Riviera Finance
Riviera Finance has the ability to fund your invoices, provides up to 95% of the invoice value in cash within 24 hours.
They have been offering invoice factoring since 1969. This is a trusted invoice factoring company that helps thousands of clients meet their financial responsibilities each year.
When employees need to be paid or rigs need to be fueled, Riviera helps bridge the gap so that there’s no need to wait on 60-day invoices to be paid.
Who is Riviera Finance?
Riviera Finance has been in business since 1969, offering full-service invoice factoring.
The company has since grown from a small operation to serving over 1,400 clients and opening 20 fully-staffed business development centers.
The company manages 20,000 customer accounts per month and also has eight processing centers across the Canada and the US.
Non-recourse invoice factoring is offered to growing companies, with Riviera offering consistent, positive earnings and a diversified capital base.
Riviera Factoring Services for the Transportation Industry
Riviera understands that there are financial gaps between when an invoice is sent and when the invoice is paid. When immediate cash is needed to pay the bills or fuel up the rigs in the lot, the company makes the process of invoice factoring as quick and painless as possible.
The company works like this:
- Present the company with a freight bill
- Riviera purchases the bill
- Cash is advanced within 24 hours
The company has been offering this service since 1969, and they’re available to help the next generation of trucking companies succeed.
When using the company, these key factors need to be considered:
- The company performs quick credit checks on your customers for you
- There are no hidden fees, and the rates are competitive
- Receive up to 95% of the bill within 24 hours
- All invoices factored by the company come with a credit guarantee
- You do not credit debt when using factoring
Companies use the services that Riviera offers to be able to grant credit to new customers, haul more loads, pay suppliers on time and also make payroll. The company works with you through a dedicated account team that will ensure all of your financial needs are met.
While invoice factoring may net 95% of the invoice, the typical funding is 92% of the invoice.
Clients are also automatically approved for a Fuel Card Program, but keep in mind that there are fees when using this program. The fees are assessed at every use, so it may be a program that benefits smaller trucking companies rather than large companies with their own fuel savings programs.
Non-recourse factoring is the only factoring offered, and the company will allow free credit checks for active clients.
Digging deeper into the service, you’ll find that no credit scores are required and you don’t need to maintain monthly minimums to work with the company.
You will be entering into a contract with the company for a period of six months in most cases. You can have the period adjusted on the client’s needs, and the discount rates start at 2%. If you break the contract, you may have to pay a termination fee.
Termination fees are the only “additional” fees that will be assessed. It’s important to note that termination often only occurs on long-term contracts that have been broken.
While the rates listed on the company’s site give you insight into how the fees work, these rates may not be the rates that you receive. There will be negotiations with the management team, and you’ll want to try and negotiate the exact fees and percentage that Riviera will take when they purchase your invoices.
Customer service is superb, and you do have the option to have a face to face meeting with your advisor.
If you’re the type of person who works better face to face, this is an invoice company that is willing to sit down with you and discuss financials.
Riviera Finance Complaints
Complaints are far and few between with Riviera.
The factoring company’s biggest complaints are:
- Termination fee
- Application process
The company will require you to enter into contract to factor with the company for a specified period. If you terminate this contract and go to another factoring company, there’s a chance that you’ll need to pay the termination fee.
When applying, it can take several days before an approval is given. This is a negative if you need cash today, so it’s something to consider if you’re forecasting a cash void in the next few weeks.
Overall, Riviera Finance is an invoice factoring company that’s there for your business to use when capital is running low. When invoices are piling up and it’s time for you to be paid, Riviera will be able to supply up to 95%, usually 92%, of the value of the invoice.
Clients will be notified that you’re using Riviera for invoice factoring.