Invoice Factoring as a Backup Source of Cash

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How to Use Invoice Factoring as a Backup Cash SourceConsider invoice factoring with Riviera Finance as a backup source of cash flow.

“Waiting to get paid” is the not-so-new normal in the world of business.  In the U.S., companies take an average of 38 days to pay their bills.  In some industries, the wait is much longer.

But to the business owner, the waiting isn’t the hardest part.  Guessing when the customer will actually pay is the real challenge.

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Riviera Finance Attends Ohio Valley Oil & Gas Show

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imageRiviera Finance was excited to attend the Ohio Valley Gas Oil Expo on April 28 & 29, in St. Clairsville, Ohio. It was a well attended event. Here Jason Smith is discussing Riviera Finance factoring program with a couple of attendees. Jason offers “What was realized from Riviera Finance attending the trade show is that there is a growing demand for contractor services by the energy companies as they increase production. While this is good news for the industry, many contractors are having a tough time with cash flow to run their business when waiting for payment from the energy producers”.

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Temporary Staffing Agency Benefits From Non-recourse Factoring

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Non-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.

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Riviera Finance Appoints Business Development Manager in Ontario

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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.

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When Selling Receivables Makes Sense

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Invoice Dollar Bill --- Image by © Images.com/CorbisAn alien from an all-cash planet would gaze in wonder at the trade credit system that runs the Earthly economy.  Let’s review:

Jack Brown invests his life savings to open a surfboard manufacturing business, MI Board, Inc.  It does well, attracting the interest of the media, surfers and retailers.  A few small shops in California put his boards on consignment.  They turn some heads, win some competitions, and MI lands $300,000 in initial orders from Becker, RonJon’s and HSN.  Cool.

After celebrating, Jack reads the purchase orders from his new customers.

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