Factor Bid Privacy Policy

Important Privacy Choices

Welcome to Factor Bid. It's our belief that consumers deserve the utmost respect when it comes to the privacy of their personal information. This Privacy Policy applies to Factor Bid Online Invoice Marketplace.

Our Privacy Policy explains how we collect, use, protect, and disclose information and data when you use Factorbid’s websites, services, and mobile applications. This Privacy Policy also explains your choices for managing information preferences, including opting out of certain uses of your Personal Information (defined below). By accessing or using Factorbid’s site or services, you consent to this Privacy Policy.

This policy applies to all current and former Factor Bid customers. Note that, in order to use our services, you must be 18 years of age or older.

Information Factor Bid Collects About You

Information Provided By You

We collect personal information about you that you provide while you use www.factor.bid or any associated websites, desktop or mobile applications. We collect most of this information during the registration and/or application process for borrowers, finance companies and investors. Additional information may be gathered during your subsequent use of the site, or when we communicate with you via telephone, email or other means.

Certain personal information must be supplied during the registration processes in order to meet our legal obligations, verify your identity, determine eligibility for credit, protect against fraud, and complete your transaction. The following categories of information may be collected:

  • Your basic identifying information (for example, your name, address, email, telephone number, and date of birth)
  • Your Social Security number
  • Your employment and income information
  • Your bank account information
  • For a loan to be used with a merchant or service provider (e.g., a finance provider) the identity of the merchant or service provider and the name of the party that will receive the good or service
  • Any personal information you provide us in connection with any dispute or complaint

In addition, we gather names and email addresses of people who contact us with questions. We collect this information only for the purpose of responding to inquiries.

If you use the comments section of our blog at www.factor.bid, be advised that information you submit is stored there and will be visible to other users of the website.

Information Collected From Third Parties

When you sign your customer application, we will collect information from credit bureaus and other partners to determine your creditworthiness, assess risks related to your potential loan and help finance companies determine whether to commit to your financing. We also collect information from credit bureaus after your loan originates in order to assess risks associated with your loan and provide information to our affiliates interested in offering you competitive rates, or to provide you with marketing offers. If another company refers you to Factor Bid or assists you in any way in the application process, we may collect your information from that company in order to process your application. The following categories of information are generally collected:

  • Your identifying and application information (for example, your name, address, email, telephone number, date of birth, social security number, and employment information)
  • Your credit score & history
  • Your bank account information and recent transactions
  • If you applied for a loan to be used with a merchant or service provider, limited information from that merchant or service provider such as the cost of the good or service related to your loan
  • If you applied for a loan to be used with a merchant or service provider, information related to any dispute you submit regarding the merchant or service provider
  • If you applied for a loan through Factor Bid or any affiliate processed through an online finance platform other than Factor bid, the status and terms of your financing or loan offer through that platform

Information Gathered Based on Your Activity on the Factor Bid Platform

In order to provide services to you, improve our business and maintain records required by law, Factor Bid collects information about your transactions and activity. For borrowers, this includes your payment history. For finance companies, this includes your ongoing funding to the acquired customer. For all members, Factor Bid collects information about your computer and your visits to www.factor.bid and other Factor Bid websites, such as your IP address, geographical location, browser type, referral source, length of visit, button clicks and page views.

Do-Not-Track

Factor Bid does not process or respond to “do not track” signals or other similar signals whereby a visitor to a website requests that it disable collection of information about the visitor’s online activities over time and across different websites.

Tracking

Cookies and Web Services. Factor Bid and our marketing partners and service providers use technologies such as cookies, tags, beacons, and scripts, to analyze trends, administer the website, track users’ movements around the website, and gather demographic information about our user base as a whole. We may receive reports on this activity on an individual and aggregated basis.

We use cookies when you sign in to your account to keep track of your personal session, help authenticate your account, and detect fraud. Cookies are also used to gather statistical data, such as which pages are frequently visited, downloads that are made, and the address of sites visited immediately before or after visiting our site. You can control the use of cookies within your web browser. However, if you reject cookies, your ability to use some features or areas of our websites may be limited.

Usage Data & Site Activity. Factor Bid uses HTML5, to store content information and preferences. Various browsers may offer their own management tools for removing HTML5.

Third Party Technologies. We also partner with third parties to manage our advertising on other sites and evaluate our overall site performance. Our third party partner may use technologies such as cookies to gather information about your activities on our websites and other sites in order to provide you advertising based upon your browsing activities and interests or help us track the success of our marketing efforts or overall site performance. If you wish to not have this information used for the purpose of serving you interest-based ads, you may opt-out of certain advertising networks. Please note this does not opt you out of being served ads. Typically you will continue to receive generic ads.

How Factor Bid Uses Your Information

Processing Transactions

If you register as a borrower, Factor Bid will use your information to facilitate your financing or loan request. This may include:

  • Generating your borrower profile and processing your application
  • Addressing any disputes you may raise concerning your account
  • Implementing collection activities as needed
  • Enabling automatic payments and fund transfers with other financial institutions
  • Communicating with you concerning your account and transaction history

If you register as a finance company, Factor Bid will use your information to facilitate marketplace matching. This may include:

  • Generating your unique finance company profile
  • Enabling payments and data transfers with other websites users and/or affiliates
  • Communicating with you concerning your Factor Bid account and ongoing transactions
  • Addressing disputes or concerns you may have concerning your account

Data Optimization and Analysis

Factor Bid also uses your information to conduct analyses related to our services and our websites. We use this information to improve our services and finance matching model. We also use this information to improve our websites’ usability and to evaluate the success of particular marketing campaigns and other activities.

Optional Communications: Surveys and Marketing

Factor Bid may also use your personal information to select you for certain marketing offers, newsletters, surveys and/or requests for feedback regarding your experience. Factor Bid may use your personal information both to select you for an offer and to communicate that offer to you.

How Factor Bid Shares Your Information

We will share your personal information with non-affiliates or (companies not related by common control or ownership) and among affiliates (companies related by common ownership or control, only in the ways that are described in this privacy policy. By law, you are permitted to limit some types of sharing, but not others.

Factor Bid shares your information with third parties as permitted by law, including in the following specific ways:

  • Originating Lender. Some finance offers are originated through Factor Bid are handled by a third party lenders. If you request financing through Factor Bid, you are also providing your information to the potential affiliate finance company, and further information may be provided to that finance company after your financing originates
  • Third Party Financing Platforms. Certain loan applications through Factor Bid may also be processed by another online finance platform, to which you are providing your information when you apply for a loan. The use of your information by that online financing platform is governed by that company’s privacy policy
  • Third Party Service Providers. Factor Bid relies on third party service providers to help us conduct our business and marketing activities, such as maintaining our files and records, offering customer service, sending marketing communications, or facilitating fund transfers. Factor Bid may share your information with such companies, which are authorized to use your personal information only as necessary to provide these services to Factor Bid. Information may also be shared among affiliates for this purpose where one affiliated company provides services to or on behalf of another affiliated company in connection with your account
  • Potential Lenders. Factor Bid shares your information on an anonymous basis to allow potential finance companies to decide whether to commit to financing
  • Referral Partners. If you were referred to Factor Bid by another company (a “Referral Partner”), Factor Bid will share your information as necessary to honor the terms of its agreement with that Referral Partner and to process your transaction. In some cases Factor Bid may share with a Referral Partner for that Referral Partner’s own business purposes, such as to analyze and improve its business and provide targeted marketing offers to you. Your rights with respect to this sharing are discussed in the following section.
  • Merchants or Service Providers. If you applied for financing to be used with a merchant or service provider, Factor Bid may share your information with the merchant or service provider associated with your customer application
  • Credit Bureaus. Factor Bid may share your personal information with credit bureaus to meet our credit reporting obligations
  • Affiliates. Factor Bid affiliates, may share your information with each other, including information related to your creditworthiness and/or your customers creditworthiness, for purposes of general business analysis or to present targeted marketing offers to you or others. Your rights with respect to this sharing are discussed in the following section
  • Legal Requests & Regulatory Requirements. Factor Bid may also share information to comply with, or to allow finance companies or potential banking companies to comply with, any applicable law, regulation, legal process or governmental request; or for the purposes of limiting fraud; or in connection with an audit or the sale of Factor Bid to a third party

Important Privacy Choices

Consent to informatoin sharing with third party Referral Partners: By accepting this privacy policy, you agree that Factor Bid may immediately begin sharing your information with any third party company that referred you to Factor Bid so that that company may use your information for their own business purposes, including to market to you.

Right to restrict information sharing with companies we own or control (affiliates): Factor Bid may share your information among affiliated companies whether or not those companies are covered by this policy. Federal law gives you the right to limit this sharing in certain circumstances, including where it includes information about your creditworthiness or is used for the purpose of marketing to you. If you would like to opt-out of this type of sharing, please follow the instructions below. We will begin sharing your information 30 days from the date that we first provided this notice if you have not opted-out.

In order to revoke your consent for information sharing with Referral Partners and/or opt-out of Factor Bid affiliate information sharing, please contact us at privacy@factor.bid

If you would like to exercise your right to opt-out of information sharing by a company affiliated with Factor Bid but not covered by this policy, you must consult that company’s privacy policy for instructions on how to exercise your right to opt-out.

Facts About Your Personal Information

How You Can Change Your Personal Information

You can access the personal information you have provided to us by logging in to your account. As a registered user, you can update your password, email, address, phone number or bank account information at any time. To change other information, contact us at info '@' factor.bid and we will respond to your request as soon as possible.

We will retain your information for a minimum of five years and as long as needed to provide you services, comply with our legal obligation, resolve disputes, conduct analysis, audits, or to enforce our agreements or as otherwise required by law.

How Factor Bid Secures Your Personal Information

Factor Bid uses significant safeguards, including physical, technical, and operational controls to protect your personal information, both during transmission and once received. If you have any questions about the security of your information, you can contact us at privacy@factor.bid

Factor Bid equips all servers with an Extended Validation (EV) Secure Socket Layer (SSL) certificate to ensure that when you connect to our websites you can tell that you are actually on our site and that all data entered into the websites are transmitted to us in a secure encrypted channel. Once on our system, personal information can only be read or written through defined service access points, the use of which is password-protected. Data security is achieved through technical safeguards that include a combination of firewalls, intrusion detection system, malware detection system, and data loss prevention systems. Factor Bid also conducts vulnerability scans of applications and systems regularly.

Access to the system is tightly controlled and limited to only those who have a need to access information. Administrative safeguards such as a security awareness program and internal information use policy ensure that only trained and trusted staff are permitted to access personal information. Some additional features of our security program include:

Secure Data Center

We store all sensitive financial information in a state-of-the-art, highly secure data centers that is audited per PCI and/or SOC 2 Type II standards. Physical access to the data center is strictly controlled and we use the latest threat prevention technologies such as network and web application firewalls, VPN, antivirus, Web filtering and anti-spam technologies.

Passwords

Our system relies on oauth in connection with your Facebook, Twitter or Google account. It is recommended that you take steps to secure these accounts. Including, but not limited to choosing a password that is easy to remember yet difficult to guess, change your password frequently, and do not use this same password on multiple sites.

Additional Steps You Should Take to Ensure the Security of Your Information

Factor Bid sends important communications regarding your account via email. You should therefore take steps to secure and restrict access to your email account and change your email account password frequently. You should also be aware of fraudulent emails known as “phishing,” from companies claiming to be Factor Bid and requesting your login information or other account information. Factor Bid will never ask for your login information in an email.

When you are finished using our websites, you should log out completely, then close the browser window and clear the browser’s cache files. This step is particularly important if you use a computer that is accessed by other people, such as in a Internet café or public library.

Policy Changes

Any updates to the privacy policy become effective when displayed on the websites. If we make any material changes, we will notify you by email or by providing the revised privacy policy in your account on www.Factor.bid. Your continued use of our services following the update means that you accept Factorbid’s updated privacy policy.

For additional information, or if you have any questions regarding this policy or the privacy practices at Factor Bid, please submit your questions or comments directly to privacy@factor.bid.

You can also send questions or comments to:

Factor Bid, LLC.
Attn: Compliance
1475 N. Scottsdale Road, Suite 200
Scottsdale, AZ 85257