Don’t Wait! Learn How You Can Get Paid Faster.

Get Paid Faster with Invoice FactoringMany businesses struggle with cash flow problems, often due to unpaid invoices. One solution to this is the practice of invoice factoring, where you sell your accounts receivable to another company in exchange for upfront cash. This practice is not new, but not everyone is familiar with it.

Additionally, there are often obstacles and complications that discourage businesses from taking advantage of factoring. With Riviera Finance, however, getting immediate cash for your invoices is simple and practical.

How It Works

Once you sign up as a Riviera Finance client, factoring your receivables for immediate cash is simple. Here are the steps:

How to Factor Your Invoices

  • You submit a list of customers for invoice factoring, giving us the business name, address and the amount you need.
  • We immediately set a credit limit for these customers.
  • In most cases, you’ll be able to get instant online credit with FastCredit.
  • You deliver the products or services your customers ordered as you normally would. Instead of sending invoices to your customer, send them directly to Riviera, along with proof of delivery.
  • After we verify delivery of goods or performance of service, you get your cash. Funds are wired into your bank account within 24 hours, with our service fee deducted.
  • We forward invoices to your customers for payment.

It’s easy to see how factoring your invoices with Riviera Finance is a convenient way to get paid faster for your invoices. However, there are some important benefits to the health of your business that may not be obvious.

  • Freedom from the time and hassle of collecting payments.
  • More cash to grow your business, whether by increasing production, acquiring essential equipment, upgrading technology or doing more marketing.
  • Improved supplier credit. In some cases, suppliers may even give you cash discounts.
  • Ability to work with more high-quality customers who request credit terms.
  • Reduced expenses by leveraging your advantageous cash position.

Factoring your invoices is a simple yet powerful way to improve the financial health of your business. It gives you additional time and cash to run your business more efficiently, serve your customers and accelerate growth. Riviera Finance is a service that gives you peace of mind and lets you focus your energy in more productive ways.

Is Riviera Finance Right For Your Business?

Every business has unique needs and you should always carefully look at your situation and decide whether factoring your invoices is right for you. There are, as we’ve seen, some definite advantages to this approach. Although many businesses are just starting to discover the possibility of factoring their invoices, Riviera Finance has been providing financing solutions for small and medium-sized businesses since 1969. With more than 1,200 clients and offices throughout North America, we have the experience and expertise to guide you to a more secure financial position for your business.

Consult with us today and find out what invoice factoring can do for you.

Riviera Finance in Holiday Spirit

riv-xmas-2016-chicagoRiviera Finance was involved in two charity events this week and they gave much joy to the staff. The first event had the staff baking cookies at the Ronald McDonald House for families that had a loved one receiving medical care.

The second charity event had the office collecting toys for the children at the Hephzibah Home. The home provides care for children, and they gave us a list of toys desired by the kids. The staff was eager to fulfill all the children’s wishes, and exceeded the goal of the toy drive.

These are great charitable foundations, so it was nice to offer such a small contribution that warmed our hearts. 

Temporary Staffing Agency Benefits From Non-recourse Factoring

imageNon-recourse invoice factoring benefited a temporary staffing agency client when Constar Plastics filed for Chapter 11 bankruptcy. The transfer of risk amounted to over $187,000.00 when Riviera Finance purchased invoices from the staffing company on a non-recourse basis, assuming the credit risk, and subsequent credit loss.

Often times, the value of non-recourse factoring is under estimated, but when extending trade credit to a customer there is a varying degree of credit risk. In this instance, the staffing agency’s customer, Constar Plastics lost a contract with Pepsico and eventually filed for bankruptcy.

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.

Riviera Finance Appoints Business Development Manager in Ontario

imageWe’re very pleased to announce that Colin Dido has been named Business Development Manager for Central and Eastern Canada.  Effective immediately, Mr. Dido is responsible for serving new factoring prospects and originating business through our Mississauga, Ontario office.  Colin Dido brings a wealth of experience supporting small to medium sized businesses across a variety of industries, most recently as a business development professional for a major logistics company.

To contact Mr. Dido regarding invoice factoring for your business or your client’s business, please call or email him directly for immediate response.

Small Business Lending at Highest Level Since 2007

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The Thomson Reuters/PayNet Small Business Lending Index rose to 120.4 in October, its highest level since August 2007.  This is generally seen as a positive leading indicator for the U.S. economy, as small businesses step up their borrowing to handle growth in orders.  Supporting this trend, PayNet also reports that delinquencies as a percent of loans set a record low in October.

As small businesses continue to lead the economic recovery, Riviera Finance provides financing alternatives to handle short-term, seasonal or ongoing cash flow needs.  Find a local office near you

Image courtesy of dan/FreeDigitalPhotos.net