Why Choose Non-Recourse Invoice Factoring: Part One

Non-Recourse Factoring Services | Riviera FinanceSince 1969, Riviera Finance has offered non-recourse factoring services. Non-recourse factoring is the outright purchase of accounts receivable (invoices) for cash. This method of business financing provides a company with cash flow, protection from bad debt, and accounts receivable management services.

Riviera Finance pioneered the use of non-recourse factoring for small, growing companies. Without the cash flow to afford an accounts receivable staff, or the financial history to qualify for a business loan, many growing companies use non-recourse factoring in the early stages of their business.

The Riviera Finance Difference

One main feature of non-recourse factoring is that Riviera Finance will guarantee the credit of the factored invoice, even if your customer goes bankrupt. This guarantee is a powerful tool that can eliminate bad debt. Under recourse factoring, the borrower (you) must have the ability to “buy back” the invoice if the customer is unable to pay.  In factoring jargon, this is recourse or a “chargeback” from the factor.

How Does Recourse Work?

Recourse creates a difficult issue for the business owner with cash flow needs.  First, the business must hold some cash in reserve to allow for potential chargebacks.  These charges can come anytime and will usually require immediate payment, either with cash or newly factored invoices.

The recourse factoring company typically holds a reserve as well to cover credit risk.  This means the client (you) may receive only a limited advance (70 to 85%) when factoring your invoices – the factoring company holds back the rest until your invoices are paid or charged back.

Non-Recourse Factoring Benefits

Because non-recourse factoring companies assume the credit risk, they typically employ a team of experts to evaluate credit and manage the accounts receivable.  Since the client isn’t on the hook for credit issues, neither the client nor the factor needs to hold a large cash reserve, if any.  Reserves for the non-recourse factor are based on estimates of potential product returns or other “offsets.”  In the case of service-based business (transportation, staffing, building maintenance, etc.), a good non-recourse factor can offer a “full advance” (no reserve), maximizing the cash flow to the client.

To deliver our non-recourse factoring services, Riviera Finance employs a team of accounts receivable management professionals in local offices across the United States and Canada. Riviera Finance non-recourse factoring clients depend on us every day to provide full credit, invoice processing, posting and collection services.

Make sure you come back for the next part of this series in a couple weeks – Part Two:  How a Non-recourse Program Can Make Your Customers Happy.

Contact the invoice factoring professionals at Riviera Finance to take advantage of our non-recourse factoring services today.

Top 5 Tips for Creating a Profitable Website

Top 5 Tips to Create a Profitable WebsiteA profitable website is one of your best tools for getting more leads and customers. Many websites, unfortunately, are not effective and don’t do much to help businesses grow. To create website traffic and profits it’s necessary to do plenty of research and to implement some proven strategies. Let’s look at the top five tips to create website success.

 

  1. Install Google Analytics

Analytics are essential for tracking your results and understanding what is and isn’t working. There are all kinds of tools to help you do this, but Google Analytics is free and fairly easy to use. It gives you many valuable capabilities, such as tracking your visitors, identifying how long they spend on each page, tracking conversions and learning where your traffic comes from. Install Google Analytics and consult it frequently. When you notice that you’re not getting the desired results in a certain area, try to pinpoint the problem so you can make the necessary changes.

  1. Implement a Content Management System (CMS)

A CMS makes it much easier to build a successful website. Many tasks are automated and you can add helpful features such as plugins. WordPress is the most popular CMS, but you can also look into others such as Drupal and Joomla. WordPress is generally the most newbie-friendly. Drupal is better for sites with high traffic or many pages. Joomla is very good for small businesses because it has many features that let you scale up as you grow. The best CMS really depends on your needs.

  1. Conduct A/B Tests

The only way to really know how your site is doing is to conduct tests. A/B or split tests are simple and useful, as they let you compare two variables. The more elements you test, the more comprehensive your knowledge. Remember that almost everything you do in marketing can be tested, including headlines, article topics, layouts, colors, graphics, and much more. Google Analytics provides many tools for testing, which Google calls experiments.

  1. Add a Contact Form and Contact Information

To create website success, you want to make it as easy as possible for your customers and prospects to contact you. A contact form is a simple way for people to send you an email for more information. In addition, list as much contact information as you’re comfortable with. It’s best to list a physical address and phone number. This information increases the trust factor for your business. It shows that you’re transparent about who you are, where you’re located and how to get in touch with you.

  1. Include Multiple Calls-to-Action (CTAs)

If you want a profitable website, you absolutely must include strong calls-to-action (CTA). You should include a variety of these in multiple locations. Having CTAs in different formats increases the chances of people leaving their email addresses, buying your products, or taking whatever action you want. If you’re selling a product, for example, include many links to the product page. Have opt-in forms on every page of your website. A CTA lets your visitors know exactly what you want them to do.

For ways to supplement your business’s cash flow, contact Riviera Finance and learn about our invoice factoring services.

This week’s blog was provided by Moxie Digital. Riviera’s weekly blog articles, written by business professionals on a variety of subjects, are designed to help business owners manage and grow their companies.

3 Ways to Market Your Business Online – For Free

Market Your Business Online for FreeIf you are looking for ways to market your business but you worry that a limited budget is holding you back, you’ll be glad to know that there are quite a few effective marketing tactics that are free. When you’re just starting out, or you’re strapped for cash, it’s prudent to seek out these cost-free strategies. Let’s look at three powerful ways to market an online business that don’t require you to reach for your wallet.

 

Sign Up With Google My Business

Google provides several important tools to help you market your business locally. Google Maps is particularly important for physical businesses, as it provides customers with directions to your place of business. Here are the key steps to use Google My Business and Google Maps:

  • Sign up with Google My Business. Add all relevant information, such as your business name, address, phone number, hours and description.
  • Check the appropriate categories.
  • Add images of your business.
  • If you have a physical business, add Google Maps.
  • Ask customers to leave reviews. Google displays reviews with its listings.

If you have a service-based business where customers don’t actually walk into your store or office, you can still sign up with Google My Business. However, you must have a brick and mortar business to use Google Maps. Both services are free.

Social Media

Social media sites such as Facebook, Twitter, LinkedIn, Instagram and others provide many free resources for promoting your business. Here are some tips to keep in mind to get the most out of social media:

  • Choose the sites that work best for your business. Think of the demographics of your customers and figure out which social sites they use most.
  • Fill out your profiles thoroughly. Use quality photos, include links to your website, and provide a detailed, keyword-rich description of your business.
  • Connect with friends, family, business associates and colleagues to grow your following. On some sites, such as Twitter and LinkedIn, one of the best ways to build up your following is to follow others with similar interests. Also connect with influencers in your industry -people with large followings and solid reputations.
  • Share content regularly. Daily is best. You can post two to three times per day on Facebook, even more on Twitter. Post a variety of content, including articles, videos, images, infographics and anything that’s relevant to your audience. You can also post useful links to other people’s content if they aren’t direct competitors.
  • Offer special promotions to your followers such as coupons, promo codes and discounts.

Email Marketing

Another great free way to market your business is email marketing. An email list gives you the ability to send messages to your list whenever you want.

  • MailChimp is free for the first 2,000 subscribers and 12,000 emails per month. Once you get more than that, you can find a plan that fits your business.
  • Send out emails regularly to engage with your audience. You could use a newsletter format to help establish your expertise. MailChimp provides templates to help you do this.
  • Promote articles, videos, your Facebook page, your latest product, affiliate offers, your book on Amazon or whatever you want to promote. On the other hand, also include helpful tips, news and other helpful information.
  • As your list grows, you may want to segment it, sending different messages to subscribers based on their interests and past buying behavior.

Use these three free methods to market your business. As you gain a larger following, you’ll start generating income from your online marketing efforts. Then you can think about investing in advertising and other paid promotional strategies.

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.

Riviera Finance Welcomes 171 New Clients in the Second Quarter of 2013

Riviera Finance is excited to welcome 171 new clients during the 2nd quarter of 2013. Whether you have chosen Riviera Finance because we offer non-recourse factoring, provide the highest advance rates in the industry, offer the most competitive rates, or have been highly referred, we aim to provide you with the best customer service in the industry. Riviera Finance has been dedicated to factoring small businesses since 1969 and we understand your cash flow needs.

Here is a sampling of the new companies funded for the quarter.

A $200,000.00 account limit for a courier service in Ontario, Canada.

A $50,000.00 account limit for a temporary staffing company in Alabama.

A $600,000.00 account limit for a catering service in California.

A $250,000.00 account limit for a commercial sealing and plowing service in New York.

A $250,000.00 account limit for a trucking company in Illinois.

A $700,000.00 account limit for a logistics company in Colorado.

A $100,000.00 account limit for a metal fabrication company in Texas.

A $150,000.00 account limit for an IT consulting company in Oregon.

A $250,000.00 account limit for an electrical contractor in North Dakota.