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5/7/2013 @ 12:13:00
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Big multinational companies are extending payment terms to their suppliers, as is evidenced by an article in the Wall Street Journal, “Firms Pinch Payments to Suppliers”. Procter & Gamble is one of those companies and is looking to extend their terms from 45 to 75 days. Not so amusing, is that the article offers that they are late to the game, because other large companies are offering 60-100 day terms.
What this article depicts, is that large companies can free up their cash flow and financing costs by extending terms at the expense of their suppliers. This is an unfortunate trend, and one would think that a company like P&G that made over 13 billion dollars in 2012 would not find it necessary to squeeze their valued suppliers.
In effect, the concept of a trade payable is that it is an unsecured transaction and essentially works off a handshake agreement that the customer will provide payment to the supplier in a timely fashion. Unfortunately, big businesses have the ability to disregard this code of conduct and extend terms.
For P&G, their solution is to provide their supplier a means to get paid quicker by having their invoices discounted by a bank and be paid within 15 days. It is estimated the implementation of this plan will take up to 3 years. What is curious, is how are the suppliers suppose to address these extended terms in the mean time? Another concern will be if all suppliers, big and small alike, will qualify for invoice discounting? While these concerns are relevant, probably the biggest concern for a small business is still trying to bridge the 15-day payment gap. As this article depicts, cash flow is king to large companies, so it must also be very important to small businesses as well. Unfortunately, the small business just does not have the same luxury to extend payment terms and so another solution must be found.
Riviera Finance is a company that is not so unfamiliar with invoice discounting and has been doing so since 1969. The terminology is known as factoring, but unlike the banks getting involved strictly to earn a fee by only discounting the invoice Riviera Finance provides complete accounts receivable management. Riviera Finance will not only provide cash on the invoice within 24 hours, but also manage that account from start to finish, and assume the credit risk. The program is all encompassing and includes invoice mailing, collection management, credit management, cash application, reporting, and a credit guarantee. These value-added services provided by Riviera Finance can free up the limited human resources at a small business. This in turn will allow the small business to direct their attention to the growth components of their company such as sales, service, and production.
In the end, there are options for the small business to manage their trade receivables.
Here is a sampling of the new companies funded for the quarter:
A $100,000.00 account limit for an auto body repair shop in Wisconsin.
A $250,000.00 account limit for an IT consulting company in Utah.
A $150,000.00 account limit for an oilfield service company in Texas.
A $250,000.00 account limit for an oilfield service company in North Dakota.
A $50,000.00 account limit for a janitorial service in California.
A $180,000.00 account limit for transportation company in Florida.
A $250,000.00 account limit for a building service company in Minnesota.
A $150,000.00 account limit for trucking company in New Brunswick, Canada.
A $250,000.00 account limit for an IT consulting company in Georgia.
A $500,000.00 account limit for a distributor in Arizona.
A $300,000.00 account limit for a water hauler in Alberta, Canada.
Here is a sampling of the new companies funded for the quarter.
A $100,000.00 account limit for a security guard service in New York.
A $350,000.00 account limit for an IT consulting company in California.
A $100,000.00 account limit for a staffing company in Texas.
A $250,000.00 account limit for a welding company in North Dakota.
A $100,000.00 account limit for a transportation company in Texas.
A $100,000.00 account limit for architecture company in Illinois.
A $100,000.00 account limit for a cleaning service in Illinois.
A $500,000.00 account limit for an internet sales company in Idaho.
A $100,000.00 account limit for a parts distributor in Connecticut.
A $700,000.00 account limit for a 3rd party logistics company in California.
A $100,000.00 account limit for a trucking company in Ontario, Canada.
A $150,000.00 account limit for a staffing company in Georgia.
A $100,000.00 account limit for a Oil and Gas servicing company in Oklahoma.
Often times, the value of non-recourse factoring is under estimated, but when extending credit terms to a customer there becomes a varying degree of credit risk. For a trucking company, the credit risk is often difficult to navigate because most of the arranged freight comes through transportation brokers and it is estimated that there are over 10,000 transportation brokers that exist in North America.
With Riviera Finance’s non-recourse factoring program credit management is not taken for granted, but considered a major component of service. A Riviera Finance client will find unparalleled support in the credit management provided to them, including credit evaluation on the customer, automated credit decisions through Fastcredit, invoice collection, and assumption of credit risk. These are very tangible benefits of Riviera Finance’s non-recourse factoring program that demonstrate a vested interest in the accounts purchased, and also a deep rooted understanding on how difficult it is for a small business to absorb a credit loss.
Here is a sampling of the new companies funded for the quarter.
A $100,000.00 account limit for a security guard service in California.
A $200,000.00 account limit for a furniture wholesaler in North Carolina.
A $120,000.00 account limit for a landscaping services in Florida.
A $250,000.00 account limit for a research company in Ontario, Canada.
A $250,000.00 account limit for a security installation company in Minnesota.
A $500,000.00 account limit for a water hauler in Texas.
A $150,000.00 account limit for a trucker in Illinois.
A $300,000.00 account limit for an automotive supplier in New Jersey.
A $50,000.00 account limit for a maintenance company in Tennessee
A $50,000.00 account limit for an appraisal company in Washington.
Riviera Finance will be exhibiting at the South Texas Oilfield Expo this Wednesay and Thursday, September 19 & 20 in Corpus Christi.
Drop by booth #1422 and say hi to Josie Ramirez, Business Development Manager, and Jennifer Whittenburg, Operations for our Houston office.
If you're interested in attending, be sure to give Josie a call at 800-874-0149 and ask about the free pass to the expo.
Riviera Finance is a key contributor to the growth of the region, providing invoice factoring services to small businesses throughout Texas, including many service providers in the Eagle Ford energy fields.
For more information, visit the expo's official Web site here: www.southtexasoilfieldexpo.com
We hope you can make it!
Riviera Finance has opened its doors to its newest office, in Oklahoma City:
4334 Northwest Expressway
Oklahoma City, OK 73116
Riviera has been providing accounts receivable factoring to businesses across U.S. for well over 40 years. Our hallmark is our personalized, face-to-face service, and we're excited to include Oklahoma City on the growing roster of two dozen cities we call home.
By factoring its invoices, a business can tap into a steady source of cash immediately, providing capital for growth, to meet payroll, or satisfy a host of other needs. Because it's not a loan, there is no debt incurred, the application process is far faster than with a bank, and even those with less-than-sterling personal credit can often be approved. Plus, Riviera's nonrecourse factoring program guarantees the credit on the invoices we buy. This allows a business to eliminate bad debt, and use Riviera's credit database to more carefully choose its clients in the future.
If you're in the area, stop by the office and meet Jennifer Hughes, our Customer Service Rep and tap into your new cash flow today!
Often times the value of non-recourse factoring is under estimated, but for many small businesses a write-off is difficult to absorb and may even force a company out of business.
It makes one wonder why there is not a greater emphasis placed on the value of non-recourse factoring, because when a write-off hits it hurts?
Riviera Finance has been providing the benefits of non-recourse factoring to their clients for over 40 years by assuming the credit risk on their customer, the account debtor.
- 64% of larger companies are paying their bills in 60+ days (Wall Street Journal)
- Bill-paying is done at an average of 7.6 days overdue, up 14.1% over last year (Experian study)
The message is clear: the need for immediate working capital is stronger than ever, and Riviera Finance's factoring services are delivering positive results.
The Problem. The recession ushered in a policy shift among many large companies to slow their payment speed to their smaller creditors. This tactic has not abated despite the overall improvement of the economy. Larger companies learned that it's effective to stretch payment on invoices to 60 or 90 days or more, and their small-company associates simply capitulate because they lack the resources to fight.
A study conducted by the credit bureau Experian found: "...businesses earlier this spring were paying bills an average of 7.6 days past due, a 14.1% increase from the same period last year. The biggest companies in the study–those with more than 1,000 employees–had the sharpest year-over-year increase in late-payment days, up nearly 28%..."
The Solution. While small businesses may lack the resources to fight this trend, there are things they can do to thrive despite the challenge. One often untapped resource for small business is invoice factoring. Instead of waiting a growing period of 40 or 50 days or more get paid, by selling its invoices to Riviera Finance, a small business can access cash immediately. Factoring provides this quick cash without creating debt (it isn't a loan), and without the long and often futile process of applying with a bank. In fact, even business owners whose personal credit is less than sterling very often qualify.
Rivera Finance offers nonrecourse factoring, which provides a credit guarantee, meaning that our customers retain the cash advanced to them, even if Riviera Finance doesn't collect from its debtors. This helps our clients eliminate bad debt, and by tapping into our experience and credit database, they can choose their future customers more carefully and weed out the high-risk opportunities.
Riviera's credit services are so effective at eliminating high-risk companies from the equation, and our collection processes are so streamlined, that we buck the slow-payment trend reported by The Wall Street Journal. Our debtors pay us in about the same amount of time as they have in years past.
For the full Wall Street Journal article, click here: http://online.wsj.com/article/SB10001424052702303296604577450561434496668.html
Here is a sampling of the new companies funded during the second quarter of 2012.
A $50,000.00 account limit for a trucking company in Quebec, Canada.
A $200,000.00 account limit for a deep water well service in Texas.
A $200,000.00 account limit for an environmental service company in Florida.
A $250,000.00 account limit for a headset manufacturer in Minnesota. A $200,000.00 account limit for a document service provider in Colorado.
A $100,000.00 account limit for a promotional service company in Maryland.
A $150,000.00 account limit for an auto body repair company in California.
A $600,000.00 account limit for a consulting company in California.
A $100,000.00 account limit for a plumbing company in Illinois. A $150,000.00 account limit for a welding company in British Columbia, Canada.
Good news for small businesses looking for invoice factoring as Riviera Finance welcomes two key players to the Riviera team. In the Greater Toronto Area and Eastern Canada:
Riviera Finance is pleased to announce Mr. Miro Rendine has joined the company as Business Development Manager for that area of Canada. Mr. Rendine comes to Riviera with a long and successful history in the banking and finance world.
In Northern California, Mr. Abel Villalobos has returned to Riviera for a second stint with the company, as Sales Representative covering Northern California, Nevada, Utah and Colorado. Both Miro and Abel appreciate Riviera’s core business demographic, as well as our non-recourse factoring products, accounts receivable management service, high advances, simple pricing programs and very competitive rates.
We’re delighted to have Mr. Rendine and Mr. Villalobos representing Riviera in these growing regions. We encourage you to contact Mr. Rendine at 866-899-0070 or email@example.com, while Mr. Villalobos can be reached at 800-336-2223 or firstname.lastname@example.org.
Here is a sampling of the new companies funded during the first quarter of 2012.
A $50,000.00 account limit on a trucking company in Manitoba, Canada.
A $300,000.00 account limit on a Modular Building Repair company in Louisiana.
A $500,000.00 account limit on an environmental testing company in Virginia.
A $250,000.00 account limit on a software developer in Ohio.
A $250,000.00 account limit on a metal fabricator in North Dakota.
A $75,000.00 account limit on a trucking company in Maine.
A $1,000,000.00 account limit on a tank truck carrier in British Columbia.
A $200,000.00 account limit on a concrete product manufacturer in Illinois.
A $100,000.00 account limit on a strategic development company in Colorado.
A $300,000.00 account limit on a clothing designer in California.