Riviera Finance’s Trucking Clients Benefit from Non-recourse Factoring

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12 transportation clients benefited from Riviera Finance’s non-recourse factoring programming when the transportation broker, Argo Transportation in El Paso, Tx went out of business. The transfer of risk amounted to over $60,000.00 when Riviera purchased invoices from the carriers 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 credit terms to a customer there is a varying degree of credit risk. For a trucking company, evaluating a customer’s credit worthiness is often difficult to navigate because most of the arranged freight comes through transportation brokers and it is estimated that there are over 10,000 transportation brokers that exist in North America.

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 Welcomes 171 New Clients in the Second Quarter of 2013

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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.

Big Companies Extending Payment Terms

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art-cash-flowBig multinational companies are extending payment terms to their suppliers, as is evidenced by an article in the Wall Street Journal, “Firms Pinch Payments to Suppliers”. Procter & Gamble is one of those companies and is looking to extend their terms from 45 to 75 days. Not so amusing, is that the article offers that they are late to the game, because other large companies are offering 60-100 day terms.

What this article depicts, is that large companies can free up their cash flow and financing costs by extending terms at the expense of their suppliers. This is an unfortunate trend, and one would think that a company like P&G that made over 13 billion dollars in 2012 would not find it necessary to squeeze their valued suppliers.

In effect, the concept of a trade payable is that it is an unsecured transaction and essentially works off a handshake agreement that the customer will provide payment to the supplier in a timely fashion. Unfortunately, big businesses have the ability to disregard this code of conduct and extend terms.

For P&G, their solution is to provide their supplier a means to get paid quicker by having their invoices discounted by a bank and be paid within 15 days. It is estimated the implementation of this plan will take up to 3 years. What is curious, is how are the suppliers suppose to address these extended terms in the mean time? Another concern will be if all suppliers, big and small alike, will qualify for invoice discounting? While these concerns are relevant, probably the biggest concern for a small business is still trying to bridge the 15-day payment gap. As this article depicts, cash flow is king to large companies, so it must also be very important to small businesses as well. Unfortunately, the small business just does not have the same luxury to extend payment terms and so another solution must be found.

Riviera Finance is a company that is not so unfamiliar with invoice discounting and has been doing so since 1969. The terminology is known as factoring, but unlike the banks getting involved strictly to earn a fee by only discounting the invoice Riviera Finance provides complete accounts receivable management. Riviera Finance will not only provide cash on the invoice within 24 hours, but also manage that account from start to finish, and assume the credit risk. The program is all encompassing and includes invoice mailing, collection management, credit management, cash application, reporting, and a credit guarantee. These value-added services provided by Riviera Finance can free up the limited human resources at a small business. This in turn will allow the small business to direct their attention to the growth components of their company such as sales, service, and production.

In the end, there are options for the small business to manage their trade receivables.

Riviera Finance Welcomes 160 New Clients in the 1st quarter of 2013

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Riviera Finance is excited to welcome 160 new clients during the first 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 $100,000.00 account limit for an auto body repair shop in Wisconsin.

A $250,000.00 account limit for an IT consulting company in Utah.

A $150,000.00 account limit for an oilfield service company in Texas.

A $250,000.00 account limit for an oilfield service company in North Dakota.

A $50,000.00 account limit for a janitorial service in California.

A $180,000.00 account limit for transportation company in Florida.

A $250,000.00 account limit for a building service company in Minnesota.

A $150,000.00 account limit for trucking company in New Brunswick, Canada.

A $250,000.00 account limit for an IT consulting company in Georgia.

A $500,000.00 account limit for a distributor in Arizona.

A $300,000.00 account limit for a water hauler in Alberta, Canada.

Riviera Finance Welcomes 172 New Clients in the 4th quarter of 2012

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Riviera Finance is excited to welcome 172 new clients during the fourth quarter of 2012. 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 over the past 42 years and we understand your cash flow needs.

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

A $100,000.00 account limit for a security guard service in New York.

A $350,000.00 account limit for an IT consulting company in California.

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

A $250,000.00 account limit for a welding company in North Dakota.

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

A $100,000.00 account limit for architecture company in Illinois.

A $100,000.00 account limit for a cleaning service in Illinois.

A $500,000.00 account limit for an internet sales company in Idaho.

A $100,000.00 account limit for a parts distributor in Connecticut.

A $700,000.00 account limit for a 3rd party logistics company in California.

A $100,000.00 account limit for a trucking company in Ontario, Canada.

A $150,000.00 account limit for a staffing company in Georgia.

A $100,000.00 account limit for a Oil and Gas servicing company in Oklahoma.