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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



Application Process

Invoicing and Collections


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.
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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.
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Q: WHAT SIZE CLIENTS DOES RIVIERA SERVE? 
A: Riviera serves companies from start-up to $2 Million in monthly sales.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Q: ARE MY RECEIVABLES HELD AS COLLATERAL?
A: Yes. Riviera requires a first position on all accounts receivable while you are factoring.
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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.
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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.
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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. 
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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.
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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.
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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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