Candice R

Do not take a cash advance with this company. Your worst nightmare

We took a cash advance with yoco, which is Retail Capital. Retail Capital has been a nightmare to work with as a business. They go on to forcefully debit our bank accounts without any debit order authorization. They have not had a debit order agreement with us and agreed on eft payments which is why we took the small cash advance with them in the first place. We've been trying to get transaction reversals done,which has resulted in uneccessary increased fees as they continue to *******ly debit our account. We have reported this to our bank Nedbank. We have tried communicating to retail capital continuously that by doing this, will put the account on overdrawn status as they was force debiting daily. As a business who works with other retailers, we only get paid towards the end of the month. Every month Retail Capital gets paid and have been getting paid without any missed payments . As a small business the agreement is % of card machine sales. Unfortunately we cannot control what the business makes each month. Nonetheless they still received 3 payments from us for the month of December but we received a non payment letter of demand letter. This practice is unacceptable. Our company does not trade on weekends and public holidays. So after 1 weekend and December 16th which is a public Holiday they still issued a letter of demand which should be *******. These are not trading days, and nonetheless they received 3 payments for the month as our business can only afford those payments as per sales turnover. Should the business do better, we have always increased payments, but this should be ******* of how financial services do business with clients. We have no control over the turnover for any given month. Most companies only ask 1 payment per month even with a payment plan. Retail Capital should not be in the market of lending because they don't have intent to build relationships with clients. Their bullying tactics are uncalled for and act as if they never got paid. I would not advise any small business to borrow cash advances through their card machines with yoco and Ikhoka