Factor Now

Data Processing Agreement

This Data Processing Agreement ("DPA") forms part of the agreement between:

Factor Now Ltd
("Controller")

and

[Lender / Partner Name]
("Processor" or "Recipient", depending on role)

1. Purpose

This DPA governs the processing of personal data shared via the Factor Now platform for the purpose of:

  • Assessing funding opportunities
  • Matching businesses with lenders
  • Progressing potential finance arrangements

2. Roles of the Parties

Factor Now Ltd

Acts as a data controller in respect of personal data collected via the Platform.

Lender / Partner

Acts as:

  • Independent data controller when assessing funding applications
  • OR Processor where acting on behalf of Factor Now

3. Types of Personal Data

Data shared may include:

  • Business contact details
  • Director information (including limited DOB data)
  • Financial and transactional data
  • Debtor/customer information (including sole traders)
  • Credit and verification data

4. Purpose of Processing

The Recipient may only process data to:

  • Assess eligibility for funding
  • Perform underwriting and risk assessment
  • Communicate with the business
  • Progress or decline funding applications

5. Data Sharing and Use Restrictions

The Recipient must:

  • Only use data for the purposes above
  • Not use data for unrelated marketing without lawful basis
  • Not retain data longer than necessary
  • Not share data with unauthorised third parties

6. Security

The Recipient must implement appropriate measures including:

  • Access controls
  • Secure storage
  • Encryption where appropriate
  • Protection against unauthorised access or loss

7. Data Subject Rights

The Recipient must:

  • Assist with data subject rights requests where required
  • Handle requests in accordance with UK GDPR

8. Data Breaches

The Recipient must:

  • Notify Factor Now without undue delay of any personal data breach
  • Provide sufficient information to assess impact

9. International Transfers

Any transfer of personal data outside the UK must be subject to appropriate safeguards.

10. Data Retention

Data must not be retained longer than necessary for:

  • Funding assessment
  • Legal or regulatory obligations

11. Liability

Each party is responsible for its own compliance with data protection laws.

12. Governing Law

This Agreement is governed by the laws of England and Wales.