional training to both our sales and collections associates so that they have a better understanding of product features to share with our customers.

Swift capital provides working capital solutions through the purchase of a business’ future receivables.   This is not loan.  As noted in his compliant, Mr. [redacted] electronically executed the Future Receivables Sales Agreement (FRSA) in March, 2016, to obtain funds for his...

business.  The FRSA clearly defines the customer’s obligations in the “Events of Default” section.  The FRSA provides that customers will be expected to provide certain documentation to verify the current financial position of the business.   Lastly, the “Security Interest” section defines Swift’s rights through the UCC-1 process. 
It’s important to detail the events.  Beginning early August, 2016, Swift could no longer collect payments from the designated business checking account.  Shortly thereafter, in accordance with the FRSA, Mr. [redacted]’s office contacted Swift to indicate a reduced payment was needed.  Bank statements were requested to validate declining business revenue.  Those statements were not provided.   Later that month, Swift took action to leverage the UCC-1 filing position by sending demand letters to Mr. [redacted]’s customers and debtors.
We failed to reach resolution with the customer and, as a result, legal proceedings were started.   Mr. [redacted] did agree to arbitration by signing the Forbearance Agreement dated November 8, 2016.  Once received, Swift agreed to rescind demands on Mr. [redacted]’s customers and debtors.   While there was delay by Swift to rescind those demands, notices were sent December 8, 2016.  To date, no payments have been received from Mr. [redacted]’s business and the substantial balance remains outstanding.

Mr. [redacted] applied for and received short term working capital from Swift through an agreement for the sale of future business receivables which is not a loan.  As noted in his complaint, Mr. [redacted] has not been able to pay on time and is in default of the account...

agreement.  Also in default of his account agreement, Mr. [redacted] sought and obtained additional working capital solutions from other companies which resulted in his difficulty to pay Swift as agreed.   We attempted to work through a payment solution, however, that solution also resulted in lack of payment.   Swift has acted in accordance with the account agreement established and has properly responded to both emails and calls initiated by the customer.  Mr. [redacted] was also provided Swift executive contact information but it is my understanding that contact has not been made.   Should additional details be required to address the handling of this account, I may be contacted directly.
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Here's the issue is very plain words: Swift Capital conducted a hard credit inquiry on a potential customer that DID NOT need to be conducted, thereby negatively affecting the potential customer's credit rating. All they had to do is ask a few qualifying questions and no credit inquiry would have been necessary at all. Swift Capital's business practice of conducting the hard inquiry BEFORE asking qualifying questions is NOT in the customer's best interest.  My request: Swift Capital to contact the credit bureaus and ask for the hard inquiry to be retracted as a mistake. If they do this, I'm happy. This causes them no problems and solves mine. Seems like a fair way to conclude this matter.

Mr. [redacted] contacted Swift Capital in response to a solicitation for a business cash advance which is not a loan.  Mr. [redacted] subsequently applied for the advance on February 10, 2016.  The hard credit bureau inquiry was not obtained until the application was submitted...

by the applicant after agreeing to the terms and conditions.  During Mr. [redacted]'s initial contact with Swift by phone, the general requirements were discussed.  Once the applications was submitted, Mr. [redacted] and his business was evaluated based on a number of components  as well as risk based score cards of which minimum number of deposits is a factor.   I regret that Mr. [redacted] is dissatisfied with his experience.  Customer feedback is important to us and we'll leverage the comments Mr. [redacted] provided when evaluating future enhancements to our processes.    Please feel free to contact me directly if additional information is needed at [redacted]
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.  However; I believe as do most people that using a local number when your business is not local is very misleading and dishonest.

Mr. [redacted] contacted Swift Capital to apply for a business cash advance on behalf of his business on February 5, 2016.  The advance was issued on February 11, 2016.  In his complaint, Mr. [redacted] first references the Swift Best Price Guarantee.  Below you will find the language from...

the site describing this guarantee*.  Our records do indicate that Mr. [redacted] stated he was in possession of a competing offer from Kabbage, however, he declined to provide written proof of that offer. Mr. [redacted] also expressed dissatisfaction regarding his right to cancel as disclosed in the Future Receivables Sales Agreement he digitally signed.  (language provided below**) Our records show that Mr. [redacted] contacted Swift Capital at 5:41p.m. ET on February 18th to request the details to return the funds advanced.  The pay off letter was generated at 10:17 a.m. the following morning.  Funds were not received at Swift until February 24, however, the Right to Cancel was honored. Please feel free to contact me directly for any additional information at ([redacted]Best Price Guarantee: In the event Business is approved by Purchaser, and, prior to funding, Business receives an approved offer from a competing Purchaser at a lower discount price to that offered by Purchaser, Purchaser will beat the discount price, or Purchaser will pay Business five hundred dollars ($500.00). To be eligible for the Price Guarantee, the competing agreement must be for equivalent terms as those provided by Purchaser (e.g. Purchase Price, Amount Sold, collateral or other security, and no other materially different terms). Business must submit written proof of an approved agreement with competing Purchaser.**Right to Cancel:  Business may cancel this transaction at any time within ten (10)days after Purchaser forwards any or all of the Purchase Price to Business.  However, in order to cancel the transaction, Business must return to Purchaser the entire amount of the Purchase Price received by Business within that same ten (10) day period.  Notwithstanding the foregoing, the Origination Fee (if any) is non-cancellable and non-refundable.

Swift Capital provides businesses with working capital solutions.  The product for which Ms. [redacted] applied was a Business Cash Advance which is not a loan.  I'll attempt to address each of Ms. [redacted]'s issues.  Our records do reflect a lengthy chain of events as Ms. [redacted]...

indicates.  A number of funding options were discussed between 7/30 and 8/8.  Ms. [redacted] was taking the necessary time to determine which funding amounts and terms best suited her business needs.  Documentation was requested and provided.  As Ms. [redacted] states, Swift requested certain documentation that was not relevant to her business.  It is also clear that call attempts were made without consideration to the time zone differences.  Both of these have been addressed with the proper managers and representatives have been advised on proper procedures.  Regarding the site inspection - As a matter of risk mitigation, Swift often requires site inspections which are not regularly announced.  Records indicate the first inspection ordered could not be completed and a second was requested.  Associates with whom Ms. [redacted] spoke did not have access to that information. Swift truly prides itself on providing products designed to assist small businesses.  We strive to be transparent in all communication.  The information outlined in this complaint is not reflective of the experience we want our customers to have nor does it reflect the processes Swift associates should follow.  Each item outlined has been specifically addressed.   We have also taken steps to enhance quality monitoring to ensure this type of experience is not repeated.  I want to apologize to Ms. [redacted] for her experience but also want to thank her for bringing this to our attention.    If I can be of assistance, I may be reached directly.  Thank you,[redacted]

Mr. [redacted] applied for and received a Business Advance for his company,  [redacted] Trucking, in August, 2017.  The Swift Business Advance is an agreement to purchase a percentage of future receivables from the business.  The Business Advance is not a loan.   In his complaint,...

Mr. [redacted] indicates he was not aware that Swift would exercise its rights under the Uniform Commercial Code by filing a UCC 1.  Mr. [redacted] also indicates he was not aware of the total cost for the funding transaction he contractually agreed to.  Swift is careful to provide disclosures, transaction details, as well as terms and conditions in a transparent manner.  The items Mr. [redacted] referenced were covered in detail within the Future Receivables Sales Agreement executed with Swift.  Swift's Head of Customer Experience contacted Mr. [redacted] by phone to discuss his concerns.  The contract and account provisions were discussed in detail.  Mr. [redacted] indicated he had a better understanding of the process but remained unsatisfied with his overall experience.  We hope that we were able to assist Mr. [redacted]'s business with the funding provided and we sincerely regret that his experience was anything less than outstanding.
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. 

Swift Capital offers products and services designed to help small businesses. We do this simply because we believe that small business owners should be able to access the money they may need, when they need it, based on the strength of their business.   Swift will, from time to time,...

source business information from reputable third party sources to help us direct marketing materials to businesses in the industries we currently serve.   Swift does not have access to or utilize any business financial information nor personal information about the business owner.  We regret that Mr. [redacted] was inconvenienced by the materials he received.  As a result, we have removed Mr. [redacted] and his business from future marketing efforts.   [redacted]Compliance Officer, Swift Capital

Mr. [redacted] contacted Swift Capital in January 2016 to request a Business Cash Advance for his business.  The advance was approved and funding was wired to the business checking account on January 29, 2016.  In his complaint, Mr. [redacted] indicates a problem with the pricing and payment...

arrangements for the advance provided.  These arrangements were clearly defined in the Future Receivables Sales Agreement (FRSA) Mr. [redacted] digitally signed on January 29, 2016.  Since initiating this complaint, our records indicate that Mr. [redacted] has been in contact with Swift to discuss his account.  He was offered a discount for early payment in full, however, it appears that Mr. [redacted] did not choose to remit the funds discussed.  The account continues on the daily payment arrangement outlined in the FRSA signed by Mr. [redacted].  We regret that Mr. [redacted]'s experience with Swift Capital was less than satisfactory.  I can be contacted directly at [redacted] should additional information be needed. - Swift has responded to this customer separately.

We apologize for the procedural breakdown and will take the feedback to make improvements. We are pleased we were able to resolve with the business owner who is now out customer. We hope to have a long and productive relationship.

Swift Capital apologizes for any inconvenience. The delay in communication was due primarily to emails being sent to a former employee. We have since been in contact with the business owner to work through payment issues and based on those discussion, Swift believes the matter has been addressed.

Providing a social security number is required to submit an application. Some numbers must have been entered to proceed. We use both name and address in addition to social security number to inquire about applicant credit history. In the terms and conditions - that all applicants are required to...

accept prior to submitting an application, we conspicuously disclose that the applicant is providing authorization to review their credit history. An excerpt of the terms and conditions are below. We apologize for any inconvenience.  6. Rights Granted to Swift CapitalYou authorize Swift Capital to contact any credit reporting or database service, your current, prior or third party card processors, and your current and prior banks so that Swift Capital may obtain whatever information Swift Capital determines is necessary to review your application or to monitor and maintain your account with Swift Capital. Such information may include, without limitation, your personal or your business' credit history, credit card, debit card and other payment card and instrument processing history (including, without limitation, your business charge-back history), as well as any other information Swift Capital deems pertinent.You authorize your credit card, debit card and/or payment card processor or its designated POS processor to forward on a daily basis to any third party designated by Swift Capital all electronic payment transaction records that your acquiring institution or your designated POS processor captures on your behalf (including, but not limited to, activity on Visa, MasterCard, American Express, Discover, Diners Club, JCB, or ATM Debit Cards and check truncation records).Additionally, as part of our approval process in providing our Service, we may use a neutral, third party to access your business financial information. You will be involved in this process if we opt to use this process. For clarity, we have attached Schedule A to explain Terms and Conditions specific to this process.7. Credit Profile AuthorizationYou understand and agree that we and our agents and assignees are authorized to contact third parties to make credit report inquiries (including requesting business and personal credit bureau reports from credit reporting agencies and other sources) or for any other lawful purpose.You also understand and agree that Swift Capital is making no commitment or guarantee that any product, evaluation, or guidance provided by Swift Capital will result in an approval for a working capital solution from Swift Capital or any third party.You authorize Swift Capital to obtain a credit report or background report. Any such report(s) that Swift Capital obtains may include, without limitation, the business's or your credit history or similar characteristics, employment and education verifications, social security verification, criminal and civil history, Department of Motor Vehicle records, any other public records, and any other information bearing on credit standing, credit capacity, or character. Such reports will be used by Swift Capital to determine eligibility for a working capital solution. You will also provide and/or execute such further and additional documents, instruments, and writings as Swift Capital may require in order to access and review any tax information (including tax returns) related to Merchant's business (including, without limitation, by executing a 4506T form with the Internal Revenue Service).

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