6 Industries Using Invoice Factoring to Improve Cash Flow

Delayed payments delay everything. Not only do you have to figure out how to fill the gap financially, but you also have to manage employee expectations and potentially put off important investments. 

Many industries using invoice factoring enjoy the speed and convenience. Invoice factoring companies purchase your current, unpaid invoices, then forward the invoice to your customers and collect payment according to the terms of the invoice, so you can avoid the stress of slow and sometimes delayed payments and get right back to business as usual. 

In fact, some businesses depend on invoice factoring due to their industries regularly facing irregular cash flow. Let’s take a look at some of the industries that benefit the most from this useful service. 

Industries That Benefit Most From Invoice Factoring

1. Transportation 

Running a trucking business is challenging since it’s common for freight brokers and shipping companies to pay in 30 to 60 days. While this length of time is widely considered an industry standard, delayed cash flow can cause difficulties for companies that need to pour money back into their business operations. 

Transportation businesses using invoice factoring don’t have to worry about putting off essential purchases. When they need to buy fuel or repair their trucks, invoice factoring speeds things along.

Riviera Finance has been working with small and medium-sized businesses for over 50 years. Our specialty knowledge in the trucking and transportation industry provides you a mixture of dependable payments and industry expertise to help keep your business running uninterrupted.

2. Renewable Energy

Energy services may be in high demand, but that doesn’t always shield businesses from slow payment processes. Many contractors in the commercial solar and wind energy industries wait one or two months to receive payment, making it difficult for them to begin new installation or repair jobs.

Energy funding is one of many industries using invoice factoring to nip this problem in the bud. Thanks to fast, straightforward payments, slow-paying customers are no longer able to grind essential business operations to a halt. With Riviera Finance, energy funding businesses can get paid in as little as 24 hours once you’re approved. 

3. Temporary Staffing

The temporary staffing industry often faces irregular cash flow due to unstable demand and frequent payment delays—on top of the sheer expense of running a staffing agency. Finding good talent is costly, as is the marketing necessary to attract clients. Juggling these costs alongside typical business expenses like payroll means a minor interruption in cash flow can be a major problem.

With invoice factoring, staffing agencies are better able to navigate payment delays and periods of low demand. Since some industries face bigger workforce staffing issues during certain seasons, staffing agencies can fill in the financial gap with invoice factoring until demand increases again. 

Riviera Finance provides businesses like staffing agencies with fast, no-fuss payment solutions. Our maximum cash advances and speed of delivery make us one of the easiest and most cost-effective solutions in our field. 

4. Telecom

Telecommunications may move at the speed of light, but that velocity doesn’t always translate to invoices. When telecom businesses provide essential, everyday services to keep people and brands connected, they deserve solutions that work as hard as they do.

Delayed assignments create a ripple effect that can impact hundreds or thousands of people. Invoice factoring provides a much-needed buffer for telecom businesses to focus on vital work like cable installation, testing, and cell tower repair. 

Telecom businesses using invoice factoring enjoy greater peace of mind when they finish a job. Not only will they enjoy the fulfillment of keeping crucial technology alive, they’ll have more time to focus on their next job. 

Riviera Finance understands the financial strain that comes with these massive, interconnected projects. We crafted a simple approval process that doesn’t rely on your credit score or your years in business, so you can start enjoying better cash flow as soon as possible.

5. Oil & Gas

The high upfront costs of oil and gas can make it difficult to get a steady cash flow even in the best of times. Waiting for a traditional 30 to 60 days on a payment can stall projects or make businesses miss out on new opportunities. 

Oil and gas companies that use invoice factoring give both their workers and their reputation a much-needed boost. With more stable cash flow, they can keep their projects running seamlessly, hit their deadlines, and move on to bigger and brighter opportunities. 

If you’re looking for a company to help you achieve these invoice factoring benefits, Riviera Finance has decades of experience working with major industries like oil and gas to improve cash flow and maintain steady business. 

6. Underground Utility

Underground utility businesses regularly receive work from municipalities, creating a hefty amount of paperwork and approval processes before they get paid. These cash flow issues impact the entire business, making it difficult for business owners to purchase new materials or for contractors to stay on the job.

Underground utility businesses using invoice factoring can skip these lengthy processes in favor of fast, convenient payments. These payments also give you the confidence to bid on new jobs and hire the best people. 

Riviera Finance has years of experience working with underground utility businesses across areas such as water, sewage, trenchless cable, and pipe laying. With our industry experience  and personal service, it’s never been easier to cash flow your business. 

This is not an exhaustive list of the industries we help with invoice factoring. Hospitality, IT consulting, food and beverage, landscaping, and building maintenance are just a few more of the industries we help with cash flow. 

Riviera Finance Can Help You Grow Your Business

You don’t have to accept poor cash flow as an inevitable part of running your business. When you sign up with Riviera Finance, you pave the way for less stress and more business growth.

Our simple online application process and transparent pricing model with no set-up fees takes the guesswork out of switching to a new cash flow method. Instead of wondering what your business could look like after another year or two of delayed payments, give yourself a definitive answer with Riviera Finance. 

Would your business benefit from invoice factoring? Talk to a Riviera Finance expert today.