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Answers to frequently asked questions about Riviera Finance.

 

The following are frequently asked questions about factoring and the mechanics of the factoring process as it pertains to Riviera Finance.
Riviera wants to address any and all questions you might have regarding our program. If the information you are seeking is not here, please call 1-800-872-7484 and we will be happy to assist you in any way.

General
What is factoring?
Does Riviera Finance offer non-recourse factoring services?
What types of businesses do you factor?
What size clients does Riviera serve?
Do you have any restrictions as to the location of a client?
What about the location of a client's customers?
Can you supply me with references from existing clients? Does your company offer invoice factoring?
What is an accounts receivable factoring company?
What industries benefit from invoice factoring?
Do factoring brokers call Riviera Finance?
Do you provide business financing?
Is invoice factoring a viable form of small business financing?
How does invoice factoring produce working capital?
What is freight factoring?
How can Riviera Finance help with my company's payroll funding?
How does invoice factoring compare to a small business loan?
What is the advantage of financing through an invoice factoring service?
How can you help me increase my business capital?
How can Riviera Finance help me to supplement my business funding?
Why is invoice funding such an effective form of financing for small businesses?
What is accounts receivable financing and how can it benefit my business?
How can freight bill factoring help trucking companies?
What makes invoice factoring a preferable form of small business funding?
How can accounts receivable factoring improve my bottom line?
Does Riviera Finance provide full payroll services?
How does factoring compare to an accounts receivable line of credit?
How can I use invoice factoring to improve my company's cash flow?

Application Process
Do I have to pay a fee to get started or for you to process my application?
How long does it take to process my application?
Do I have to be an established business, operating a minimum number of years, to be approved?

Invoicing and Collections
Do I have to factor all my invoices?
Are my receivables pledged as collateral?
How long do I have to commit to factoring my invoices?
How will I know the status of my factored invoices?
How do my customers know where to send payments?
How do I receive my money from the factored accounts?
When do I receive the monies?



General

Q: WHAT IS FACTORING? 
A: Factoring is the purchase of accounts receivable for immediate cash. Factoring gives businesses the power to ensure growth without diluting equity or incurring debt.<back to the top>

Q: WHAT TYPES OF BUSINESSES DO YOU FACTOR?
A: Riviera serves a wide range of industries, including trucking, temporary personnel agencies, printing companies, manufacturers, wholesalers, and many service industries such as janitorial and armed guard services. Most any business that sells a product on terms not exceeding 60 days can use factoring. <back to the top>

Q: WHAT SIZE CLIENTS DOES RIVIERA SERVE? 
A: Riviera serves companies from start-up to $2 Million in monthly sales.. <back to the top>

Q: DO YOU HAVE ANY RESTRICTIONS AS TO THE LOCATION OF A CLIENT? 
A: No. Riviera is a nationwide commercial finance company--we can serve clients in all 50 states and Canada.<back to the top>

Q: WHAT ABOUT THE LOCATION OF THE CLIENT'S CUSTOMERS? 
A: Riviera purchases credit-worthy invoices from anywhere in the US and Canada. Riviera also purchases invoices from other countries on a case to case basis. <back to the top>

Q: CAN YOU SUPPLY ME WITH REFERENCES FROM EXISTING CLIENTS?
A: Yes. Riviera is proud of the service we offer and are more than happy to provide references once we have received a completed application package. <back to the top>

Application Process

Q: DO I HAVE TO PAY A FEE TO GET STARTED OR FOR YOU TO PROCESS MY APPLICATION?
A: No. Riviera requires no start-up fees unless you have no invoices to factor. <back to the top>

Q: HOW LONG DOES IT TAKE TO PROCESS MY APPLICATION?
A: Normally between four and seven working days is enough to get a client funded. We are generally able to give preliminary approvals within 24-48 hours via a term sheet that details the basic terms of factoring. Keep in mind that there is a verification process that Riviera must perform on the invoices that are submitted to us for financing. In some cases, the time required to verify these invoices is the driving factor behind getting the funding in a timely manner. <back to the top>

Q: DO I HAVE TO BE AN ESTABLISHED BUSINESS, OPERATING A MINIMUM NUMBER OF YEARS, TO BE APPROVED?
A: No. Riviera prides itself on catering to the financing needs of small to medium size businesses that are recently founded. Even pure start-ups are not a problem in most cases, as long as there are bonafide accounts receivable. <back to the top>

Invoicing and Collections

Q: DO I HAVE TO FACTOR ALL OF MY INVOICES? 
A: No. You are always free to decide which invoices to factor and which to keep in house. <back to the top>

Q: ARE MY RECEIVABLES HELD AS COLLATERAL?
A: Yes. Riviera requires a first position on all accounts receivable while you are factoring. <back to the top>

Q: HOW LONG DO I HAVE TO COMMIT TO FACTORING MY INVOICES?
A: Our standard term is six months.  However, we can adjust the term to meet the needs of the client. <back to the top>

Q: HOW WILL I KNOW THE STATUS OF MY FACTORED INVOICES?
A: Riviera is pleased to present Riviera Online Account Management, or ROAM for short.  ROAM allows you to access your complete account history securely using the Internet at any time day or night.  In addition, you will be assigned to a professional Account Executive who will be your direct contact for any questions you have. <back to the top>

Q: HOW DO MY CUSTOMERS KNOW WHERE TO SEND PAYMENTS?
A: When Riviera purchases an invoice, it is stamped with our address before being mailed to the customer.  <back to the top>

Q: HOW DO I RECEIVE MY MONEY FROM THE FACTORED ACCOUNTS?
A: Riviera can wire funds to your account, send a check through FedEx or any other overnight service, via US mail or we can simply drop your check of in person. In some cases, if your bank has a branch near our operations office we can deposit the check directly into your account. <back to the top>

Q: WHEN DO I RECEIVE THE MONIES?
A: Riviera funds all verified invoices submitted on pre-approved debtors within 24 hours of receipt. If the debtor has not been pre-approved for purchase, we will try to fund those invoices as fast as possible, usually within 24 hours as well. This kind of quick turn around is the reason many businesses use Riviera. This is also why Riviera has become the largest privately held factoring company in North America, and the reason we are viewed as the industry leader. <back to the top>

Riviera wants to address any and all questions you might have regarding our program. If the information you are seeking is not here, please call 1-800-872-7484 and we will be happy to assist you in any way.

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